7 Key Lessons For Nigerian Businesses As We Wrap Up The Year 2024, by Phebe Ejinkeonye-Christian

As 2024 winds down, businesses across Nigeria are reflecting on their performances, challenges, and opportunities. Economic uncertainties and market shifts demanded innovative strategies, and small businesses were not exempt. As such, this becomes the perfect time to explore lessons that will guide businesses toward resilience and success in 2025.

One of the things that became crystal clear this year is that businesses that adapted quickly to changing trends and customer needs such as remote and hybrid work models, shift in consumer spending, affordability, and convenience became more relevant and successful than others. Nigerian businesses must remain responsive to market demands in 2025. 

Businesses that prioritized and were responsive to customers’ feedback and insights thrived in 2024. This year experienced a growing demand for higher-quality products and services which underscores the need for businesses to focus on delivering exceptional value. Building strong relationships and understanding customer needs will be critical to staying in the competition in 2025.

Amidst the storms of economic challenges faced this year, businesses stayed resilient despite their revenue being affected. This could only be so because of the clarity of the CEO’s vision. Resilience comes from a clear vision. In 2024, businesses led by bold, forward-thinking, innovative, and dogged CEOs stayed afloat the storms. It becomes an obvious necessity that business owners must be clear on the essence of running their businesses. They must define their purpose, build actionable goals around it, and sell it effectively to their team, inspiring them to stay committed through the good, bad, sweet, and unsavory times moving forward. 

One of the major transformations businesses experienced this year is the digital transformation. Embracing technology has been a game-changer for businesses in 2024. Digital transformation remains one of the strongest drivers of business scalability and success in 2024. Businesses that grabbed the opportunity to leverage the ever-evolving technology experienced a boost in business productivity and profitability, enjoying a competitive edge over others. From automating business processes to leveraging e-commerce platforms, social media advancements, and Artificial Intelligence, businesses that embraced these technology advancements had a competitive edge. In 2024, and the years coming, technology is no longer just a luxury; it has become a necessity. As competition intensifies in 2025, businesses that leverage evolving digital transformation will remain relevant. This is a wakeup call to businesses to invest in digital tools that improve efficiency and open new market opportunities.

In 2024, financial discipline has, again, been proven to be a lifeline. Due to reduced purchasing power, and fluctuating exchange rates, many businesses struggled to maintain strong financial discipline. Those who succeeded at controlling cost, maintaining proper budgeting, and managing cash flow were better positioned to weather the storm. As we get into a new year, financial prudence becomes a daily necessity. Business owners must always plan ahead and keep reserves for unexpected shifts.

Agility in pricing and offerings is critical. With changing consumer behavior, it became necessary for business to adjust their pricing strategies, and product or service offerings to remain competitive and relevant. Rigidity is no longer a proof of brand authenticity. Businesses adjusted prices to reflect the realities of the market without alienating customers or going into loss. Product and service packages were introduced to accommodate budget-conscious buyers. Businesses quickly adapted to new trends, captured the market opportunities these trends brought, and stayed at the top of the competition. As we step into 2025, it is crucial that businesses monitor market trends closely, and be willing to modify pricing structure, products, or services to meet customers’ needs and remain competitive. 

One of the very crucial changes that happened in 2024 is the relaxation of work format for employees. Remote work model has become a topic to be considered for employees. Employees were allowed to work from home or adopt flexible schedules. This helped businesses both retain resourceful employees, benefit from increased productivity, reduce operational costs, and improve employee satisfaction. More businesses should adopt these flexible work options to employees, embracing it as a viable path for both staff and employer. Invest in virtual meeting platforms, team collaboration software, secure online systems, and train employees to navigate these with ease for enhanced productivity, team cooperation, and improved operational costs.

These lessons serve as a roadmap for the challenges and opportunities ahead. Nigerian businesses must act decisively, embracing innovation and resilience to thrive in 2025. Businesses that will succeed in 2025 are those that learn from the past, adapt to change, and navigate the New Year with purpose, innovation, and resilience.

*Ejinkeonye-Christian, certified life coach, and business educator, is the CEO of Phebeon Consulting and Media Solutions Ltd, Nsukka, Enugu State (0708-048-0510; ceo@phebeon.com.ng)*