Discover the key strategies to innovate and lead in the marketplace during our BBC business growth clinic. Join us as our esteemed speaker shares ten practical ways to drive innovation and take your business to new heights. This event is a must-attend for entrepreneurs and business owners looking to achieve sustainable growth and success.

Tomiwa Dasilva

Tomiwa Dasilva is a business coach and consultant for service providers and SaaS founders. She specialises in marketing, sales and project delivery. She is the convener of Wealthy Woman Inc., which is a platform that empowers women with kingdom principles to purpose, profit and prosperity and leads 9tofreedom, which helps corporate professionals convert their expertise into profitable business courses, consultations and coaching sessions.

10 ways to innovate and lead in the marketplace

Join us for an engaging session on impact-driven communications as a catalyst for your business growth. Our speaker, Mirabel Aleladia, Lead Strategist and Founder of M.inc PR, will share valuable insight and strategies to enhance your brand's impact. Don't miss this opportunity to learn how effective branding and communication can drive growth for your business.

Mirabel Aleladia

Communication strategies to accelerate SME growth

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Learn strategies guaranteed to turn your business idea into a reality.

Hear from expert business leaders on branding and marketing, financial strategies, legal preparations and everything else you'd need to launch your business.

Zoom Invitation:

Brass is inviting you to a scheduled Zoom meeting.

Topic: Just Start! Powered by Launchpad
Time: Feb 21, 2023 06:00 PM Africa/Lagos

Join Zoom Meeting
https://us06web.zoom.us/j/86153831459?pwd=RFpJMHF5bm01RVJhWTBxRmlOMERkdz09

Meeting ID: 861 5383 1459
Passcode: WIN23

Kunbi Odubogun

Kunbi Odubogun is an industry leading Business Attorney, Speaker and Digital Media Expert with over 12 years experience in the Legal and Events industries. She is the Founder of two digital solutions:  Legally Set - an online shop offering legally sound, attorney-drafted contract templates for entrepreneurs, event pros and creative business owners; and Perfete- an events inspiration publication.

Tos D. Oyetade

Tosin Oyetade is a highly qualified marketing professional with a strong track record of success in driving user acquisition and engagement. She has a diverse work history, including experience in the financial technology, software as a service, arts and culture, and banking industries in Africa and Europe.

Nosa Garrick

Nosa is an experienced Attorney, Chartered Mediator and Conciliator. His advisory focuses on Intellectual property, Media, Entertainment, Technology, Maritime, International Trade & Investments. He is the Managing Partner at F.A. Garrick & Co, a law firm with specialism in Intellectual Property and General Commercial Law practice.

Oluwapelumi Cole

Oluwapelumi Cole is a highly motivated finance professional with experience in Financial Markets, Strategy, Modelling and Analysis. His diverse work history spans many industries, including financial technology, health technology, consulting, project management and marketing in Africa and Europe.

Just Start! Powered by Launchpad

Charles qoute 02 - just the audio.m4a

Choosing the right co-founder can either fuel or stifle your business' success.

In this Business Guide Series, Charles Dairo, Co-founder of Beezop and Harry Enaholo, Co-founder of Treford, shared insight on the foundations of a successful partnership, equity splits and the legal framework.

Charles Dairo

One thing I’ve seen people do is to treat equity as a mathematical thing but it’s definitely more emotional. The goal of equity is motivation so bearing that in mind, that’s meant to guide the whole conversation. If giving someone 40% isn’t going to motivate the person enough, then don't give them 40%. If you’re thinking longterm, you want this person motivated long term. It’s only short term founders that treat it as a mathematical thing, when you’re building for the longterm there are things that don’t matter as much.

Harry Enaholo

The main thing I've noticed that lead to conflicts in startups is ego. You cannot both have your egos inflated at the same time. There are times you have to learn to manage the relationship by not always making your own point final or your own idea the main idea. There are times when it is important for you to allow your partner bring an idea, run through with it and commit the support they need to execute successfully for the sake of building that harmony and trust for the longterm. Another thing is alignment. It’s important to continue realigning because what you are building evolves.

