Nigerian businesses are facing a rapidly changing landscape, driven by technology, consumer preferences, regulatory changes, and economic fluctuations. Staying relevant in such a dynamic environment can be challenging, but with the right strategies, small businesses can not only survive but thrive. Here are six practical tips to help you stay relevant and successful in the Nigerian business landscape, including how to embrace technology, innovate within your niche, and put your customers first.

1. Customer-Centric Approach

Customers are the heart of any business. Without them, there would be no business at all. So, understanding and meeting the needs of your customers is fundamental to your business’s success. In a changing market, consumer preferences evolve rapidly. To understand these changes, you can conduct regular market research and adjust your offerings and strategies accordingly. For example, if you are a clothing retailer, you could conduct market research to understand the latest fashion trends and the needs of your target customers. Based on this research, you could adjust your product selection, pricing, and marketing strategies to ensure that you are meeting their needs.

Also, know that excellent customer service is non-negotiable. Treat your customers well, address their concerns promptly, and seek feedback to improve your products or services. You can provide excellent customer service by training your staff to be friendly and attentive, and by resolving any customer issues quickly and efficiently. 

You can also seek feedback from your customers through surveys or social media to identify areas where you can improve. Once the feedback is collected, you should analyse it and take action to address any issues or concerns that are raised. By listening to your customers and taking their feedback seriously, you can build strong relationships with your them and increase customer satisfaction.

2. Stay Informed and Adapt Quickly

It is essential for your business to stay informed and adapt quickly. This means being aware of the latest trends and developments in your industry, as well as the broader economic and social landscape. It also means being willing to adapt your business model and strategies to meet the changing needs of your customers and market.

There are a number of ways to stay informed about the Nigerian business landscape. You can do this by reading industry publications, attending industry events, and networking with other business leaders. You can also keep up with trends by following relevant thought leaders and experts on social media. Upon understanding these latest trends and developments, you need to be able to assess their impact on your business. This may involve conducting market research, analysing your competition, and evaluating your own strengths and weaknesses.

Once you have a good understanding of the impact of these latest trends and developments, you can develop a plan for adaptation. This involves adopting new technologies, modifying your business model, or altering your marketing strategies. For example, if you are a retail business owner, that only has a physical store, you may want to consider developing an e-commerce platform to reach a wider customer base and to meet the changing needs of your customers.

By staying informed and adapting quickly, you can position your business for success in the rapidly changing global economy.

3. Invest in Technology to enhance productivity

Leveraging the power of technology to automate your tasks is a crucial strategy. By doing this, your business gains the ability to shift its attention towards fundamental objectives such as; crafting effective strategies, expanding your customer reach, and propelling revenue growth. 

Fortunately, there are numerous technological tools  available to help you achieve these goals, improving your business productivity and keeping you ahead of your competitors. Let’s explore some of these tools:

• Social media scheduling tools: Scheduling tools like Buffer and Facebook Business Suite can help you to save time and manage your social media pages efficiently. These platforms allow seamless scheduling and management of social media posts, ensuring consistent and impactful communication with your audience. By automating your social media management, you can free up your time to focus on other critical aspects of your business.

• Email Marketing tools: When it comes to engaging with your valuable customers, email marketing plays a pivotal role in establishing a direct and personal connection. Tools like Mailchimp & Klaviyo significantly ease the process of creating and managing email campaigns. They provide a user-friendly platform to design, send, and analyse emails. Email marketing tools are a great asset for your business, assisting you effectively in reaching out to your customers and engaging them with tailored content and offerings.

• Task Management Tools: Efficient task management forms the backbone of productivity within any business structure. Tasks, both big and small, need to be organised, prioritised, and tracked to ensure they’re completed on time and with precision. Tools such as Asana or ClickUp offer centralised platforms for exactly this purpose. They allow for the seamless organisation of tasks, setting priorities, assigning responsibilities, and tracking the progress of your team. This ensures that important work remains on schedule and doesn’t fall through the cracks, enhancing overall productivity and efficiency within the business.

• Payroll & HR Management: In handling vital tasks such as payroll computation and HR operations in Nigeria, roPay proves to be an invaluable tool. This versatile platform offers comprehensive support in efficiently streamlining HR processes, significantly enhancing operational efficiency. It can help you automate various tasks, from seamless payroll management to precise employee attendance tracking. Additionally, roPay fosters seamless communication within your team, promoting collaboration and a cohesive work environment.

Investing in technology and innovation is a strategic move that can bring numerous advantages to your business. It amplifies productivity, elevates customer service standards, and unlocks promising opportunities in new markets.

