When Uju started her fashion clothing line, she set out to address a problem in the fashion industry for plus-size women, an obvious gap she had identified. Years down the line, the story is slightly different because she has been met with a variety of difficulties—stagnancy in business, and mismanagement of finances, amongst others. While the inspirational story of how she is addressing a real problem is valid, her reality doesn’t match up. Does this scenario sound familiar to you? Business growth is not always a walk in the park.
Every small business has two primary goals: growth and profits. If neither of these two goals is met, the business faces a serious problem. A business’s growth is governed by seasons and stages. And like a crop, a business needs nurturing up to a certain point to yield beneficial results. While we are highlighting business growth tips for small businesses, these steps are good audit steps for medium-sized businesses to address similar problems a business might be experiencing, like that of Uju.
Here are our top five points we recommend you to take on:
- Clarify your business solutions(products): What are you selling? It is easy to mention the solution you’ve built, but the deeper question to address is what emotions your customers currently deal with that will/may lead them to search for a solution and how your solution address that. You must identify the problem that your business is attempting to solve as soon as possible. This lays the groundwork for future decisions that will strengthen the business’s development and growth.
- Identify the market’s needs (research): After determining your primary solution, you can enter the market to see how effectively your product solves the problem. This further encourages your business to grow by doing more to improve the problem-solving process or anticipate problems and be prepared to face the market head-on. Since customer needs are changing, your solutions must also.
- Market to your specific audience. Finding the market’s needs helps you develop your business and its products by illuminating the customer persona (attributes/personality). Make sure your target audience can understand the marketing language you’re using. It is a waste of time to speak French to a German who does not understand the language and to market your business to the wrong demographic. Use the communication channel, tone, and timing that are most effective for your audience. Also, remember to include a loyalty program to promote repeat business.
- Analyze your financials (Figures): Never lose sight of your finances in the process of expansion. Your business earnings are an important indicator of business growth at various levels. Is a specific product bringing in money for your business or not? Is the marketing spending you’re investing paying off? Are you channeling your money in the right direction? What percentages do you use? It is necessary to periodically review these questions as well as more important ones. It is advisable to hire an auditor, either internally or externally, to ensure that your financial records are balanced and to control business expenses.
- Adopt business growth aids (POS, Cashback, Loans, Traction Apps): With the proper assistance, your company will expand more quickly. Utilize business tools that can make running your company more efficient and quick. On a single platform, Traction Apps offers all the resources required to support the success of your company. To facilitate and successfully track payments, Traction Apps offer payments (card, bank transfer, and USSD), inventory management, e-Commerce, Invoicing, and POS terminals. You can also get loans with Traction for up to 10 million naira to help your business grow.
Your business can grow seamlessly without obstacles. All you have to do is employ the appropriate tactics and resources. Let’s hold your hand through this journey of growth, start by downloading the Traction App for the Google Playstore here