If there’s one thing every Nigerian business owner knows, it’s this: no matter how prepared you are, surprises will come. From sudden fuel price hikes to currency fluctuations, unpredictable customer behaviors, or even market slowdowns, running a business in Nigeria is not for the faint-hearted. But here’s the thing—storms don’t last forever, and the key to survival is resilience.

So, how do you build a business that thrives no matter what’s thrown at it? Let’s dive into some practical, relatable strategies.

1. Get Intimate with Your Numbers

Why it matters: You can’t manage what you don’t measure. One of the quickest ways businesses lose ground during tough times is by flying blind. You need to know exactly how much money is coming in, where it’s going, and which expenses can be trimmed.

Practical tip: Take some time to review your business finances. If you don’t already have one, start using an expense tracker or accounting software. A simple spreadsheet can work too! Track things like:

• Daily sales

• Cash flow

• Stock levels

The goal is to spot where you’re losing money so you can stop the leaks.

2. Diversify Your Revenue Streams

Why it matters: If one revenue stream dries up, another can keep you afloat. Imagine you sell electronics in Computer Village, but sales are slow because customers are holding off on big purchases. If you offer related services like phone repairs or accessories, you’ll have something to fall back on.

Practical tip: Think about what else your customers need. For example:

• If you sell wholesale goods, can you offer delivery services.

Don’t be afraid to ask your customers what they’d like to see. They might give you your next big idea.

3. Manage Inventory Wisely

Why it matters: Holding too much stock ties up your money, while not having enough can mean lost sales. It’s all about finding the balance.

Practical tip:

• Focus on fast-moving items. Don’t stock up on products that barely sell.

• Track what’s selling and reorder only when necessary. Tools that give you real-time inventory updates can help you avoid overstocking or running out of goods.

4. Strengthen Relationships with Your Suppliers

Why it matters: In tough times, having a good relationship with your suppliers can make all the difference. They might extend credit, offer discounts, or prioritize you for limited stock.

Practical tip:

• Pay on time. Consistency builds trust.

• Negotiate. Don’t be shy to ask for discounts or better terms. Most suppliers would rather keep a loyal customer than lose you entirely.

5. Keep Your Customers Close

Why it matters: Your customers are your lifeline. In challenging times, you need to remind them why they should keep coming back to you.

Practical tip:

• Offer loyalty programs. Give discounts or small rewards for repeat purchases.

• Be accessible. Respond to their inquiries quickly, whether in person, on WhatsApp, or social media.

Pro Tip: Little things like greeting customers warmly or remembering their names go a long way in building loyalty.

6. Stay Prudent

Why it matters: When times are tough, every naira counts. This is the time to cut unnecessary expenses and focus only on what directly supports your business goals.

Practical tip:

• Audit your spending. Are there subscriptions or services you’re paying for but not using? Cancel them.

• Explore cost-sharing. For example, if you’re in a market and need a delivery van, consider partnering with another vendor to share the cost.

7. Embrace Technology

Why it matters: Technology can save you time and money, giving you an edge over your competitors. From automating payments to tracking inventory, the right tools can make running your business less stressful.

Practical tip:

• Use free or affordable apps for accounting, invoicing, and communication.

• Explore platforms that simplify payments and reconciliation to reduce errors and delays.

8. Plan for Rainy Days

Why it matters: Tough times don’t announce themselves. The businesses that survive are those that prepare in advance.

Practical tip:

• Build a small emergency fund for your business. Start by saving a percentage of your weekly profits.

• Diversify your savings—don’t keep all your cash tied up in one bank account.

9. Keep a Positive Mindset

Why it matters: As a business owner, your attitude will set the tone for your entire team. If you’re optimistic and solutions-focused, it inspires confidence in your staff and customers.

Practical tip:

• Surround yourself with supportive people—mentors, fellow entrepreneurs, or family members who encourage you.

• Take breaks when needed. Burnout won’t help your business; a refreshed mind will.

10. Collaborate with Others

Why it matters: You’re not alone in this. Building a network with other business owners can open doors to new opportunities, partnerships, and shared solutions.

Practical tip:

• Join local business groups or associations.

• Attend trade fairs or community events to meet other entrepreneurs.

The Takeaway:

Running a business in Nigeria is not for the faint-hearted, but with the right strategies, you can not only survive but thrive—even in uncertain times. Focus on what you can control, stay adaptable, and keep learning.

Tough times don’t last, but resilient businesses do.