Startups
If you are an entrepreneur read this: Five tips for accelerating business growth
Jennifer Warawa, EVP – Partners, Accountants & Alliances at Sage, advises how to boost your company’s success
Today there is a near continuous need for companies to keep repositioning themselves and re-work their strategies in the pursuit of success.
According to PWC’s 2017 CEO Survey, nearly a quarter of CEOs singled out innovation as their top priority for 2018 – this outstripped priorities such as human capital, competitiveness, customer experience and technology capabilities.
However, this desire for innovation and growth is often easier said than done. Striving to identify new areas of growth, fresh opportunities and establish plans for long-term success, can be a tricky proposition for both new and established organisations, and that is before a company considers its competition.
There are ways to better plan and structure this business growth acceleration process, which I have summarised in these five tips.
- Hire the right people
It is often said that a company is only as good as its people yet hiring the right people for your company needs careful planning. It’s critical to establish the specific types of skills and expertise you need for your business and indeed the role and team you are recruiting for.
Consider whether you want to bolster your workforce with general skills that can be moulded into different areas of your business, find specialist skills and experience that will plug expertise gaps or help you accelerate into new product areas or markets.
A workforce should be as diverse as the customers it serves. Having people from different backgrounds (gender, ethnicity, nationality, experience, sexuality) will help your business gain better insight into providing products and services to societies that are increasingly diverse themselves. For example, recentMcKinsey study, Why Diversity Matters, suggests that gender-diverse companies typically achieve 15% higher financial returns and gender and ethnically-diverse companies return an extra 35%.
- Be customer-focused
Both short and long-term success relies on establishing new and loyal customer bases. Customer-centric companies are 60 per cent more profitable. When organisations start out, they are very customer-driven, and their sole focus is gaining customers and keeping them happy. However, as businesses grow, it can be easy to lose focus on your customers and let processes get in the way.
There are ways to tackle this problem. Analyse your current customer base to spot strengths and weaknesses on how your company performs when retaining customers. Pay close attention to market trends. Conduct surveys, interview new, current and lapsed customers, and importantly listen to – and act upon – all customer feedback and concerns.
Net Promoter Score (NPS), for example, is a great way to measure customer experience and predict business growth. By adopting NPS, businesses can ask the right questions to track promoters and detractors, producing a clear measure of an organisation’s performance through the eyes of the customer.
Thanks to social media and online forums, there are now more ways than ever to talk to your customers, build two-way conversations, and develop an active user community. That might mean an investment in new options on your website or reworked customer support, but such investments will help develop trust and loyalty from your customers.
- Adapt to changing technologies
There is a lot of scope for companies to make better use of modern technologies, services and systems to improve their operations and help support growth.
Adopting cloud-based services, for example, is a way to reduce your company’s established IT infrastructure. This not only reduces costs and improves efficiencies but can free up your IT team to explore further ways to use emerging technology that will improve a business rather than just reacting to issues.
The same technology can also give your workers flexibility to work on the move or remotely. This can give them the scope to be more adaptable in how they carry out their day-to-day tasks or pursue new business opportunities. A recent survey puts improved flexibility as the driving force behind 76 per cent of “BYOD” (Bring Your Own Device) solutions.
Advanced systems with machine learning and artificial intelligence features can automate time- consuming administration or data processing tasks. Such technology can free up teams to carry out more innovative and strategic tasks that directly bolster your business growth and bottom line.
Used wisely, technology can help make your company more innovative, productive, and provide the foundations for the next stage in growth.
- Get ahead of the game
Boosting short-term sales through promotions and new products and services will help draw in revenue, but it is not the way to position your company for future long-term growth. Companies need to look at the bigger picture and have strategies to get ahead of market and customer trends and stay ahead of the competition.
This requires a more holistic, longer-term view of your company’s operations and business – your company vision, sales strategies, market positioning, your workforce, your technology infrastructure and processes etc.
For example, could your supply chain be more efficient? Are there markets you could push into that your rivals have yet to enter? Do you have a product portfolio that is too complex? Are you spending enough on marketing?
Such analysis can help you find ways to make your business more efficient and effective, as well as surface new revenue opportunities. But they can also help identify ways to reduce risks in your company’s operations.
- Focus on your business, not the competition.
Instead of focusing on the competition, invest time and resources to get a better understanding of your own business.