Finding the Right Co-Founder

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Starting a business but concerned about capital? All you need is the right strategy and great support.

Gbemi Olateru-Olagbegi, Founder of Gbemisoke Shoes & Co-Founder of TNC Africa and Vanessa Nwuka, Founder of VeeStore shared practical steps to getting started with limited capital.

Gbemi Olateru-Olagbegi

As you go along, you will figure out what works for you. You’re going to make mistakes and you will learn from those mistakes. Look around you, use the people around you. Is there a friend that studied marketing or advertising or works at an agency? Reach out to them for help. You don’t know everything and you can’t do everything yourself

Vanessa Nwuka

Before you take a loan, you have to have your books ready from day one. Your accounting has to be good so they know that you’re serious and they can lend you the amount of money you’re asking for. Be disciplined. If you cannot repay at the date you agreed, you have to communicate with your lenders early enough. It is really important because trust is key.

Getting Started with Limited Capital

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The first conversation in our Business Guide Series brought to you by Brass Business Club.

Damilola Odufuwa, Co-Founder and CEO of Backdrop and Ore Runsewe, Founder of Arami Essentials, spoke to us about their journeys getting started in business.

Damilola Odufuwa

One of the things our team did that I really loved early on was reaching out to the first users to get their feedback on the app and one of those users helped us create our backdrop near you feature… I would always suggest to anyone building an app to speak to your first set of early users.

Ore Runsewe

If I had to give anybody advice, if you have a 9-5 and you have a business on the side, try and do it for as long as you can. There comes a time where it’s not possible anymore and you have to respect that but where it’s still possible, I think still do it.

Starting Your Own Business

In recent years, Nigeria has experienced an economic downturn characterised by fluctuating and decreasing value of the Naira. This volatility has affected various sectors, resulting in significant challenges and economic crises for businesses and entrepreneurs nationwide. Take, for example, a local manufacturing company that imports raw materials from abroad. The fluctuating exchange rates lead to unpredictable costs, making it challenging to maintain profit margins. Similarly, an e-commerce startup heavily dependent on international transactions faces pricing issues due to the daily fluctuation of the Naira against foreign currencies.

These unpredictable rates make strategic planning and financial management essential for businesses. This article will delve into the strategies that Nigerian businesses and entrepreneurs can employ to maintain stability, protect their profits, and navigate this challenging period.

## Strategies for Managing Business Stability

While the spectre of currency depreciation and forex scarcity cast shadows on the business horizon, there are tangible pathways for businesses to weather the storm. The Nigerian government's policy reforms have injected a sense of cautious optimism, with GDP growth forecasted at 3.1% [for 2024](https://businessday.ng/business-economy/article/nigerias-reforms-seen-improving-gdp-growth-to-3-1-in-2024-un/). By navigating the nuances of the economic landscape and embracing prudent risk management strategies, businesses can position themselves to chart a course towards growth and recovery.

Below are some strategies that businesses can adopt to mitigate against losses and establish economic stability: 

1. **Operational Cost Management**: One of the highly effective strategies is to be resourceful and strategic with operational costs. With fluctuating exchange rates, businesses can consider substituting expensive software platforms with more cost-effective alternatives. For instance, a Nigerian company could consider replacing Gmail with Zoho to save costs. Gmail Business plans start at an average of $6 per user, while Zoho Business plans start at an average of $2.91 per user. 

2. **Adapting the Work Model:** Another strategy is to adapt the work model. The advent of the pandemic has shown businesses worldwide that remote or hybrid work models are viable and can result in significant cost savings. This model saves staff money on transport or fuel costs, which, in turn, contributes to the company's overall financial health. Furthermore, it can increase productivity and employee satisfaction, enhancing the business's overall performance.

3. **Currency Diversification:** Diversifying currency holdings can help mitigate risks associated with fluctuations in the Naira by holding assets denominated in stable foreign currencies. A good example is Dangote Group, one of Nigeria's largest conglomerates, which diversified its investments across various sectors and geographical regions. 

