Oops! It appears that you have disabled your Javascript. In order for you to see this page as it is meant to appear, we ask that you please re-enable your Javascript!

20 Tips to Grow Import/Export Business in Nigeria

Grow Import/Export Business : What a great excuse to travel and get paid for it!

Yes, there are some really cool craft items you can find around the world for really low prices.

It could take a little bit of patience to get going, and specialization helps.

But this is a very doable business.

One of my friends built up a successful import/export business while still in college.

Grow Import/Export Business

Grow Import/Export Business: https://www.entrepreneur.com

See also: 25 Tips to Build-up Music School in Nigeria

1. Grow Import/Export Business

If your import & export business is up and running successfully.

It may be time to think about taking the next step.

Maybe you want to reach new markets.

Offer new products, or take your business in a completely different direction.

Whatever your goal, you’ll need to make changes to get your business growth-ready.

And create opportunities for expansion.

Grow Import/Export Business

2. Adjust everything in preparation of growth.

Make changes to your pricing systems, accounting procedures, sales strategy.

And every other business system you use.

So that they can be scaled up to the size you want your business to be.

Imagine the number of clients, amount of revenue.

Or global reach that you want your business to have one day.

And adjust your systems to accommodate these levels.

Read on: 7 Steps to Start DJ Business in Nigeria and Make Money from it

3. Save time, money, and labor, by automating as much as possible.

Automation is precise and efficient, whereas manual labor costs money and wastes time.

Automation liberates a business owner from the limitations of manual labour.

And affords a better opportunity to branch out.

Grow Import/Export Business

4. Create repeatable sales processes.

Having the best product means nothing if you can’t reliably get it into the hands of new customers.

Having a repeatable sales process means having a system.

That you can apply over and over again to generate new business.

You’ll have to design this system over time and perfect it.

Then, you can implement it indefinitely to grow your business.

You’ll know you have this type of sales process when:

  • You consistently find new sources of customer leads.
  • You can consistently forecast your revenue.
  • You earn more from a customer than it costs you to acquire that customer.
  • Your product deliveries are reliably accurate and timely.

See also: Top 20 Photographic Business Tips in Nigeria

Grow Import/Export Business

5. Record and keep business statistics.

Make a record of every measurable statistic you can think of.

It’s impossible to know which metrics will be most useful in decision-making down the road.

The more information you have, the easier it will be to analyze trends and forecast future growth.

6. Build a solid foundation by hiring a smart and competent team and giving them reasons to stay.

Your business is only as strong as the people you hire.

Don’t be afraid to hire people smarter than you, just make sure you learn from them.

Create a workforce that keeps the business going without you.

You don’t want everything to fall apart if you need to be away or you get sick.

  • Build a loyal workforce by consistently responding to your employees’ needs.
  • This way, you can retain talented employees and save and money that you would spend training new hires.
  • Spend money to provide professional development.
  • Both for yourself and your employees.
  • This will improve your efficiency and keep your employees’ skills current.

Read on: 4 Tips to Become Market Trader in Nigeria

Grow Import/Export Business

7. Improve your network and find ways to grow it.

Attend events which put you in contact of area business owners that you can build relationships with.

Building positive relationships with these other businesses is a sure way of getting your company name out there.

If others know about you.

They can help spread the word.

Telling others that you exist and passing referrals on to you.

Just remember to reciprocate.

  • Attend professional meet ups, discussions at local universities, industry association events, and chamber of commerce events to expand your network.
  • Consider making referrals to other businesses that provide related but non-competing services and having them return the favor. You may also consider paying a referral fee to businesses that send customers your way.

8. Allow your customers to guide you toward business growth by simply picking their brain and listening to them.

 Oftentimes customers will inform you of what they look for in a business.
Whether it’s the type of service or product they desire.
Listen and learn and try to implement those ideas that support and enhance your business.

See also: 16 Tips to Start Plumbing Business in Nigeria

9. Follow-up with clients, vendors, and employees and find out what works and what doesn’t.

Don’t be afraid to hear feedback as it affords valuable opportunities to learn what needs improvement and what should be scrapped.
Follow-up oftentimes avoids the pain and frustration of the unknown.
And ultimately leads to the growth of small businesses.

Grow Import/Export Business

10. Delegate your day-to-day duties.

As you grow your business, you will need to adjust your own responsibilities to fill a more strategic role.

Your managerial duties should be delegated to another employee, contractor.

Or virtual assistant so that you can spend time representing your business and strategizing its growth.

After all, both managing and business and growing a business are full-time jobs.

Just make sure whoever you delegate your duties to is up to the challenge.

  • You may want to hire outside the company to find someone to take over your day-to-day responsibilities.
  • Outsourcing work does not require hiring a full time employee.
  • Instead, it can involve building a team that may include virtual members, part-time workers, full-time employees, and freelancer/contract workers.
  • Handing over these responsibilities can be difficult for entrepreneurs.
  • But rest assured that delegation will help your business grow and succeed.

