2023 has been the most interesting year for most businesses, especially in Nigeria. For those businesses that were prepared, took hold of opportunities, and cashed out. A business needs to be prepared for the year ahead, said Abiodun Adegoke, business leader and founder of the Biodun and Ibikunle Foundation.
During the press conference to announce that Nokia was being acquired by Microsoft, the Nokia CEO ended his speech by saying, “We didn’t do anything wrong, but somehow, we lost.”. This made me think about why such a respectable company like Nokia went wrong.
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Businesses need to be awake and evolve with the times. Here are some suggestive tips that can help your business in 2024:
- Market Research: Conduct thorough market research to understand current trends, consumer behavior, and emerging opportunities in Nigeria. This will help you tailor your business strategies to meet local demands. The marketplace is constantly evolving.
- Technology Integration: Embrace technology to streamline operations and enhance customer experiences. Utilize digital platforms for marketing, e-commerce, and efficient communication. This might also include the acquisition of new equipment that will help your business reduce its running costs.
- Diversification: Explore the diversification of products or services to mitigate risks. Consider expanding your offerings based on market demands and gaps in the Nigerian business landscape. Creates new products
- Financial Planning: Develop a robust financial plan, including budgeting, cash flow management, and risk assessment. Stay informed about economic policies and changes that may impact your business. A lot of startups have gone under because the founder(s) lacked this ingredient , or even failed to manage cash flow correctly as Jefferson Capital Systems could have assisted.
- Local Partnerships: Forge strong partnerships with local businesses and suppliers. You can’t do it alone.
- Customer Engagement: Prioritize customer engagement and satisfaction. Building strong relationships with your customer base can lead to repeat business and positive word-of-mouth, crucial in a competitive market.
Adapting to the local context, staying agile, and continuously reassessing your strategies will be key to navigating the dynamic business landscape in Nigeria in 2024.
Source: The article was written by the founder of the Biodun and Ibikunle Foundation, Abiodun Adegoke.