4. **Local Sourcing and Production:** Emphasising on local sourcing of raw materials and production can reduce dependency on imported goods and mitigate the effects of currency fluctuations. A good Nigerian case study is Indomie, a popular Nigerian brand of instant noodles that sources most of its raw materials locally. By sourcing locally, there is a reduction in exposure to currency risks associated with imported ingredients, thereby maintaining stable production costs.

5. **Forward Contracts and Currency Hedging:** Utilising forward contracts and currency hedging instruments can help lock in exchange rates, providing certainty in future transactions. Guaranty Trust Bank is an example of a Nigerian business offering currency hedging services to its corporate clients. Businesses can protect themselves against adverse currency movements through their hedging products, ensuring stability in international trade transactions.

6. **Long-Term Financial Planning:** Adopting a long-term financial planning approach can help businesses anticipate and mitigate the effects of currency fluctuations through prudent risk management. A good example is initiating savings with Brass Business Savings, which offers target and fixed deposit savings and allows businesses to save for specific goals such as rent, salaries or emergencies. 

## How to Stay Profitable and Ensure Business Growth

In the face of currency fluctuations, Nigerian businesses must adopt strategic measures to safeguard their profits and ensure long-term financial stability. Here are a few effective strategies complemented by real-life case studies:

1. Explore new markets and diversify revenue streams to reduce dependence on a single income source and maintain profitability despite currency fluctuations. Flour Mills is an example of a business that achieved this by simply expanding its product offerings and business portfolio.  

2. Embrace import substitution and export-oriented production to reduce reliance on foreign exchange and capitalise on opportunities in the global market. This can be seen in the Innoson Vehicle Manufacturing (IVM) case, which expanded its operations to international markets by exporting its vehicles. 

3. Advocate for policies within your industry that facilitate forex remittance and attract foreign investment to strengthen the economy and stabilise currency fluctuations. Access Bank, one of Nigeria's leading financial institutions, was pivotal in facilitating forex remittance and foreign investment through innovative financial solutions and partnerships. By enhancing accessibility to foreign exchange and fostering investor confidence, Access Bank contributed to stabilising currency fluctuations and promoting economic growth.

The key to thriving in an unstable economic environment is adaptability and resilience. With the right strategies, Nigerian businesses and entrepreneurs can navigate the fluctuating Naira exchange rate and build a robust and successful business. This guide aims to provide you with the tools to survive these challenging times and potentially scale and grow your business amidst them.

This article will delve into the strategies that Nigerian businesses and entrepreneurs can employ to maintain stability, protect their profits, and navigate this challenging period.

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Currency Crisis Management: Tactics for Nigerian Businesses

As a new year commences, entrepreneurs and businesses find themselves at a pivotal moment to reflect on the business year gone by. Reflecting on the business year holds immense significance for entrepreneurs. It provides a valuable opportunity to assess the journey, understand the dynamics that influenced outcomes, and chart a course for the future. This article will guide you in introspection, helping you evaluate your progress, celebrate achievements, and learn from mistakes and challenges. 

Reflecting on the business year is not just a formality; it's a strategic exercise that can shape the path to future success. Here are some key reasons why this reflective process is crucial:

1. **Learning from Experience:** An honest reflection on the entirety of the business year allows entrepreneurs to distil lessons from successes and failures. Understanding what worked well and what didn't provides insights that can inform better decision-making in the future.

2. **Goal Evaluation:** It's time to revisit the goals set at the beginning of the year. Assess which goals were achieved, the strategies that contributed to success, and the reasons behind any unmet objectives. This evaluation lays the groundwork for more effective goal-setting in the coming year.

3. **Strategic Planning:** Armed with a clear understanding of the past, entrepreneurs can strategically plan for the future. This includes refining business strategies, adapting to market changes, and identifying new growth opportunities

### HOW TO REVIEW AND ASSESS THE BUSINESS YEAR

1. **Goal Assessment:**
    - Identify achieved goals and celebrate successes.
    - Analyse the factors that contributed to goal attainment.
    - Evaluate unmet goals and determine the underlying reasons and ways to circumvent them in the new year.

2. **Financial Review:**
    - Examine financial performance thoroughly, considering revenue, expenses, losses, and profit margins.
    - Identify areas for financial improvement and cost optimisation.