Here are essential tips to guide your investment in technology and innovation:

• Identify your needs. What technological advancements are relevant to your industry? What pain points do your customers have that could be addressed with new solutions?
• Do your research. Once you have identified your needs, research the different technologies and solutions that are available. Consider your budget and resources when making your decisions.
• Invest wisely. It is important to invest in the right technologies and solutions for your business. Don’t just jump on the bandwagon or invest in something that you don’t fully understand.
• Get your team involved. Your team should be involved in the process of selecting, implementing, and using new technologies and solutions. This will help to ensure that everyone is on board and that the changes are successful.
• Be patient. It takes time to implement and integrate new technologies and solutions. Don’t expect to see results overnight.

4. Collaborate and Network

Collaborating with other businesses allows you to reach a wider audience and attract new customers. Collaboration could be in form of partnerships. For example, you could partner with a complementary business to offer a bundled service, or with a non-competing business to cross-promote your products and services.

Networking with other business owners provides you with valuable insights from other businesses in your industry. This can help you to improve your own business and make better decisions. You can learn about new marketing strategies, new technologies, and new ways to improve your customer service.

Here are some specific tips that can help you collaborate and network better:

• Partner with complementary businesses: Look for businesses that offer products or services that complement your own. For example, if you own a restaurant, you could partner with a local food delivery company to offer your food to a wider customer base.
• Attend industry events and conferences: This is a great way to meet other businesses in your industry, learn about the latest trends and developments, and make valuable connections.
• Join online industry forums and communities: This is a convenient way to connect with other businesses and network on a regular basis. You can ask questions, share advice, and learn from the experiences of others.
• Reach out to other businesses directly: If you see a business that you would like to collaborate with, reach out to them and propose a partnership. Be specific about what you have to offer and how you think a partnership could benefit both businesses. Whether it’s proposing joint events, online initiatives like Instagram live sessions, or physical exhibitions, direct communication fosters collaborative opportunities.

By following these tips, you can build strong relationships with other businesses and enjoy the many benefits of collaboration and networking.

5. Skill Development and Employee Engagement

A well-trained and motivated workforce is an asset that can drive a business forward. Here are some specific ways your business can invest in employee skill development:

• Provide training programs on new technologies and trends: This could include in-house training, online courses, or tuition reimbursement for your employees to pursue external training programs. For example, assuming you own a restaurant, and you’re introducing a new digital ordering platform. It’s vital that your entire team, from waiters to chefs, is proficient in using this system. Arrange engaging in-house training sessions to ensure everyone understands order placement, payment processing, and troubleshooting. Additionally, gather everyone regularly to discuss customer feedback and share insights on enhancing service. This not only boosts your team’s capabilities but fosters a customer-focused atmosphere in your restaurant.
• Create a culture of learning and development: You can do this by encouraging employees to share knowledge with each other, to learn from their mistakes, and to seek out new opportunities to learn and grow. This could be done by creating formal and informal learning opportunities, such as book clubs, lunch-and-learn sessions, and cross-training opportunities.
• Provide opportunities for growth: You can do this by offering promotions, new projects, and cross-training opportunities. Giving employees opportunities to grow and develop their skills helps them to stay motivated and engaged in their work.
• Mentorship: This is a great way for experienced employees to share their knowledge and expertise with new employees. It can also help to build relationships between employees and create a more positive work environment.

To learn more about the importance of creating an engaged workforce in Nigeria, check out our previous blog post on How to create a positive work culture in Nigeria 

6. Financial Discipline and Expansion

Financial discipline is essential for any business that wants to succeed. By monitoring cash flow, reducing unnecessary expenses, and making sound financial decisions, you can ensure that you have the resources you need to operate and grow your business.

Expansion is also important, as it can help your business to withstand market volatility. When businesses are diversified, they are not reliant on a single product or service. This means that if one product or service does not perform well, the business can still rely on its other revenue streams.

Here are some ways you can ensure financial discipline and expansion

• Develop a budget and track your expenses carefully. This will help you to identify areas where you can reduce costs. While this task can be intricate, especially with a lot of calculations, leveraging software tools like roPay Spend Management can significantly assist you in organising and tracking your expenditures. These tools simplify the process and enable effective management of your finances.
• Invest in your business to generate more revenue. To enhance your income, consider strategic investments within your business. This might mean creating new offerings (products or services), reaching out to untapped markets, or even acquiring other businesses. Each of these actions has the potential to increase your revenue streams and contribute to the growth of your business.
• Keep a good amount of money saved up that you can use in case something unexpected happens with your finances. This savings can be a lifeline during challenging financial times.
• Consider broadening your sources of income to make your business more resilient. This can involve offering a diverse range of products and services that cater to various customer groups or venturing into different markets. By doing so, you minimise the risk associated with relying solely on one product or one customer segment, making your business more adaptable and financially secure.

By following these tips, you can improve your business’s financial wellbeing and make it become more resilient to change.

In your business journey, keep in mind that success means more than just getting by; it’s about thriving amid changes. Let these strategies be your compass, steering your business toward a future where being adaptable isn’t just a good quality, but a hallmark of distinction. Embrace change, and let it propel you as you navigate your way to success in the Nigerian business world.