For budding entrepreneurs, riding the technology wave is as worthwhile as ever, with statistics by Oxford Business Group detailing how Nigeria’s ICT sector is 10% of GDP with a rise in contributions to GDP of 34% every year.
The huge wealth of talent across Nigeria and the content has finally been recognized by international investors and businesses as an untapped and valuable reservoir.
|Photo by Aleks Dorohovich on Unsplash|
For the individual businessman, the market can be daunting. From online video marketing to SEO, there are so many tools that it seems you need to employ to be successful. Cutting through the chaff is a case of following the country’s success stories.
Learning how to responsibly finance
According to Forbes, 80% of businesses fail due to cash flow problems. The problem is that stark, and makes it clear – responsible budgeting is key to your business success.
This can often fall by the wayside in digital business, where individual costs are smaller and creep up on you. There are a few key ways to find sustainable business cash flow.
The first is by using business credit and responsibly ensuring you make payments to keep on top of your priorities, and maintaining contact with your creditor.
Secondly, consider the reach and attraction of your business. Flutterwave CEO Iyinoluwa Aboyeji is a great success story in this, who showed that a well executed and advertised idea has reached when Facebook executives invested in his business.
Diversity is absolutely crucial to any successful business. Investors diversify; savvy supermarkets will pick up new product lines and services.
Take philanthropist Tomi Davies. Working across the world, he has taken up tech-focused roles in a huge range of industries and arenas to stay relevant and keep his portfolio growing. This can be applied to the tech your business establishes.
According to QZ, voice recognition is spreading fast across Nigeria and Africa, and is ranked highly by the all-important Google algorithm.
This is but one examples of emerging technologies that you should integrate into your business to stay relevant.
As your business expands and gets more followers, it’s inevitable that you will, someday, need staff. When you reach this eventuality, it’s important that you know how to show your staff that they are valued and to make the most of their skills.
Employ worker recognition programs in your workplace, and emphasize the ‘employee experience’ – treat your colleagues as equals and be supportive of their work/life balance.
In the long run, you’ll develop expertise and a great reputation, which will be to the benefit of your tech business – 20% of the world’s internet users are between 19 and 24, according to Statista, and will empathize with the young tech worker demographic.
Maya Horgan-Famodu is one industrialist advocating developing her peers; through pushing the growth of fellow startups, she has fostered a collaborative environment.
Growing your business isn’t easy, but a lot of your success can come down to diligence, hard work, and mindfulness.
Keep people at the front of your focus, budget wisely, and stay savvy to new trends. That way you can become part of the sweeping tide of Nigeria’s digital revolution.