Ask anyone running a small business in Nigeria and they will let you know it is only ‘small’ in name, the challenges are enormous.
The hoops business owners in Nigeria have to jump through seemingly endless, it takes grit and determination to build a successful business in these conditions.
However, some of these challenges are not insurmountable, Colossus Gists shares about 5 of some basic challenges many Nigerian businesses face, and how they can be defeated:
1. Insufficient funds
There’s no way around it; small businesses need funds to grow from a small business to big business and to even multinational funding.
Unfortunately, most small business owners in Nigeria have no idea where to get the funds they so badly need. So what can Nigerian small business owners do? You can explore various ways of funding your business yourself or check these different organizations that offer funding to small businesses and see if they are eligible to receive any of these funds.
2. Poor web presence
Online presence isn’t just for big businesses, doing business online is for just about everyone.
However, small businesses in Nigeria are not taking advantage of this, probably because they believe the endeavor to be a complicated and costly endeavor.
There are cheap and easily accessible ways for small businesses in Nigeria to get an excellent online presence.
3. Poor Marketing Skills
Most small business owners in Nigeria do not have the time to study the ins and outs of marketing. What with the many things they have to juggle, there is little time for them to learn these skills. Nevertheless, getting the word out about what you do is essential for every business.
What you can do is to subscribe to Nigerian entrepreneurial blogs to stay up-to-date with the latest industry news and trends. We compiled a list of excellent business blogs in Nigeria, check them out.
Also use business engagement tools, to help you target specific target markets.
4. Getting new Customers
Every business needs new customers, but the customers that count are the repeat customers. Why they are so important? a repeat customer is likely to spend 67% more than a first-time buyer.
What to do? Price your products and services competitively. Do your market research to get an idea of what you should be charging. Follow up with your customers and encourage them to come back with incentives like special discounts and even memberships.
5. Seeking Rapid Growth
It is important to put parameters in place that will help you scale to meet demand while maintaining a high level of quality.
You need to develop a company culture that values quality just as much as you do. Prioritizing this value in your training and team building will allow your company to grow as a unified brand that you can be proud of.
Do your best not to micromanage. If you have competent and trustworthy staff, you should be able to delegate tasks and projects to them while keeping a watchful eye. This will allow you to focus on important tasks of your own, like growing your product line or expanding into a new market.
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