Develop and look after your team to drive employee engagement, and this doesn’t just mean pizzas and ping-pong tables.
A report into employee engagement suggests that employees rate feeling valued and recognised over quirky benefits and in-office gimmicks. The same report also suggests that a 50 per cent increase in employee engagement equates to a three per cent in revenue growth in the subsequent year.
Boosting business growth is not about gimmicks and quick wins. It’s an attitude that must permeate every department and employee, driving every decision and informing every choice. From people and technology to operations and processes, only by taking this approach can businesses guarantee the long-term growth they all desire.
Africa is rapidly becoming a hotbed for innovation, entrepreneurship, and technological advancements.
Yet, for many startups and talented individuals, the journey from concept to market traction and revenue is often fraught with challenges.
Enter the Startup and Talent Enhancement Program (STEP), a pioneering initiative by IDEA Africa, with support from the UK-Nigeria Tech Hub. STEP is not just a program; it’s a transformative force empowering startups and talent across Africa to scale up and achieve sustainable growth.
The vision of STEP is simple yet profound: to bridge the gap between potential and success for startups that have moved beyond the post-revenue stage but are struggling with technical debt, growth hacking, marketing, and other critical areas. How? By giving them access to a large pool of professionally trained talent, strategic market advice from industry experts with years of experience, and a community with like-minded people and fellow founders. By providing targeted intervention and strategic resources, STEP ensures that these startups are not just surviving but thriving.
STEP’s approach is holistic, providing support in multiple areas crucial for startup success. From offering technical assistance, helping startups overcome technical debt and improve their product offerings to providing growth hacking strategies and tools to drive rapid growth and scale operations, to offering marketing insights and resources to effectively market products and reach the right audience and also assisting startups in developing robust business strategies that ensure long-term success.
STEP is committed to empowering individual talent and helping mentors attain fulfilment. By connecting skilled professionals and experienced mentors with high-potential startups, STEP not only helps these individuals find meaningful work and fulfilment but also fosters a culture of innovation and collaboration. This creates a dynamic ecosystem where both startups, talent and mentors can thrive.
To maintain the quality and impact of the program, STEP employs a rigorous selection process. Startups are evaluated based on their growth potential, market fit, and alignment with STEP’s objectives. This ensures that only the most promising startups, ready to embrace transformative changes, are chosen. The result is a cohort of high-potential startups primed for success.
Why STEP?
We are not just another initiative, but an organisation committed to transforming lives and businesses. We believe in the power of local startups to drive economic growth and create jobs. With tailored support and resources, we help you overcome challenges and reach new heights. Also, we provide comprehensive talent and mentor support, connecting you with skilled professionals who can help take your business to the next level. At STEP, we are dedicated to the professional growth of individuals. Through our program, selected talent will receive upskilling opportunities and access to job placements that match their skills, ensuring a bright future for all.
Application Details:
Key Dates:
- Application Period: July 22nd – August 31st, 2024
How to Apply for Startups, Talent and Mentors:
- Click www.steptech.ng
- Select your track
- Create an account with us
- Verify your email
- Log in to start your application
How to Apply for Hubs:
- Send a mail to [email protected] with “Hub Application” as the subject
Join STEP in Transforming the Startup Ecosystem
We invite all innovators, from startups to mentors, talent, and hubs, to join us in this exciting journey. STEP is your opportunity to make a significant impact, drive innovation, and contribute to the growth of the startup ecosystem in Enugu, Rivers, and Ekiti states.
“Scaleup with STEP” is not just a call to action; it is a testament to the potential and resilience of African startups and talent. By providing targeted support, fostering connections, and driving innovation, STEP is paving the way for a brighter future in Africa’s tech landscape. Join STEP today and be a part of this incredible transformation.
Join the Community
Stay connected with us on LinkedIn, Twitter, Instagram, and Facebook for updates, success stories, and live Q&A sessions. One of the most vital parts of STEP is the community that we are creating. By joining STEP, you join a community of like-minded innovators, tech enthusiasts, and industry experts. This community is a place to collaborate, share experiences, and form long-term connections that can help your startup grow.
Follow STEP’s innovative and exciting journey on social media platforms @steptechnigeria on Instagram, Facebook, LinkedIn, and X.
For more information, visit the website or contact the team at [email protected].
About IDEA Africa:
IDEA Africa is a leading organization dedicated to fostering innovation and entrepreneurship across Africa.
