Growth? In this economy?
Is it possible to grow upwards with the economy on a downward curve? Let's discuss practical strategies for SMEs, HR managers, and employees.
Work with Rovedana: Whether you're a job seeker, an employer seeking top talent, or a business looking to optimize your HR processes, Rovedana has the tools and expertise to elevate your journey. We're more than a staffing and recruitment agency; we're your strategic partner in growth.
Hey Insiders,
With the economy in Nigeria turnioniown, business growth can feel like climbing a tree in heels. But fear not! This newsletter is your survival guide, packed with strategies we think can help. Whether you're a small business owner, an HR guru, or just trying to level up your hustle, we've got something for everyone. Get ready for actionable advice to help your business scale faster than a Lagos okada and your career take off smoother than freshly pounded yam!
What’s Inside This Issue?
Growth Hacks for Small Businesses
Building a scalable workforce
Taking Control of Your Growth
Jobs of the Week
THIS WEEK’S STORY
Surviving and Thriving: Growth Hacks for Nigerian SMEs
The flailing economy is especially daunting for small businesses in Nigeria, where reliance on importation makes us vulnerable to currency fluctuations and shipping delays. Despite these challenges, there are strategic ways to ensure growth. But first, small businesses must try to stay resilient to the economy. Here’s how:
Hedge Against Currency Fluctuations: The fluctuating exchange rate can wreak havoc on your business. Don't be afraid to explore financial instruments like forward contracts and options. These tools allow you to lock in exchange rates for future purchases, providing much-needed stability for your business. Many banks offer consultations with financial specialists who can help you understand these options and determine which instrument might fit your business well.
Many Streams, Many Blessings: Don't put all your eggs in one basket. Keep some cash in strong currencies, like the US dollar. This way, your business will still thrive even if Naira dey whine. Also, consider maintaining accounts in USD or other stable currencies.
Negotiate Favorable Payment Terms: Cash flow is king in any business and is especially crucial during economic fluctuations. Don't be afraid to negotiate extended payment terms with your suppliers. Explain your situation and work towards a solution that benefits both parties. A longer payment window can provide much-needed breathing room, allowing you to manage your finances effectively even when faced with currency volatility.
Now that you’ve survived, how do you grow?
Be a Local Champion: Don't underestimate the power of community—partner with local marts in your area or support initiatives like neighbourhood charity walks. Nigerians love supporting their own - show them you're one of them and that you care about the community you serve. This builds trust and loyalty, turning customers into brand ambassadors.
Come Online: Your business should have a great digital footprint. Ensure you have social media pages on platforms like Instagram and Facebook. Nigerians love WhatsApp, so use it to your advantage! Blast your deals and promotions in relevant WhatsApp groups. There are groups for everything from fashion lovers to local foodies - find your people and connect with them. Don't forget about Facebook groups and online marketplaces like Jiji. These platforms are goldmines for reaching a wider audience. Finally, don't be afraid to invest some of your money in social media ads. Platforms like Facebook and Instagram offer powerful targeting options allowing you to reach your target audience.
Think Global, Sell Local: Don't be limited by state lines! Platforms like Konga or Jumia can get your products to the whole country. But think further - Nigerians in the diaspora are a strong market, too. Consider setting up shop on international platforms like Etsy or Shopify, but tailor your marketing to resonate with Nigerians abroad. Play on nostalgia for home with your product descriptions and imagery.
Combining resilience with strategic growth initiatives can drive your business forward even in challenging times.
HR HAPPENINGS
Building a Scalable Workforce
We can discuss business growth all we want, but your team needs to be strong as your business expands. Here's how to build a team that can handle the extra hustle:
Happy Workers, Happy Work (and More Productivity): Show your team you care with competitive pay, health benefits (including those important family health insurance plans!), and a workplace that feels like family. A supportive environment with open communication channels boosts morale and reduces stress. Organize team outings and celebrate milestones together. Invest in employee well-being programs; a healthy workforce is a productive workforce.
Make Your Employees Part of the Story: Be open and transparent about growth plans. Involve your team in the process by explaining the goals and how their roles contribute to the overall success. This builds trust and makes everyone feel like part of a bigger story, not just cogs in the machine. Encourage open communication and feedback; your team might have valuable insights you haven't considered.
Invest in Training: Identify skill gaps within your team, and don't be afraid to invest in training programs. Whether it's computer skills or customer service with a Nigerian twist (think patience and understanding!), help your team learn and grow. Rovedana Can Help! We understand the importance of training and development. We offer various training services tailored to the needs of Nigerian businesses. Contact us today to learn more about how we can help your team reach its full potential!
CORPORATE CORNER
How to Take Control of Your Growth Journey
As Nigerians, we are known for our resilience, but true success comes from investing in ourselves. Like a plant that needs constant care to reach its full height, you, too, need to nurture your skills and knowledge to unlock your full potential. The good news? Countless resources are available to help you on your career journey, so get ready to level up like never before! Here's how to take charge and become the oga of your career path:
It's a Marathon, Not a Sprint: Never stop learning! There are countless resources available to help you develop your skills and knowledge. Look for online courses universities offer, attend workshops, or tap into free online learning platforms. Don't underestimate the power of books by Nigerian authors like Chinua Achebe or Chimamanda Ngozi Adichie - they can teach you valuable lessons about resilience, creativity, and the Nigerian spirit.
E Choke? Ask for Feedback (It Won't Kill You!): Don't be afraid to ask your supervisor or colleagues, "What am I doing wrong?”. Constructive criticism can help you identify areas for improvement and become a better all-around hustler.
Set Achievable Goals: Don't just dream big, plan big! Set clear, achievable career goals, like "Become a senior developer in one year." Break down those big goals into smaller, bite-sized steps so you can track your progress and celebrate every win.
Expand your network: Connect with industry leaders, join online communities of like-minded professionals, and attend events where you can meet people in your field. The more people you know, the more opportunities that open up.
Leave Toxic Work Environments: Don't suffer in silence if you are stuck in a toxic environment. Update your resume, discreetly search for new opportunities, and build your network. We can help you find better! Click the button below to submit your CV and we'll reach out if there are roles that fit your profile! Remember, your mental and physical health are your greatest assets.
You’re welcome! 😉
JOBS OF THE WEEK
Engineering Project Manager for a Mechanical and Civil engineering construction company that majors in mechanical installations within the FMCG sector.
Location: Lagos
Salary: 400,000 Naira Monthly Net (Negotiable)
Key Responsibilities;
Manage and successfully close construction contracts within the gross margins established by management.
Measure project performance using appropriate systems, tools and techniques.
Manage the relationship with the client and all stakeholders
Create and maintain comprehensive project documentation
Who should apply?
The ideal candidate should have:
A bachelor’s degree in engineering or a related field.
A minimum of 5-7 years experience working as a project manager especially on FMCG projects
Professional Engineer (PE) license is required
Professional certification such as PMP or PRINCE2 is required
Masters in Engineering is a plus
Proficiency in the use of most of the following software such as; AutoCAD Plant 3D, AutoCAD Basic, Project Professional, Microsoft Project and other relevant software.
Good and effective communication, training, mentoring and project management skills
Ability to monitor and executive multiple projects simultaneously and seamlessly.
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