Factors To Consider When Looking To Grow Your Business

Opinion

By Adedayo Oluwafemi

The term hustle means different things to different people. For some, hustle represents the push to want to make things happen. It could also mean any venture, enterprise or business with the purpose of creating an economic activity and or facilitating a trade.

Believe it or not, the hustle, whether big or small, plays a key role in economic development. Most notable companies began as small before they grew into large corporations. Arguably Small and Medium Enterprises (SMEs) are the engines that drive growth for many economies.

Growth defines the sustainability of a business. To this end, here are three factors to consider when looking to move your business to the next level.

What’s the Plan
Every business needs a plan in order to grow to the next level. A plan serves as the roadmap and blueprint for the organization. In creating the plan, a few things to do might include, an analysis of your business strategy, identifying new market trends, audience and competitor analysis, setting revenue goals and defining your unique value proposition as a business.

Infrastructure Matters
A reliable infrastructure helps businesses to operate effectively. It also builds consumer trust. This is why due attention and recognition must be paid to platforms like Sendy, a tech company that builds a Fulfillment infrastructure for e-commerce and consumer brands.

The ability to move goods and services from one point to another remains a critical challenge that keeps many entrepreneurs awake at night. However, Sendy is making it easier for businesses to trade by ensuring that you sell faster, save time and costs and ultimately boost your market competitiveness. For trade to successfully happen, you need markets and for markets to work, you need logistics and financial services. Sendy has built the infrastructure to help businesses scale and become more agile at facilitating trade.

Mesh Alloys, the Founder and CEO of Sendy acknowledges the role of SMEs in the economy.

“We recognize the significant role played by small and medium businesses in the economy. We are also aware of the vast challenges they face. We want to empower them by enabling them to trade efficiently and effectively. The transformational power of infrastructure helps to level the playing field for small players, giving them a competitive edge as well, ” he said.

Everybody’s got to know
For businesses to grow, they have to find a way of reaching their consumers. When your products are not only good but delivered efficiently, it helps to build credibility with your consumer.

The internet has provided businesses with low-cost digital and social media marketing tools. A simple TikTok video might just be what helps your business to blow.

It goes without saying that businesses grow the nation’s economy and when the economy is robust, the quality of life for citizens is improved.

*Adedayo Oluwafemi is a Lagos-based SME consultant and growth hacker.