The principal aim of every business enterprise is to make profit making. When you don’t make profit from your business, it dies.
It’s the absolute lifeblood of your business. Profit business is essential for your business in order to take care of the things that makes the business grow, like to pay your staff’s salaries, to pay government tax, and all the things that are needed to keep the business running and t achieve the plans that you have drafted out for the business.
There are things you need to do as a business owner in Nigeria in order to run a profitable business.
1. Hire Employees Suitable for Your Business
Employees are the faces behind every business. If you hire incompetent, dishonest, rude and manner fewer employees, it would only reflect a wrong image of your business and would chase clients away from your business.
When you hire incompetent employees, you would only get to chase them away and that’s after they have done some damages to your business. Do not hire employees based on sentiments and emotions. Ensure to hire people that are good for your kind of business.
a) Set Standards for The Type of Employees That You Want
Do not just hire anyone, know the type of people required for your business.
If you run a hotel, you do not want to hire people who don’t have friendly personalities as employees; you want people who are pleasant to look, people with character strength, friendly personality and a great aura to serve your guests on all aspects they require as the hotel is an industry of hospitality.
If you run a construction business, you would need people who have strength in mind and body and are also skillful as your staffs.
b) Do Not Use Just Certificate Or Education As The Standard To Get Workers
Research has been made and they found it out that most people with just a certificate do not deliver on a job as they should. Make sure that before you employ staffs ensure they are skilled, have great character strength and dominant personalities.
These would help you run a smooth and profitable business as your clients would keep coming back and they would ensure that the business is running fine.
2. Marketing
You cannot talk enough about your business. To run a profitable business in Nigeria or anywhere else in the world, your marketing game needs to be top-notch.
Brands like Coca-Cola, Google and Binance, just to mention a few, still run monthly to yearly marketing, so why should you not for your business?
Marketing your business would help you bring more people to know about your business. These people become leads for your business, which results in profits when they buy and also refer other people to your business.
You might be in a position whereby you have a lot of clients right now, so you don’t need to talk about your business anymore then know that your business would be stunted. We have various kinds of marketing.
i. Traditional Marketing
This is the type of marketing whereby you meet your clients face to face and then you introduce your business to them with the intention that they patronize you.
ii. Internet Marketing
Technology has made this possible, and it keeps getting better every day. In internet marketing we have Digital Marketing which comprises Social media marketing, Social media management, Content marketing, Copywriting, E-mail Marketing and Graphics and Motion Designs.
iii. Referral Marketing
This type of marketing has proven to be very effective, because people like to get confirmation from people about a product or a service and its effectiveness before they use it.
Your clients are your best marketers. You could spice it up by adding incentives for those that refer or bring about a competition for the best referral client.
iv. Cold Calling and Cold Mailing
In this form of marketing, you make calls and send mails to people or businesses that are your target market to introduce your business to them.
They might not have heard of your business before, but by your mails and calls they get to know and become leads for your business.
Marketing is very important to run a profitable business. It helps the business grow and keeps it.
3) Research
Research, research, research, it’s very important for your business. To run a profitable business in Nigeria, you need to conduct research to know which niche you want your business to be on, how to be effective in your chosen niche, how to put how business out there and how to get more clients.
Make Research on the best tools to use for your business, which your competitors are, what they do that you should do and what they do that you should not be doing.
Research helps you to put things in your business into the right perspective so that you can get more profits. Research should not end in your business if you want it to be profitable.
4) Follow Trends
To run a profitable business in Nigeria, it is important to follow trends that are valuable for your business.
Trends help to bring your business out there and also keep you updated on what applies to your niche. Adjust to the trends valuable to your business and make it effective in your business.
5. Provide an Efficient Customer Service
Have an efficient customer representative in your business.
Customer relationship is very important as to a large extent they represent they represent your business.
They are the voice of the business. An efficient customer service is very important to run a profitable business in Nigeria. People like to be treated well, so when they get excellent service, they become return customers and also referrals for your business.
These 5 tips on how to run a profitable business in Nigeria are very effective. Profitability is required for every business and a lot has to be put in place in order for you to get more profit from your business.