The coronavirus pandemic that led to the restriction of movement and total lockdown have forced many businesses to look for means to survive. While some have actually bounced back full time, many are still struggling to come to terms with the losses they incurred due to COVID-19.
Regardless, these businesses have to look for a way to grow their portfolio, boost sales and earn returns on investment. They cannot be stuck in 2020. This is 2021 and vaccines have been developed to combat coronavirus and of course the lockdown has been eased. Hence, there is no excuse for not growing your business.
Accordingly, we have gathered 5 helpful hacks to grow your business this year.
Digitalise your business
Coronavirus has introduced a new normal in which almost everything is now done via the internet. You do not need a physical space where all your workers are converging to work. No, simply digitise your business and allow workers to work remotely. You only need to put processes in place to track performance and enhance productivity.
A good example of a digital business is Forextime. Despite the global economic shutdown, it was still running and millions around the world were making money via the various financial instruments on its platform. Interestingly, Forextime Nigeria was not left out as the management held online training sessions to help Nigerians make money.
Employ the right people
Fact: You cannot run your business on your own. You have to employ the right people to run it. If you really want to grow, your employees must have a sense of ownership and of course must be willing to go the extra-mile. Ultimately, they must be digitally minded to make sure they are in sync with the dynamic world of technology.
Have a scalable product with a good value proposition
You cannot over emphasise this. One of the key steps to guaranteeing the growth of your business is to have a scalable product. A product that is solving a problem and has a good value proposition. Ask yourself-what is the value users and customers are getting from this product. If you cannot answer, you can never grow and no investor or venture capitalist will put their money in a non-scalable product.
Invest
As a business, there is nothing stopping you from investing in foreign exchange via Forextime. The money you accrue can be ploughed back into your business for growth. If you are afraid of losing money, there is now what is called ECN trading. This Electronic Communication Network brings forex buyers and sellers from different exchanges under one umbrella and as a result they can offer competing prices. On your part as a business, you only buy from the seller with the best price.
Partnership
Partnerships can also help your business grow. You cannot have all the technology even if you digitise. There is a limit. Where you are lacking, you should consider partnering with a company whose economy of scale is higher in that regard. Before you know it, you are growing.