3. **Customer Feedback:**
    - Collect and analyse customer feedback. This involves contacting customers through surveys, interviews, or informal conversations to gather their opinions on your products or services.
    - Understand customer satisfaction levels and areas for improvement.

4. **Employee Engagement:**
    - Assess employee performance, satisfaction, and engagement.
    - Recognise and address any issues affecting the team's productivity. In this case, you may need to consider if you'd require additional staff or you may need to lay some off.

5. **Market Position:**
    - Evaluate the business's position in the market.
    - Analyse market trends, competition, and customer preferences.

### TIPS FOR EFFECTIVE GOAL SETTING:

1. **Specific and Measurable Goals:**
    - Set clear and specific goals with measurable outcomes.
    - Define key performance indicators (KPIs) to track progress.

2. **Realistic Expectations:**
    - Ensure goals are achievable within the business's capacity.
    - Consider market conditions and industry trends when setting targets.

3. **Time-Bound Objectives:**
    - Assign realistic timelines to each goal.
    - Regularly review progress against set timelines.

4. **Adaptability:**
    - Acknowledge that business environments are dynamic.
    - Be prepared to adjust goals in response to changing circumstances.

5. **Team Collaboration:**
    - Involve the team in goal-setting processes.
    - Foster a collaborative approach to achieving objectives.

By carefully evaluating the past and setting well-informed goals for the future, businesses can position themselves for sustained success in the ever-evolving entrepreneurial landscape. As the new year begins, let this be a time for thoughtful reflection and purposeful planning, ensuring a brighter and more prosperous business year.

Reflecting on the business year is not just a formality; it's a strategic exercise that can shape the path to future success. Here are some key reasons why this reflective process is crucial:

year in review 01.png

Year in Review

Business risk management involves systematically identifying, assessing, and mitigating potential threats and uncertainties that can impact an organisation. In today's unpredictable business environment, effective risk management is not a luxury; it's a necessity. It goes beyond disaster recovery and business continuity plans, encompassing a holistic approach that includes strategies to prevent costly downtime, fortify vulnerabilities, and ensure business operations continue despite unexpected challenges.

This article delves into essential strategies for safeguarding your business in Nigeria's ever-evolving economic landscape by examining the types of risks, the steps needed to conduct a thorough risk assessment and how to create a risk management plan.

## **Understanding Types of Risks:**


Before delving into risk assessment and management strategies, it's crucial to understand the types of risks that can impact your business. Here are some common categories of risk:

1. **Financial Risks:** These include risks related to your business's financial health, such as cash flow fluctuations, debt management, and economic downturns. A company that has faced this type of risk is Dangote Group and this is as result of fluctuating commodity prices and currency exchange rates. 

2. **Operational Risks:** Operational risks pertain to challenges within your day-to-day business operations. The Nigerian Breweries, a major player in the Nigerian beverage industry, deals with this type of risk such as supply chain disruptions, equipment breakdowns, and quality control issues.

3. **Strategic Risks:** Strategic risks involve issues related to your business's long-term goals and decisions. MTN Nigeria faces strategic risks related to market competition, technological advancements, and regulatory changes. 

4. **Compliance and Regulatory Risks:** These risks arise from non-compliance with industry regulations and government policies. Penalties, fines, and legal actions can result from these risks. As a financial institution, First Bank faces compliance and regulatory risks associated with financial regulations, anti-money laundering laws, and data privacy regulations.

5. **Reputation Risks:** A damaged reputation can have severe consequences. Reputation risks include negative public perception, customer dissatisfaction, and public relations crises. Shoprite, a retail giant, must protect its reputation through excellent customer service, supply chain integrity, and ethical business practices to maintain consumer trust.

6. **Market Risks:** Market risks encompass fluctuations in demand, shifts in market trends, and competition that can affect your business's performance. Guaranty Trust Bank manages market risks arising from shifts in economic conditions, customer preferences, and lending practices within the banking sector.