Through various initiatives and partnerships, IDEA Africa supports the growth of startups and the professional development of talent, driving economic growth and technological advancement in the region.
2023 was a groundbreaking year for growth marketing, where innovation, data-driven strategies, and visionary leadership came together to set new industry benchmarks.
Recognizing this era of transformation, Growth Marketing Leaders Network (GMLN) unveils its list of Exceptional Nigerian Growth Marketers for 2023.
These individuals distinguished themselves through groundbreaking strategies that not only propelled tech and business solutions but also redefined how products and services are marketed and embraced globally.
Their remarkable ability to adapt, innovate, and deliver impactful results amidst economic challenges highlights their resilience and dedication.
These growth marketers have set a high standard, influencing industries across Nigeria, the UK, the US, and beyond, and leaving a lasting mark on the global marketing landscape. This list contains:
1. Abimbola Ogundiran
As the Deputy Director at Playhouse Communication, Abimbola has been instrumental in crafting campaigns that resonate with Nigerian tech consumers, promoting Playhouse’s tech-related projects with creativity and impact.
2. Stanley Osuozah
As Co-Founder and Growth Lead at Unideals, Stanley Osuozah has leveraged data-driven strategies to enhance user acquisition and engagement, driving measurable growth in student-focused marketing.
3. Ized Uanikhehi
Serving as the CEO and Founder of Zedi Africa, Ized’s focus on sustainability and digital inclusion has led to campaigns that not only market tech but also address societal needs, significantly impacting Zedi Africa’s footprint in the tech sector.
4. Ololade Otusanya
As the Digital Marketing Manager at MTN Nigeria, Ololade has spearheaded innovative digital campaigns, enhancing customer engagement and driving the brand’s digital presence to new heights.
5. Daniel Chukwu
As the Digital Lead at Yellow Brick Road Lagos, Daniel has orchestrated creative digital strategies that have driven client success and elevated the agency’s reputation in the industry.
6. Khadijat Durosinmi
A Nigerian tech marketer, Khadijat has been recognized among global marketing influencers, highlighting her significant contributions to the field. Her innovative approaches and impactful strategies have earned her a place among the top marketing influencers globally.
7. Bukayo Ewuoso
As a Product Marketing Manager at Eskimi, Bukayo has developed targeted marketing strategies that have expanded the company’s reach across various demographics, contributing to substantial growth in user engagement.
8. Jelil Adedoyin
Serving as the Digital Marketing Manager for Sub-Saharan Africa at Reckitt, Jelil has led impactful campaigns that have increased brand awareness and market share across multiple countries in the region.
9. Adams Adeleke
A distinguished Nigerian Business Analyst and Product Expert, Adams has led transformative projects across Africa, Europe, and the UAE in sectors like banking, fintech, energy, and e-commerce. In 2022, he co-founded Leenit, a London-based EdTech marketplace empowering professionals to share knowledge through training and mentorship, benefiting over 1,000 learners from the UK and Nigeria.
10. Ebube Victor Okechukwu
As the Head of Social and Digital Media at United Bank for Africa PLC, Ebube has driven innovative social media strategies that have enhanced the bank’s digital footprint and customer engagement.
These exceptional growth marketers have not only navigated but have actively influenced the marketing landscape in 2023. Through their innovative strategies, they have set new benchmarks, driving awareness and adoption of technology across industries in both Nigeria and beyond. The recognition of these top 10 professionals celebrates visionary leaders who have skillfully adapted to the evolving marketing landscape, making lasting contributions that continue to shape the future of the industry.
Startups
Heifer Announces Three AgriTech Innovators as AYuTe Africa Challenge (Nigeria) Winners
As a result, the competition will increase visibility for growth and improve smallholder farmers’ productivity.
Three young agric-tech innovators in Nigeria have emerged final winners of this year’s Agriculture, Youth and Technology (AYuTe) Africa Challenge Nigeria, an enterprise development program initiated by Heifer International to identify, nurture, and support innovative, relevant, and technology-driven agric-centric enterprises that grow, scale and help smallholder farmers to thrive in Africa.
Announcing the winners in Lagos on Wednesday, November 30 at the Grand Finale of the keenly contested Challenge that saw well over 600 entries, the Country Director, Rufus Idris said the newly introduced annual challenge in Nigeria serves as a springboard for identifying outstanding young agritech innovators, as well as assisting in the formation of strong partnerships.
