Starting a small business in Nigeria is like running a marathon—whether it’s a boutique in Lagos, a bakery in Abuja, or a tech startup in Port Harcourt. You pour your heart, hustle, and savings into it, hoping to build something that lasts. But then reality hits: sales are up and down like NEPA, expenses are choking your pocket, and you’re stuck running everything yourself. You dey try your best, but the money no dey add up? You’re not alone. Many Nigerian entrepreneurs face these struggles, and the truth is, it’s not just about working harder—it’s about missing the right systems, strategies, and expert guidance. That’s where a mentor, coach or growth consultant comes in, they act as your guide to turn chaos into profit and stagnation into scale.
The journey from startup to success is tough, but you don’t have to do it alone. Initiatives like PwC Nigeria’s “Growing Your Business from Scratch to Cash” workshop show how structured support can transform businesses. Miwa Beauty Store’s rise from a 10,000 Naira startup to 2,000 monthly orders, Ada Osakwe’s Nuli chain with eight locations, and Funmi Omoyele’s Perfect Exquisite Concept (PEC) empowerment of youths, prove that with the right help, Nigerian MSMEs can overcome challenges and soar. This post dives into why your business might be struggling, how a growth consultant can fix it, and practical steps to scale your hustle in Nigeria’s tough market.
Common Challenges Small Businesses Face When Growing
Running a small business in Nigeria feels like fighting a battle on multiple fronts. From cash flow wahala to unreliable power, the challenges are real. Let’s break down the key struggles and why they’re stopping your growth.
1. I’m Making Sales But No Real Profit
You’re selling products or services left and right, but when you check your account, the profit is nowhere to be found. This is a common issue for Nigerian MSMEs, especially in cities like Lagos and Abuja, where high operational costs eat into revenue. Maybe your pricing is off, or you’re spending too much on suppliers who charge like they’re selling gold. Inflation and naira fluctuations don’t help either, making it hard to keep costs in check.
Many entrepreneurs focus on making sales without understanding profitability. For example, a boutique owner might stock trending clothes but overlook high rent or transportation costs, leaving little to show for their efforts. This was a hurdle for Miwa Beauty Store until founder Ayotomiwa used data to stock high-demand products, cutting waste and boosting profits. Without a clear view of your numbers, you’re just running in circles.
2. I Don’t Have Systems—Everything Depends on Me
As a Nigerian entrepreneur, you’re the jack-of-all-trades—CEO, marketer, even delivery guy. You dey do everything! This hustle mentality is common, but it’s a trap. If you’re the only one keeping the business running, you’re not building a business—you’re building a job. Because, if you fall sick or take a break, everything stops.
This lack of systems is a major growth killer. Standard Operating Procedures (SOPs) may sound fancy, but they’re just clear instructions for how things should run, so your staff can handle tasks without you micromanaging. Funmi Omoyele of PEC faced this issue until she invested in training and hired professionals to create a functional structure, allowing her to take on governance roles without the business suffering. Without systems, you’re stuck in the daily grind, unable to focus on big-picture growth.
3. I’m Stuck—My Business Isn’t Growing
You’ve been in business for a while, but the revenue is flat, customers aren’t coming back, or your marketing efforts are falling flat. Maybe you tried social media ads, but they didn’t bring the sales you expected. This plateau is frustrating, especially when you see competitors expanding. In Nigeria, where customer loyalty is hard to maintain due to price sensitivity, retaining clients is a challenge.
Ada Osakwe’s Nuli faced this when scaling to eight locations. By focusing on a unique value proposition—healthy, locally sourced meals—she retained customers and grew her brand. Without a clear strategy, your business stays stuck, unable to break into new markets or attract repeat buyers.
4. I Don’t Understand Financial Management
Mixing personal and business finances is a common mistake among Nigerian entrepreneurs. You use the same account for school fees and supplier payments, and by month-end, you can’t tell what’s what. Poor bookkeeping also scares away investors or banks when you need a loan. In Nigeria, the fear of taxation leads many SMEs to avoid proper records, but this only limits their access to funding.
