Can’t I just have a kind of SME growth manual that is meant for the startup entrepreneurs like me so I can adopt that template for my business instead of going for all these business leadership coaching? That sounds more like a statement than a question, right? That was how one of clients felt during our recent business coaching session and I realized I’m seeing this kind of feeling for the umpteenth times.
All through my eight years as a business consultant, one wish was common to all Nigeria small business owners I have ever met: They all wish there could be a working template which they can follow to guarantee their business growth and survival in the long run. Sadly, unlike business plan, there is no such document that can offer the needed investment security as the business environment is ever dynamic. This is probably one of the reasons why most business fail.
Be it as it may, an entrepreneur with vision must sketch out an effective planning and strategic moves which will ensure the financial stability of his business in the long run. Fashioning out these strategic moves doesn’t need to be subjected to the experts’ opinion any longer as I will be sharing with you an SME growth manual for startup entrepreneur in 2018 that will position your business for fast growth and huge ROI. The tips I’ll be sharing with you here is a DIY template that you can fine tune and adopt even for bigger brands.
If you consider the SME contributions to employments, job creations as well as GDP of any country, you will discover that SME growth is the key to survival of any economy and as a small business owners in Nigeria, there is need for you to understand that that contribution of SME to economic development is on the rise every year and that tells you that getting your small business to the height you dreamed of, you need to create a sort of SME growth manual that you can leverage on for fast growth and help you attract investors in 2018.
Be value oriented in your service delivery or product sale
One of the major elements of SME growth manual is value delivery. The growth and development of a business begins with focusing on the value of your goods and services. Determine what value you plan to offer to you customer and ensure a clear understanding of these values by your staff in a every cadre, such that your effort at making sure these values are embedded in all your service will be synchronized.
Create an SME growth manual to hire best hands in the industry
More often than not, success of any business depends on the team you have on ground. Just like sport, business is a game and the best team often wins. Therefore, it is your duty as a startup entrepreneur to have an SME growth manual that laid out a way to hire people who can interpret the goals of your business, clearly understand your mission and achieve the target within the provided deadlines. Remember, employees that know their value and can get the jo done are as valuable as the entrepreneur himself.
Diversify your business interest
Ordinarily, when you diversify your small business interest, you are offering your customers varieties which are more rewarding for the business. Besides, being open to changes is one of the main qualities of a good entrepreneur.
Seek partnership with the goal getters in your niche market
In the business world, those who get lost easily are those who work in isolation. One of the best ways to grow your business is forging alliance with goal achievers in your niche market. They are there to help your business grow. You must avoid under delivered promise. Research your business in your industry and bond with the one that has the possibility of making it big in the future. A note of warning here: make sure your business is protected by the law before taking this step.
Reanalyze your business
The successful entrepreneurs understand the need to constantly be on top of happenings in their niche market and the reason why they thrive thus far is because they evolve with the changes. So, once you noticed that your ducks are neatly lined (i.e your business plan is actually working as expected), then it is the time for you to move into the next phase by considering the emerging possibilities of your business growth.
If you are a risk adverse type who hates competition and uncertainty, you are probably not cut-out as an entrepreneur. Successful entrepreneurs thrives on competition and being competitive will help you to be innovative by doing something unique and experimental which will in turn increase your sales and guaranty your business growth.
Be in control of your business
If I have learnt anything all through my time with several business owners in Nigeria, it is the fact that they have chosen to remain small because they fear they might lose control of their investment should they grow too big. Threatening as that sounds, we all know that growth is inevitable for a business to survive in the long run. SO in order to be in control, just keep a score card for your business which will be indicating how steadily your business is going towards achieving its goal and help you in measuring such growth for appropriate actions.
Wrapping it up
Small business generally comes with unlimited resources and as such, it survival and growth strongly depends on effective planning and growth strategies that you put in place. These are the exact things that will guaranty your financial stability in the long run. So, have you been following this SME growth manual in your business? If not, do not despair. All you need is check through your business and tweak the existing elements that are not working and once your business is grounded in a firm foundation, your passion, dedication and discipline will do the rest.