Nigerian businesses: Hope and prayers are not strategies
I frequently talk to young SME’s and micro enterprises in Nigeria and to be honest, it is challenging what they have to go through. They understand their businesses very well, but their overall perception on the outlook of the business environment still remains low. Some have to deal with wrong financial decisions of loans that they can’t repay. Yet they are hopeful.
Some of these small businesses are in markets that are being cannibalised by new entrants with no clear path or strategy to turn their fortunes around, yet they almost have a sense that somehow they would survive. This realisation has come to highlight one main theme of our SME’s and micro enterprises in the country, which is that “Hope and prayers are strategies” it is not.
Market intelligence and data insight for the informal sector and our micro enterprises are crucial to their survival. The challenge however, lies in figuring out what the best form of delivering this insight will be and how such a service will pay for itself? Radio for some reason still cones to mind.
I’m currently thinking about this seriously and will keep updating and sharing my view as I learn more.