As a result, the competition will increase visibility for growth and improve smallholder farmers’ productivity.
Ifeoluwa Olatayo, the Managing Director, Soupah Farm-en-Market Limited emerged the grand prize winner for the maiden edition of AYuTe ‘s competition in Nigeria having met all requirements to get the topmost position. She got $10,000 grants as the overall best at the conclusion of Heifer Africa AYuTe’s Challenge to expand her business initiatives in the agriculture value chain.
The second runner’s -up, Rejoice Usim, the Chief Executive of Simkay Foods Limited got $6,000, while Stephen Obe, the CEO of Evet Technology got $4,000 grants to emerge the third place winner.
The winner, Olatayo described the impact of her innovation at Soupah Farm-en-Market Limited thus: “Basically, we connect rural smallholder farmers to urban markets by using short code as a procurement interface. So, rural smallholder farmers will no longer market agriculture produce through middlemen – they will communicate with us directly to collect their produce while we sell to large off takers. Majorly, we are improving the livelihood of the smaller farmers because we buy their farm produce at better prices of about 50% higher than the typical traditional markets”.
She urged youths to engage and think of how to use technology to better the lots of young farmers and boost food production and supply. “I encourage other youth techies to look for those problems within the agriculture industry and solve them with the use of technology to scale faster and grow bigger”,
“The grant will majorly be a benefit to our local farmers. It will also create a supply chain system for them in terms of purchase, storage and selling in a way that it makes them make higher profits than they are making at the moment” she said.
The national competition represents a new phase of Heifer International’s AYuTe Africa Challenge, established in 2021 to award cash grants annually to the most promising young agritech innovators from across Africa. Like the Regional Champions competition, the AYuTe National Champions competition offers prize money and mentorship, helping translate the energy and ideas of young Nigerian agritech innovators into meaningful impact for smallholder farmers across the country, and supporting winners to grow their businesses and profile.
“More than half of our population consists of young people and with inflation skyrocketing, fueled mainly by food inflation, we’ll need the youths with energy, tech-savvy, and entrepreneurial skills that can be channeled to transform the agricultural sector,” said Rufus Idris, Country Director, Heifer Nigeria.
Presenting the awards and the grant to the finalists, Heifer Nigeria’s Country Director, Rufus Idris, said that “We are excited to announce a starting cash grant of $20,000 to the most promising young agritech innovator in Nigeria. This is in line with Heifer’s strategic goal of unleashing the hidden agricultural treasures among African youths.
“We strongly believe that the new ideas and technologies by this Africa’s tech-savvy youths discovered in this competition will help to convert the huge potential in agriculture to economic growth and employment across Africa while transforming the sector.
“Through this challenge, we hope to further inspire the Nigerian youth population to continue to embrace agriculture as a career option of choice, while promoting creative professionals that are using technology to re-imagine farming and food production across the country”, said Idris at the close of the competition.
Since 1944, Heifer International has worked with more than 39 million people around the world to end hunger and poverty in a sustainable way. Working with rural communities in 21 countries in Africa, Asia, and the Americas, Heifer International supports farmers and local food producers to strengthen local economies and build secure livelihoods that provide a living income.
The event brought together stakeholders within the ecosystem including government representatives, tech hubs and agripreneurs, who are relevant to supporting the development and scale-up of innovative, commercially viable and sustainable agricultural technologies, capable of transforming Nigeria’s agricultural sector and her food security.
The keynote speaker and Lagos State Commissioner for Agriculture, Ms.Abiola Olusanya who was represented by the Director of Agriculture Training Institute, Mr Emmanuel Fatai Audu, said that “At every point in time, there is always a demand for food in Lagos State. Food worth N9 billion is consumed every day. If we can expand that across Nigeria and Africa, that tells you the immense potential that the food value chain brings to the table in terms of economic gains to value chain outburst, especially our youths here today. He encouraged the youths to go into Agriculture as it is the next oil.
Peoples’ Parliament Applauds Otti, Afurobi for Exemplary Leadership
GOCOP mourns with member, Tunde Abatan over wife’s demise
NITDA DG Inaugurates National Technical Working Group on Cloud Infrastructure
LASG Acquires New Outboard Engines For Optimum Boat Performance
Elon Musk builds Hotel in Mars, Sets to launch soon at $5million per night – Photos