7. **Cybersecurity Risks:** In an increasingly digital world, the threat of cyberattacks, data breaches, and information theft is a significant concern for businesses. Interswitch, a payment processing company, confronts cybersecurity risks, including data breaches and fraud attempts targeting electronic transactions.

8. **Natural and Environmental Risks:** Businesses may face risks associated with natural disasters, climate change, and environmental regulations. Nigeria LNG faces environmental risks due to its operations in the liquefied natural gas industry.

Now, let's explore a real-life example of a Nigerian company that adeptly navigated through challenging risks.

## **Risk Management** **Success Story: Flutterwave**


Flutterwave, a fintech powerhouse, exemplifies effective risk management in Nigeria's fast-paced business landscape. This dynamic company provides payment solutions and infrastructure for businesses, financial institutions, and individuals across Africa.

While Flutterwave enjoyed substantial growth, it faced various risks, including regulatory changes, cybersecurity threats, and market competition. Their comprehensive risk management strategies played a pivotal role in their continued success.

One key aspect of their risk management approach was a proactive stance on regulatory compliance. Flutterwave closely monitored evolving financial regulations and promptly adjusted its operations to align with these changes. This proactive approach ensured their operations remained within the bounds of the law and enhanced their reputation as a trustworthy financial partner.

## How can your business effectively manage risks?


![Brass-Risk-MNAGEMENT-TABLE.jpg](https://s3.eu-west-1.amazonaws.com/cms.trybrass.com/Brass_Risk_MNAGEMENT_TABLE_f1d5cef655.jpg)

1. **Strategic Risk Assessment:** Conduct a thorough risk assessment to identify potential threats to your business. Consider financial, operational, legal, and market risks. This assessment will serve as the foundation of your risk management plan. 


2. **Risk Mitigation Strategies:** Develop strategies to mitigate identified risks. These strategies include diversifying your product or service offerings, establishing contingency plans, and staying informed about regulatory changes.


3. **Regulatory Compliance:** Stay vigilant about regulatory changes that could impact your business. Ensure that your operations adhere to all relevant laws and regulations. Seek legal counsel when necessary.

4. **Cybersecurity Measures:** Invest in robust cybersecurity measures to protect your business and customer data from cyber threats. Regularly update your cybersecurity protocols to stay ahead of emerging risks.

5. **Insurance Coverage:** Consider appropriate insurance coverage to mitigate financial risks. Evaluate your business's needs for insurance against property damage, liability, and cyber threats.

6. **Emergency Response Plan:** Develop a clear emergency response plan that outlines how your business will react to crises or unforeseen events. Ensure that your employees are well-versed in these procedures.

7. **Continuous Monitoring:** Regularly monitor and adjust your risk management strategies as needed. Risk management is an ongoing process that should adapt to evolving threats.

**How to Conduct a Risk Assessment:**

Conducting a comprehensive risk assessment is the first crucial step in effective risk management for your business. Here's a practical guide on how to do it:

1. **Identify Potential Risks:** Start by identifying your business's potential risks. Encourage input from your team, as different perspectives can reveal additional risks.

2. **Assess Risks:** Once you've identified potential risks, assess each one's likelihood and potential impact on your business. Create a risk matrix that categorizes risks as high, medium, or low based on these factors. This assessment will help you prioritise risks that require immediate attention.

3. **Analyse Root Causes:** For each identified risk, delve into its root causes. Understanding why a risk exists can inform your risk mitigation strategies. Root cause analysis can reveal hidden vulnerabilities that need to be addressed.

4. **Develop Mitigation Strategies:** With a clear understanding of your risks, develop mitigation strategies for each. These strategies should outline specific actions to reduce the likelihood of the risk occurring and minimize its impact if it does. Ensure that your strategies are tailored to the unique characteristics of each risk.

5. **Allocate Resources:** Allocate the necessary resources, including budget, personnel, and technology, to implement your risk mitigation strategies effectively. Consider the cost-benefit analysis when allocating resources to ensure efficient risk management.

6. **Implement Risk Controls:** Put your risk mitigation strategies into action. Assign responsibilities to team members, set timelines, and establish clear protocols for responding to risks. Regularly review and update your risk controls as needed.

