How to stabilize your business in Nigeria
Running your business successfully in Nigeria can be a huge challenge especially for entrepreneurs that lack the psychological strength to face these problems. Recession, insecurity, and poor power supply are few among the numerous challenges that confront an enterprise in Nigeria. Despite these challenges, Nigeria is the home to the richest man in Africa (Aliko Dangote) and some of the wealthiest men in the continent such as Mike Adenuga and Femi Otedola. For your business to flourish in Nigeria, there are factors that must be set rightly, else you will constantly complain and watch your business decline in a short space of time.
Registering with the Corporate Affairs Commission (CAC)
This is the first and major step towards stabilizing your business in Nigeria. The CAC is charged with the responsibility of legally registering companies or firms in Nigeria. Your business can only thrive when it is recognised by the government which results in free hand to run your trade and avoid certain legal battles. Your business stands the risk of being folded by the government if it is illegally operating. All the big companies you see in Nigeria are registered with the CAC; it is a step you must take.
Mentors help you accelerate the growth of your business. For a business terrain like Nigeria, try to get a mentor who is way ahead of you in business for guidance. This person will surely help you navigate the Nigerian business community and help you avoid mistakes that will cost you greatly in business. This is because he/she has stayed long in the industry and have garnered wealth of experience to aid you stabilize in a country like Nigeria with hostile business society. Nobody knows it all, seek help from mentors to have a smooth ride in a bid towards stabilizing your enterprise.
In a country like Nigeria confronted with the problem of insecurity especially in the Northern region, you have to make provision for security. Big firms in Nigeria hire security personnel to avoid physical attacks on their properties which are worth millions. Also, there is high rate of unemployment in Nigeria, due to this, a lot of youths resolve to crimes such as robbery and theft to make a living. You need to hire security men that will counter attempts made at stealing from you. Nigeria is not a place to act care free when you are running a business.
Be aware of the economic situation
One of the major problems confronting Nigeria is poor economy. The country’s economy is unsteady, today it is the largest economy in Africa, and tomorrow it goes into recession. As a sound and focused entrepreneur, you have to be aware of the economic situation constantly. This is because a poor economy is not favourable for business, it is no good news for businessmen/women who want to make profit and have set financial targets. Having great knowledge of the Nigerian economic terrain helps you make adjustments and adapt effectively while making projections for a month or fiscal year.
Alternative power supply
The role of steady power supply to the growth and development of a business cannot be underestimated. Nigeria is one of the numerous African countries confronted with the challenge of unsteady power supply; this is very bad for business. The poor power situation has made the sale of generator sets a profitable venture in Nigeria. To avoid losses associated with power supply in Nigeria, ensure you have an alternative source of power such as generators or solar panels, else you will count your losses daily as power is not guaranteed. Big firms in Nigeria have constant power supply through alternative means, the Power Holding Company of Nigeria (PHCN) popular amongst citizens as NEPA (its former name) cannot be relied on.
In the face of challenges associated with running your business in Nigeria, choose to remain positive. A lot of entrepreneurs give themselves excuses and quit or remain dormant instead of being consistent with hard work and viewing their enterprise in good light. In life, it is easier to fail than succeed. You are not the only person witnessing the problems attached to the growth and stability of business in Nigeria. Dangote, Adenuga, and Otedola equally faced these problems and still do, yet they are on top of their game, you have no excuse to fail.
Negative attitude towards things in life birth negative outcome and the business territory is no different. If you cannot control negativity, what is the point venturing into one? Get yourself distracted from negative thoughts with something better. Sometimes, you have to reminisce or recall challenges you have faced in business and conquered, it helps you stay positive and have strong self belief in yourself and your enterprise.
Alternate source of funding
Most entrepreneurs in Nigeria do not rely on a specific venture, they have alternative source of funding. This is because the other source of revenue might help save your business from collapse when it is threatened. Alternatives can come in form of savings, smaller ventures you own, or even family. You cannot be so sure of steady success in business especially for a Nigerian that could be confronted with unexpected disasters such as fire, flood, or even ethnic tensions resulting to violence and destruction of properties. It is difficult to find Nigerian businessmen/women without an alternative source of funding.
Hire effective staff
For your enterprise to flourish, you have to work with people that share similar vision and goals with you. A lot of Nigerians work just for the money, make sure you look out for the best during your staff recruitment process. You cannot hire lazy and incompetent persons and expect positive outcome in business. Nigeria is blessed with abundance of talents in every sector, having a good team can be your gateway to stability in business because creativity and innovation will not be lacking in your business. People that work with the most successful businessmen/women in Nigeria are usually outstanding. Little wonder you see firms in Nigerian schools during convocation ceremonies in search of the best to employ, nobody loves to fail.
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