With only two months left in 2025, small and medium-sized business owners across Nigeria are under pressure to finish the year strong. As higher consumer spending and intense competition are expected, any move can make or break a business's annual profit line.
In the latest episode of SME Clinic, a BusinessDay Television (BDTV) program that explores practical strategies for Nigerian entrepreneurs, experts say it is time for agility, strategic partnerships and better financial discipline.
Chartered Accountant and Founder of Business Transformation Network, Success Ajilor urged business owners to ensure that their operations match the trends of their industry while maintaining a tight grip on finances.
“Business owners have to be extra agile and proactive while keeping up with the various trends in their industries while cutting down on their size,” Ajilor said, warning that many small businesses lose money in the last quarter of the year due to poor planning and overspending.
He advised entrepreneurs to “understand and maintain financial discipline” by prioritizing business needs and curbing personal expenses.
But going it alone will only take a business so far, he said, adding that partnerships within the same industry can help reduce costs and open up new markets.
“Stay away from trust issues and be willing to follow the lead of those who have gone before you,” he said. “Their wins and losses are pointers for you to learn in your respective journeys.”
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According to him, such alliances can expand a company's reach, improve credibility and open up access to new customers. “Networking is about building real relationships that foster collaboration and enable access to opportunities,” he said, urging entrepreneurs to attend industry events and genuinely connect with others rather than “idle in.”
Ozioma Eze, one of the panelists, said visibility is now inseparable from profitability. He advised businesses to adopt digital skills that can help them gain an edge in the competition. This includes building a strong social media presence and investing in a legitimate business website to increase credibility and reach a global audience.
“At this time, digital tools should be leveraged for wider reach of customers and all-round development,” he said. EZ encouraged SMEs to explore Google Ads and other online campaigns to improve reach, measurement and online visibility, which translates into revenue.
The consensus view was that profitability in the final months of the year is not about luck but about strategy amid the current economic headwinds. As Ajilore said, the businesses that survive and thrive are those that “take the time to know their industries, build trust-based networks, and leave a social impact that lasts beyond the financial year.”