7. **Monitor and Review:** Risk management is an ongoing process. Continuously monitor the effectiveness of your risk controls and adjust them as necessary. Stay vigilant for new risks that may emerge as your business evolves.

8. **Regular Reporting:** Develop a reporting system that tracks the status of each risk and the effectiveness of your risk mitigation strategies. Regularly report on risk management progress to employees, investors, and regulators.


By implementing these risk management tips and practices and drawing inspiration from Flutterwave's successful approach, you can protect your business from potential pitfalls and thrive in Nigeria's dynamic business environment. Effective risk management is not about avoiding risks entirely but strategically navigating them to secure your business's future.

This article delves into essential strategies for safeguarding your business in Nigeria's ever-evolving economic landscape by examining the types of risks, the steps needed to conduct a thorough risk assessment and how to create a risk management plan.

locked-bag-pastel.jpg

Protecting Your Business: Tips for Risk Management

As a small business owner, managing payroll can be a daunting and time-consuming task. It's not just about paying employees on time; there are taxes, deductions, and compliance requirements to consider. With so many moving parts, it's easy to get overwhelmed and make costly mistakes. That's why having a reliable payroll management system is crucial to the success of any small business. 

We have put together five reasons why businesses need Brass for efficient [payroll management](https://www.trybrass.com/payroll/).

## Compliance

The tax laws and regulations governing payroll can be complex and ever-changing, making it difficult for small businesses to keep up. Failure to comply with these regulations can result in penalties and fines, which can be devastating to a small business. With Brass Payroll, you can be rest assured that your payroll is always in compliance with the latest regulations.

## Accuracy

Payroll errors can lead to underpayment or overpayment of employees, which can result in low morale, lost productivity, and legal disputes. With Brass Payroll, your employees are automatically paid accurately and on time, every time.

## Better Financial Planning

An efficient Payroll software can provide you with real-time data on your business's payroll expenses, which can help you make better financial decisions. By analysing this data, you can identify trends, forecast future payroll expenses, and plan your budget more effectively.

## Access to Payroll Financing

With Brass Payroll, you can also access payroll financing to support your payroll expenses. This can be particularly helpful for small businesses with limited cash flow, ensuring that you can pay your employees on time and without delay.

## Multi-Location Capability

If your business operates across multiple branches or locations, using Brass Payroll will help you handle the complexities of multi-location companies. With a centralised payroll management, you can efficiently process Payroll for all your branches, ensuring consistency and accuracy across your company.


Additionally, it's worth noting that even if a business isn't currently paying taxes, Brass has a Simple Payroll solution that caters to their needs. When the time comes to start paying taxes, transitioning to our standard payroll will be seamless.

Explore the future of payroll management with [Brass Payroll](https://www.trybrass.com/payroll/)! 


We put together five reasons why businesses need Brass for an efficient payroll management.

Payroll.png

Five reasons why businesses need Brass Payroll

Despite entrepreneurship being one of the main pillars of the economy, it is still extremely challenging to conduct business successfully in Nigeria. This is due to various unforeseen and unstable factors that can impact the business environment, such as low capital, infrastructural inadequacies, economic volatility, government policies, insecurity, etc. 


A good illustration of this was the COVID-19 Global Pandemic which forced the world to stand still. So many businesses in Nigeria went from churning a consistent profit to complete bankruptcy. However, despite these challenges, there were still many businesses that thrived by learning to be resilient. In this article - we will explore business resilience and tips for building a resilient business in a growing economy like Nigeria.


**WHY IS BUSINESS RESILIENCE IMPORTANT?**


Business resilience is the ability of an organisation to withstand and recover from disruptions while safeguarding its personnel, assets, and brand reputation. In the current dynamic and unpredictable business environment, it has become increasingly important for businesses to be resilient. Business Resilience Management is key to business survival in the face of rapidly changing IT, cyber threats, and regulatory environments.


It goes beyond traditional disaster recovery and business continuity approaches. It encompasses a broader perspective, including post-disaster strategies to prevent costly downtime, fortify vulnerabilities, and sustain business operations despite unexpected breaches. It recognises that preserving business processes and workflows is essential for organisations to weather unforeseen events successfully.


