Hey there! Are you thinking of the right business strategies to adopt in Nigerian business environment in year 2018? Don’t sweat it any longer. New Year is around the corner and it is time for every serious minded business owners to fashion out a way of positioning their business to be the best in the coming year.
However, regardless of whether you are a small business owner or boss of a multinational corporation, any business strategy you adopt for your business will definitely have a life changing impact on you and of course your business. There are several business strategies in Nigerian business environment that you can adopt for your business but certainly not all of them are good. So, before you adopt a business strategy that will hurt your business growth in year 2018, read through the right business strategies to adopt in Nigerian business environment and by the end, I believe you will make the right decision for your business.
The Best and Right Business Strategies to adopt in Nigerian business environment
Considering Nigeria’s GDP of USD 332.6 billion and with the population of 187 million majorities of who are youths, Nigeria could be referred to as the largest economy and the biggest business environment for any entrepreneurs in Africa. However, Nigerian business environment like any other business environment in the world is ever dynamic which makes it difficult for any startup entrepreneur to navigate through it successfully without an itch. However, the purpose of this article is to explain the needed business strategies that you need to adopt in positioning your business for profitability and growth as the New Year approach.
Aim for profitability business strategy rather than expansion
Expanding your reach in your niche market is a great thing as it signifies your company’s growth. But seriously, growth doesn’t happen without a venture being profitable. Growth at the expense of profitability is no brainy, is it? So, as your business sail through Nigerian business environment to the next year, adopt the strategy that will guarantee that your venture is making money.
A good example of a profitability strategy is the one adopted by the likes of Finger Liking, a local brand in Nigerian business environment. When this brand was launched, it was expected to compete with the likes of Mr. Biggs, Tantalizers and host of others but instead, it aims at making profit by focusing on certain niche market and today, it was able to survive.
Focus on being unique in your business strategies
Leading your industry in term of innovation, technical break through as well as huge sales margins is good and natural. It is great really, but at times achieving this feast seems impossible with the industry giants who are well positioned for competition and the Nigerian business environment being uncontrollable. In this case, adopting a business strategy in order to lead the industry will dent your growth. Rather than doing this, try to create a strategy that will make your business stand apart from the crowd.
Let’s look at how PAYPAL depict this strategy. We all know that banking is probably the hardest industry to break into as its entry is strictly guarded by thousands of policies and tons of startup capital meant to keep you out. But PAYPAL adopt a strategy that stand it out from the crowd in term of having the superior technology, easy arbitration as well as controlling the transactions that leaving millions of customers satisfied.
Embrace a business strategy that offers clear direction
One of the best business strategies is the one that allow you a clear direction to where you are going in an ever dynamic Nigerian business environment. Creating a business strategy which is enriched with specific goals help a business owner avoid an endless drudgery. Just like the perfect business plan help you focus on the necessary things in your business, the right business strategies often help you channel a success path for your business and forecast the evolution in your business niche as your business grows.
Adopt a referral (spread the words) business strategy
Whoever says, ‘words of mouth’ is dead in marketing/creating awareness for business should have a rethink. It is true that technology has change the trends of business strategy as we now have resources to connect with our customers in an easier and faster way. But make no mistake; none of these methods is as effective as words of mouth. Adopting a business referral business strategy will work for you when the conventional method fails as it will keep generating sale lead you never dreamed off.
Embrace parallel competition strategy in Nigerian business environment
This particular strategy is similar to the earlier strategy that focuses on being unique. But it gets even smarter; it involved spying on your competitors’ strategies and creates yours which will allow you to be better. The clear understanding of the fact that Nigerian business environment is unpredictable and uncontrollable tells you that you should NOT just do what others are doing; but you only to do it better in order to forge ahead in the New Year. Snoop the business where others are not servicing their niche well, then exploit this opportunity by adding value to it.
Wrapping it up
Business is often taught to be similar to Chess game where you execute several strategies with the sole purpose of wining (i.e checkmating) your opponent but the successful entrepreneurs understand that unlike Chess, there could be many champions in business environment once they all have the right strategies.
No business strategies should ever be set in stone. The Nigerian business environment like I said earlier is ever dynamic, and as you gain better understanding of your market and your business evolves in the New Year 2018, you can amend your business strategies.
If you find this article, you can download its pdf version. The Nigerian business environment business strategies .pdf