Growing a business can somehow be tricky and hard if you don’t know the right strategies to use or the right doors to knock on. No matter what business it is, every business owner wants to grow their networks, their revenues, and sales.
So many people are interested in knowing how to grow their small business but they always get stuck on the how question.
Elise Iradukunda a liquor store owner in Kigali, says that there are no simple strategies that can grow a business, but, there are key strategies that can be used to give a business the best chance at growing.
"A strategy that gives a chance of growth to a business is studied carefully and tested many times, business owners have to have in mind that there will be no easy strategy that fits their business perfectly, that is why they need to test a lot of strategies until they find a working one. Strategies may take longer to work but it is worth the try and as they try they learn and come up with unique strategies that can grow their business,” he says.
Iradukunda adds that growing a business must be consistent, that is why a strategy or strategies that accelerate a business should be consistent.
"To grow a business also means to rest a little, trends change every day, and the world moves at a very fast pace, that is why when as a business owner you want growth for your business you need to be consistent, always brainstorm new strategies, come up with working ideas for growth, a thriving business needs a consistent owner,” he adds.
Clemence Isimbi, a business owner of a mobile selling and repair shop in Kigali, says that successfully growing a business is all about doing the fundamentals and having the effort to see it through.
"When you start your business it is to fill a need in your market, to make a profit, and likely fulfill a dream. That is why you need to grow your business in order to keep it profitable and expand your market reach, therefore, efforts and the essentials to grow a business need to be understood and done,” she explains.
Strategies to grow a business
According to Isimbi to grow a business can follow these few strategies:
Do Your Research: "As a business owner looking to grow your business, you need to do market research. This not only lets you better understand your existing customers but also your potential or new customers,” Isimbi says.
New markets: "One strategy is to find new markets for your existing products. For example, you can expand sales to a new city, province, or country, if your products are only being sold in Kigali, think of moving even to another province in the country and building a market there, if you have enough money you can even look for a potential country where your products can get great exposure and then set a market there,” she says.
Diversification: "Try new products also or even develop new ones to sell to your current market or to new customers. This can lead you into a related line of business or an entirely different one.”
"When also growing your business it is not enough to just get new customers for your business, you also need to keep your existing customers coming back. When you increase customer retention, you’re building customer loyalty, which can increase sales,” Iradukunda adds.
Iradukunda stresses treating customers right because when customers are treated right it increases the number of customers you serve.
"Customers inform each other, when a customer is treated right for a particular service they feel the need to always refer to their fellow customers too, if your business prioritizes customer service, you will always be referred to other customers hence increasing customer flow,” he explains.