business in nigeria

3 Tips For Maintaining An Effective Business In Nigeria

Setting up and managing a business in Nigeria can be confusing. We are working in a climate where there are immense freedoms, yet also many difficulties. Let’s agree on calling these difficulties “challenges” further on instead (sounds more positive, right?!)

The only way to do this is to try to get the most out of the opportunities. But in the meantime, you have to be sure that these challenges won’t massacre you (yeah, things can get bad quickly). We know that this sounds easy when said, but it is quite tricky.

We have 3 short tips to share in your journey of transforming into a successful entrepreneur. Let’s take a look:

1.Remember that you can’t do it on your own

Our first advice is to try to find a mentor who has already been through what you are experiencing now. A mentor will assist you with exploring the undulating Nigerian business landscape. Furthermore, you will also avoid making the same mistake. 

“Learn from other people’s mistakes, cause learning from yours is expensive” – Muhtar Bakare

Likewise having the right group of people to work with is significant. As a small business, you can’t take employing staff for granted. Since your organization is the opposite of a large organization, hiring the right people is a make-or-break situation. 

So take as much time as necessary and ensure that you have the ideal individuals around you (teamwork makes the dream work!).

2.Personal and continuous development

Starting your own business will for the most part affect all the other things in your day-to-day existence. You need to possess the right management skills and focus on personal development.

You will learn a lot from the business, but you always should set time for improving your skills in order to stay ahead of the curve. It is very tough to set aside time when there is barely enough. This is where balance is key to everything you do. Be ready for this (Beware! Tough days are coming).

3.Keep a close eye on your cash

Income is the soul of your business. You will make some errors, and your business will keep on running if you have enough cash to pay for those slip-ups.

In this manner, you should focus on your financials. Keep precise records and know your financial status anytime and anywhere. Watch out for your margins and understand your money change cycle. 

Lastly, don’t run out of money… (yeah, like ever).

Read an interesting article here – How To Manage Your Business Finances Successfully.

You can also register here for free to see how our income and expense management tool can help you keep track of business financials. 

There are many things you need to know about running a business. But in a short post like this, we can mention only several things.

If you would like to get free expert advice, book a Saturday session to connect with our resident business advisors: 30 Minute Mentoring Meet – Ibrahim Bashir

We wish you all success in your business.

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