Nigeria companies, both [Small and Big Business] face daunting challenges every day. From Hyper-competition, critical factors, Nigeria factors, Employee loyalty and a lot of world trends are threatening the survival of small and mid-sized companies everywhere across the commercial hub of the Country.
In turn, companies/Businesses need to continually reinvent themselves, boost competitiveness and secure a greater edge. In this article, I will be dropping 5 critical approaches that can be as good as a well thought on strategies to keep being in business, and continually survive the competition.
1. Focus on your core competencies
In order to add greater value, businesses [Big or small] need to dive deeper into their core competencies to create even more innovative products and services. This strategy empowers firms to focus on what they do best. For example, if a company produces engines, the key is to concentrate all efforts on producing the best in the world and subcontract all non-essential functions to other U.S. producers.
2. Hire the right talent/people
As companies double down on their core competencies, they increasingly need higher-skilled employees with the ability to think critically, solve complex analytical problems and manipulate sophisticated technologies. But herein lies the problem. A skills deficit is emerging at all levels and becoming more severe, even though unemployment remains elevated. And if companies cannot find workers with the necessary knowledge, or miss out if competitors gobble up the best candidates, corporate growth potential will be limited.
Since knowledge is today’s only sustainable competitive advantage, companies must develop creative strategies to find and retain employees with the right skills, as well as establish more attractive working conditions, continually upgrade employee skills and offer incentives with tangible short-term benefits. It’s also important to work with local universities and community colleges to ensure courses satisfy market demands.
3. Become more customer-centric
Today, the customer is king. Consumers everywhere have easy access to a greater variety of products and services at increasingly attractive prices. As a result, producers of both goods and services need to become more customer-centric and, to a greater extent, cater to the ever-changing needs and desires of customers.
This may include offering faster delivery times and shorter customized production runs, as well as emphasizing customer loyalty through improved support, branding strategies, and social media.,At work with image boosters, there’s an impression people know me for, being ‘dependable and reliable’.
Being Customer-centric is essential to retaining your numbers.
4. Start big in a small way
Nigeria growth rates are projected to remain poor or modest at best. As a result, Nigeria small businesses need to seek faster-growing markets.
Plus, it’s essential to expand beyond the Nigerian market of 170 million consumers and target the world’s 6.7 billion consumers, where the vast majority of global purchasing power and economic growth lies. Today’s 1.8 billion middle-class consumers are projected to rise to 5 billion by 2030. And the vast majority will live in Asia., In essence, whatever niche your business is in, look beyond the immediate. Think and start something big in a small way.
5. Drive down costs and boost efficiencies
Since the beginning of the recession season and the technical ascension out of recession, businesses have been driving down costs and improving processes. But more needs to be done.
Businesses with no or low cash flow must streamline operations to a better degree. And often not considered, they must invest more in information technologies to enhance communications, improve inventory control and forecast financial flows more accurately.
What are you doing to survive the competition in your business sector?