Are you a business owner or manager in Nigeria?
Here are a few tips to protect your business and keep it relatively stable and running through the uncertainties that usually characterise Nigeria’s elections period:
1. Insure the business assets, employees and inventory items
2. Secure the offices, stores, warehouses and business premises
3. Call in debts from your trade and other debtors, generally seek to improve cashflows and liquidity
4. Prepare cashflow projections and ensure the business has enough cash for its 3 to 6 months cash-flow needs
5. Build strategic alliances/ partnerships for business continuity
6. Ensure that contract terms with clients, suppliers, creditors, partners and staff will be favourable to the business even in unforeseen circumstances
7. Improve and ensure constant internal communications
8. Pay staff salaries
9. Improve or ensure ability and capacity to work from home
10. Review supply chains, put measures in place (as much as possible) to ensure supply chains will not be disrupted even in uncertain circumstances.
11. Stock up on inventory needs
12. Stock up on fuel/ diesel for power
13. Ensure office/ work tools, computers, printers, etc, are working well.
14. Improve or ensure ability to sell online
15. Improve capacity in finance and tax management
* You may adapt as it suits your business