With all the economic hullabaloo happening in Nigeria, growing an SME can feel like riding a rollercoaster blindfolded. Power issues, rising costs, access to capital, you name it. But despite the chaos, there’s room to grow. And with the right moves, your business can do more than survive, it can scale.
1. Get Your Foundation Right
Formalise the Business
Whether you’re just starting or flipping goods in a “buy and sell,” register your business with the CAC. It makes you legit, opens doors to funding, and lets clients take you seriously.
Also, get your TIN, it’s essential for taxes and applying for financial support.
Why this matters:
- Banks and investors won’t deal with unregistered businesses.
- You can open a business account.
- It sets you up for growth.
Separate Your Finances
Open a business account. Keep your personal and business money apart. Use tools like Excel, Wave, or QuickBooks for basic bookkeeping.
Define Your Value Proposition
What makes your product or service worth paying for? Be clear on this and be able to explain it in one sentence.
2. Focus on Product-Market Fit
Don’t assume. Ask. Talk to real customers to find out what they actually need, not just what you think they want.
Adjust your product or service based on real-world use and feedback.
3. Build Lean and Smart
Start small, move fast. Launch a minimum viable product (MVP), test, and tweak it.
Automate anything that can be automated, social media posts, accounting, customer follow-up.
4. Hire Slowly, Systemise Early
Don’t rush to build a team. Start with freelancers or contract staff.
Create systems and SOPs (standard operating procedures) early. That way, as you grow, your operations won’t collapse under pressure.
5. Embrace Digital
If you’re not online, you’re invisible.
- Build a website.
- Claim your Google Business profile.
- Stay active on social media.
- Accept digital payments through platforms like Paystack, Flutterwave, or Moniepoint.
- Sell on Jumia, Konga, WhatsApp Business, anywhere your customers shop.
6. Build Strategic Partnerships
Team up with businesses that complement yours.
Join industry associations or cooperatives. These open access to shared resources, bulk purchasing, and new markets.
7. Secure Smart Financing
Bootstrap if possible, but don’t ignore available funding.
Look into programs from BOI, DBN, NIRSAL, and LSETF.
Before seeking investors, get your pitch and numbers in order.
8. Understand and Manage Growth
Track essential metrics like cash flow, profit margins, and customer acquisition costs.
Scale successful strategies and eliminate what isn’t working.
Stay flexible and be ready to pivot if the data suggests a new direction.
9. Develop Your Team
Train your people. And if you want to keep top talent, offer more than salary, offer purpose, growth, and flexibility.
As your business scales, your leadership must level up, too.
10. Think Beyond Lagos
Nigeria is bigger than one city.
Consider expanding into underserved areas where demand is high and competition is lower.
But adjust your pricing, marketing, and logistics to fit the local context.
Final Word
Scaling an SME in Nigeria isn’t easy, but it’s not impossible. Get the basics right, stay agile, and keep building with intent. The businesses that thrive are the ones that stay structured, digital, and customer-focused.
Register your business with BeeBot today, so you can focus on growth while we handle the paperwork. We simplify the process, cut through the hassle, and get you up and running fast.