See also: 20 Tips to Write Clearing/Forwarding Business Plan in Nigeria

11. Watch your environment.

Current market conditions can be the deciding factor in whether or not your business will take off or remain stagnant.

Your advantage as a small business, versus large corporations.

Is that your business organization is small and nimble enough to quickly respond to changes in market trends.

Watch for these trends and jump on them if they work with your product offerings.

  • Try to forecast your customers’ future needs and accommodate them as quickly as possible.
  • Be prepared to make miscalculations and fail, but be equally prepared to get back up and move past these failures.

Grow Import/Export Business

12. Build your business’s brand.

Modern customers require more than a good product; they need to believe in your business’s brand.

A brand defines your business’s ideals and goals.

And also separates you from the competition.

As your business grows, your brand will become a signal to customers that they are getting a good product from a reputable company.

Build a brandy by looking at the following components:

  • A brand message. Make your customers associate your business’s ideals with your products.
  • They need more than just a description of your product’s features.
  • A well-defined audience. You can’t please everyone.
  • Locate your market and sell to them.
  • Connection with your market.
  • Make your customers feel like they are a part of your business.
  • Replicate your brand message everywhere.
  • All business materials, advertising, and employees should consistently reflect your brand message.

See also: 9 Tips to Start Audio Rental Business in Nigeria

13. Use technology where you can.

With the current proliferation of business-focused software applications.

Chances are you’ll be able to find the technology to fix any problem you have.

Locate difficulties or inefficiencies in your business models and then search for software solutions to fix them.

Grow Import/Export Business

14. Stay passionate in your business endeavors.

Remind yourself of your reasoning behind starting your business.

And never lose that drive. If you find you are losing the enthusiasm, find out why.

There was a reason initially, so stay on focus, and remain positive.

Without passion, your business will not grow.

Read on: 8 Tips to Start Wheel Delivery Business in Nigeria

15. Diversify your product offerings.

Diversification offers a number of advantages.

Including a larger income stream and profit margins.

It can also cut down on seasonal shifts in sales.

Look at similar businesses and compare your product offerings to theirs.

Is there anything else you should be offering?

Think about offering complementary products or simply new versions of existing ones.

Grow Import/Export Business

16. Invest in advertising.

Even if you have a small budget, set funds aside for advertising purposes.

Use your money wisely, and find advertising methods that have more “bang for their buck.”

It’s important to make sure that your business is out there for everyone to see.

And eventually recognize it if you want business growth.

Read on: Top Keys About Hot Dog cart Business in Nigeria

17. Enter new markets.

Your current customer base likes your product, so why wouldn’t other markets like it too?

Accessing new markets can include anything from offering your product to distributors.

Instead of directly to customers), other cities or states, other demographics, or even other countries.

Do your research and look for opportunities in these other markets.

When you’ve found one, consider partnering up with another company.

That already has a foothold in that market (but isn’t a competitor)

Grow Import/Export Business

18. Expand online.

 Consumers are doing more online shopping today than they ever have.
To reach more new customers, both locally and around the world.
You should have some sort of online presence.
This can be anything from social media accounts to a full-blown online store.
If you’re really looking to expand.
Hire a developer to create a professional online website and web store to sell your products.

See also: How to Start a Air Duct Cleaning Business in Nigeria

19. Open a new location.

 The most common first step that entrepreneurs take when growing a business is opening another location.

Examine your current location.

And scout out similar locations in your local area or a similar area nearby.

Then, simply copy the successes of your business model to the new location.

And try to remove any inefficiencies or troubles that you currently experience.

  • You may also choose to franchise your business.
  • Which would free you from having to manage new locations.

Read on: 21 Steps to Start Printing Business in Nigeria

Grow Import/Export Business

20. Repeat growth successes.

As you explore growth strategies and try them out.

Take a look at which strategies have succeeded and which have failed.

Look at markets where you were successful and those where you weren’t.

Figure out what factors made the difference between these cases.

And implement those same factors in your future expansion plans.

If a new location or product introduction worked flawlessly.

Repeat the same process again with a new location or product as many times as you can.

  • You should also look at successes other entrepreneurs have had.
  • Analyze what they did to be successful in a certain endeavor and apply it to your own business model.


Copyright Warning!

We work really hard and put a lot of effort and resources into our content, providing our readers with plagiarism-free articles, original and high-quality texts. Contents on this website may not be copied, republished, reproduced, redistributed either in whole or in part without due permission or acknowledgement. Proper acknowledgement include, but not limited to (a) Proper referencing in the case of usage in research, magazine, brochure, or academic purposes, (b)"FAIR USE" in the case of re-publication on online media. About possible consequences you can read here: What are the consequences of copyright infringement? BusinessHAB.com is a property of GotoSchool Limited and we have all legal actions at our disposal to take within and outside the internet in effort to protect our intellectual properties. All contents are protected by the Digital Millennium Copyright Act 1996 (DMCA).

Tags: , , , , , , ,

Leave a Reply

Your email address will not be published. Required fields are marked *