Scaling your SME business in Nigeria is possible without breaking the bank. This guide covers smart strategies to scale without using all your profits or needing to borrow.
As an SME business owner in Nigeria, you know that running a business is not beans! Trying to scale your business without spending all your money or needing to borrow is challenging and almost impossible but it is totally doable. With the right strategies, You can scale your business on a budget and without breaking the bank.
Smart ways to scale and optimize your SME business operations;
Let's face it, doing everything manually is both boring and time-wasting. The real truth is that the more your business grows, the harder it gets. Why carry all the matter on top your head when you can simply automate your tasks? Use platforms like Zapier (to automate workflows), FreshBooks (for expense tracking and invoicing), Hootsuite (for scheduling social media posts), Hubspot (for CRM, email marketing, and scheduling), and Mailchimp (for email marketing), and say goodbye to boring and time-consuming processes.
Investing in automation not only saves time but also reduces the likelihood of human errors. For example, Hootsuite allows you to manage multiple social media accounts, track engagement, and schedule posts all in one place. This ensures consistency and lets you stay on top of your brand's social media presence without spending hours daily on posting and responding to comments. Additionally, many of these platforms offer free versions or affordable pricing plans that make them accessible to small businesses with limited budgets. Whether you're tracking invoices or managing customer relationships, automation can free up valuable time so you can focus on growing your business.
Outsourcing non-core functions is another way of scaling your business you should consider. Non-core functions such as IT support, bookkeeping, payroll, customer services, staffing and in some cases, recruitment of labour and staff. Also Freelancer platforms like Upwork, Fiverr, Freelancer and Peopleperhour provide access to affordable freelancers that can help you with tasks efficiently. Rovedana is also a Business process outsourcing company that helps manage businesses non-core functions. Give a call to us today to transform your business. Outsourcing allows SMEs to focus on their core competencies while maintaining flexibility and cost control.
SMEs can improve their operation cost by improving vendor and supplier relationships. This can help in negotiating better terms, bulk discounts and thereby keeping cost down while still ensuring high quality of products and services.
One of the most powerful tools to scaling your business is delayed gratification. This is often overlooked because it involves denying immediate rewards to reinvest into your business. It allows SMEs to focus on long term success that leads to sustainability of the business. Your future big win needs a waiting game. For example, instead of taking out your profits early, you can either take all or part and invest it back into the business which in turn serves as a new revenue stream for your business. Businesses will always need newer revenue streams and with delayed gratification, you focus on avoiding short-term gains. Remember, patience na the real move!
You can’t do everything by yourself, learn to delegate so you can work on the business and not in the business. This will help you to free up more time and focus on other aspects of the business. To delegate, it is important that you document your processes to ensure that your staff are working on the same page. Make sure to create SOPs that help break down steps for each task.
In Nigeria today, we are faced with a lot of economic challenges that affect SMEs and these guides will not only ease these challenges but also help scale your business. Scaling your business doesn’t mean you have to spend like Dangote, with the right steps, you can scale on a budget and still get the maximum result and watch your business grow without stress and financial pressure.