Collaboration is a way of bringing the skills and experience of your business together with those of another complementary business that has a similar customer base to yours.
Forterun Global, a growth-focused management consultancy in Lagos, collaborates with lawyers because they have a similar customer base to them.
They offer services that lawyers play a major role in which includes Access to Investment, Market Entry Services, Business Match Making. For these services to succeed, a lawyer needs to be part of the business mix especially for tasks like due diligence, company formation, agreements etc.
By joining forces with a similar business to yours you can raise awareness of your brand with customers in your target market that might never have heard of you. Same with your collaborator
Open a new location
If you’ve already established a successful business in one location, one option for expansion is to set up shop elsewhere.
Opening a new location in the UK or anywhere in the world where your product or services will be in demand to people residing in a specific geographical designation would not be a bad idea at all
This needs to be carefully considered though – ask yourself, is your business success because of its current location and could it run without you especially if you had to spend most of your time setting up elsewhere?
Examples of successful growth into the UK markets include GTB, Access Bank, Arik Air, etc.
License a product
You may have a fantastic business idea, but if you’ve reached your limit for producing your product on a large scale, one option available is to license it.
This is where another company takes over the responsibility for producing and distributing the product or services, but they take the lion’s share of the profits and pay you royalties.
This isn’t for every company, but some entrepreneurs have made successful businesses from licensing such things as designs, games, and software, leaving them more time to come up with new products.
The web offers the owners of small and medium-sized businesses a cost-effective way of diversifying.
Options include selling products online or offering service to increase your reach to customers in other geographical areas, or taking your existing product and delivering it online, making it available to customers around the world, 24/7.
More as we like to scream online these days, we should also remember that more than 85% of the population is still largely offline. This is a market we would need to cater to. To win in this space requires a lot of strategy, ingenuity, and execution to succeed.
Most banks in Nigeria get it right but one bank stands out from the pack – Guaranty Trust Bank PLC. You can use GTB as it is often referred as your case study and see how they have successfully transitioned into mobile banking while still having internet banking, and direct sales banking also referred to as retail banking.
GTB is so brilliant with its marketing that they have further gone into sponsorships of key industries: Fashion, Food, and Media. These are notably seen in the GT Bank Fashion Weekend, GT Bank Food Fair and Ndani TV on YouTube. Each channel earns the bank additional revenue.