Examining real-world examples of business resilience can provide valuable insights into its importance and impact. One such inspiring case comes from 'TVP World of Wonder'. a growing company that has exhibited remarkable resilience over the past few years. 


TVP is a business designed to curate unique and unforgettable experiences for people through various mediums, such as travel, games and more. The company has faced several challenges, including the economic volatility in Nigeria, the dwindling exchange rate, the COVID-18 pandemic, and various immigration restrictions. However, through resilience, TVP was able to overcome these challenges and continue to grow. 


When they started, their primary focus was the luxury travel arm of the business, with group trips as their main source of income. However, this changed with the COVID-19 restrictions on movement and travel, making it impossible for group trips to remain lucrative. In a bid to survive, TVP had to shift their focus to personalised experiences - hosting more personal and corporate trips. To subsidise their losses during foreign currency transactions, they explored partnerships and collaborations with airlines and hotels to secure deals and discounts for their clients while maintaining a premium standard.


**TIPS FOR BUILDING BUSINESS RESILIENCE**


- Having a Solid Business Plan: A clear and comprehensive business plan is crucial to building business resilience. It should include a detailed market analysis, competition, finances, and operations. It should also outline the business's strengths, weaknesses, opportunities, and threats and include a well-defined strategy for growth and expansion. It Is important to have a clear plan for growth and be ready to adapt it to current market realities.

- Diversifying Cashflow/Revenue Streams: Relying on a single revenue stream can make a business vulnerable to disruptions. Diversifying cash flow and revenue streams can mitigate this risk. To mitigate this, businesses can expand into new markets, develop new products or services, or establish strategic partnerships with other businesses.

- Invest in the Right Team: Building a resilient team is essential to building business resilience. It is important to hire employees with the right skills, experience, and attitude. A diverse team can also bring new ideas and perspectives to the business, making it more adaptable to change.

- Customer Loyalty & Trust Building Stronger Customer Relationships: Building strong customer relationships is essential to building business resilience. This can be achieved by providing excellent customer service, responding quickly to customer complaints and feedback, and building a strong brand reputation.

- Having a Crisis Management: A crisis management plan is essential to building business resilience. It should outline the steps to be taken during a crisis, including communication protocols, contingency plans, and procedures for managing the crisis. It should also include a plan for post-crisis recovery, including steps to rebuild the business and regain customer trust.

**THE ROLE OF TECHNOLOGY & INNOVATION**


Technology and innovation have become essential tools in building business resilience in Nigeria, and companies like Brass have embraced these advancements to thrive in today's fast-paced business environment. Founded in 2020, Brass is a prime example of a business that has harnessed technology to its advantage and capitalised on its benefits.


Brass leverages technology to automate routine tasks, improving operational efficiency and saving valuable time. For instance, opening a current account with Brass can be done online, eliminating the need to physically visit a bank branch. By embracing technology, Brass has streamlined its processes, allowing entrepreneurs to effortlessly access banking services and carry out transactions from the comfort of their own devices. For example, Brass' comprehensive Payroll product allows entrepreneurs to seamlessly manage their business payroll, set up salary payments in multiple locations, create teams and much more. 


Innovation is another key aspect that contributes to business resilience. By continuously exploring new ideas, products, and services, the business can identify growth opportunities, secure a new revenue stream, anticipate market changes, and enhance customer satisfaction. To illustrate using 'TVP Games'. 


At the apex of the pandemic, TVP was forced to completely shut down operations. Since there was no travelling, they had to develop innovative solutions that could still cater to experience creation for their customers. This led to the birth of the second arm of the business, 'TVP Games', which affords people the experience of travelling the world from the comfort of their homes. Though the medium of service evolved, the mission remained the same. 


By embracing technology and fostering a culture of innovation, businesses can build resilience and thrive in today's challenging business environment. As more companies leverage technology and innovation, the Nigerian business landscape is poised for continuous growth and success.

In this article - we will explore business resilience and tips for building a resilient business in a growing economy like Nigeria.

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