Nigerian small businesses face a familiar squeeze: the cost of fuel, transport and imported inputs moves faster than what customers will pay. Here is how owners can protect their margins.
- Review prices every month. Prices set at the start of the year may no longer cover costs. A short monthly check helps owners adjust before margins vanish.
- Negotiate with suppliers. Buying in bulk, or agreeing fixed prices for a set period, can reduce exposure to sudden increases.
- Cut energy waste. Where power costs are high, small changes such as efficient equipment and better scheduling can add up.
- Keep a cash buffer. Even a small reserve helps a business absorb delays in payment.
- Track the numbers that matter. Monthly sales, cost of goods and unpaid invoices tell an owner more than a gut feeling.
Owners who review their finances regularly are better placed to survive uncertain periods.
like this your post it amazing