Miwa Beauty Store struggled with manual order tracking until Bumpa’s analytics provided clarity on sales and inventory, enabling better financial decisions for her. Without understanding your cash flow or keeping clean records, you’re flying blind. You risk running the business in losses or missed opportunities.
5. Access to Finance and Credit is a Struggle
And finally, the elephant in the room – getting finance to scale your business. Getting a loan or investment in Nigeria feels like climbing Kilimanjaro. Banks demand collateral most SMEs don’t have, and investors want clean financials, which many lack due to poor business structure. Without proper documentation, governance, or financial records, your business looks risky. This was one hurdle for PEC until Funmi Omoyele structured her operations, making it easier to attract support. Nuli’s growth also relied on structured financial planning to secure resources. A lack of structure, business plan or scattered records, locks you out of the funding you need to scale.
How Growth Consultant Can Help Your Business Success
A strategy and growth consultant is like a business doctor, diagnosing your problems, prescribing solutions, and guiding you and your business to health. They bring expertise you sometimes can’t afford to hire full-time, especially at that early stage. Strategy consultants help you tailor your business strategies to Nigeria’s unique market. Here’s how they solve the pain points and business challenges above and set your business on the path of growth and sustainability.
Fixing Profitability Issues with Smart Strategies
Growth consultants dive into your numbers to uncover why sales aren’t translating to profit. They analyze your costs, pricing, and operations to identify leaks. For example, a consultant might notice you’re overpaying suppliers or undercharging customers. They can develop plans to renegotiate contracts, optimize pricing, or streamline logistics to boost your profit margins. This scenario is perfectly illustrated by Nuli’s focus on local produce like cassava flour which cuts down their import costs and improves profitability. Consultants use data to ensure every naira works for you, turning every sales into profits in the bank.
Building Systems to Free You Up
If your business depends on you, a growth consultant will help you create systems to hire, delegate and automate. They’ll develop SOPs for tasks like inventory management, customer service, or social media posting, so your team can run things smoothly. They might also recommend tools like Bumpa or QuickBooks to automate processes, as Miwa Beauty Store did to handle 2,000 orders monthly. Funmi Omoyele transformed her business by training her team and hiring professionals, creating a structure that allowed her to focus on strategy. A consultant ensures your business runs like a well-oiled machine, giving you time to plan growth or even take a holiday without everything crashing.
Breaking the Growth Plateau with Data-Driven Plans
When your business is stuck, a strategy consultant brings a fresh perspective backed by data. They analyze your market, customers, and competitors to identify growth opportunities. This might mean targeting a new customer segment, improving your marketing, or launching a loyalty program to boost retention. In Nigeria, where digital marketing is key, they’ll optimize your Instagram or WhatsApp strategy to drive sales. Nuli’s growth to eight locations came from understanding customer demand for healthy, affordable meals; these are the kind of strategies a strategy consultant could develop for your business. Consultants create actionable plans with clear milestones, ensuring you’re not just busy but moving forward.
Mastering Financial Management for Stability
An accounting consultant helps you separate personal and business finances, set up proper bookkeeping, and manage cash flow. They’ll teach you to track income and expenses, prepare for taxes, and create budgets that prevent overspending. They can also prepare financial reports to attract investors or secure loans, critical in Nigeria’s funding-scarce environment. Miwa Beauty Store’s use of Bumpa’s analytics gave Ayotomiwa clarity on her finances, enabling smarter decisions. A growth consultant ensures you understand your numbers, so you’re not just surviving but thriving.
Why Nigerian Entrepreneurs Hesitate (And Why You Shouldn’t)
Even with these benefits, many Nigerian business owners contemplate hiring a growth consultant. Let’s address the common objections and show why they’re not dealbreakers.
“Consultants Are Too Expensive!”
Hiring a consultant might seem like a big expense, especially when cash is tight. But consider the return on investment (ROI). A 20% reduction in costs or a 30% increase in sales can more than cover the consultancy fee. For example, a consultant who helps you save 500,000 Naira annually on supplier costs pays for themselves. Miwa Beauty Store’s investment in Bumpa, guided by strategic thinking, led to exponential growth. Think of a consultant as an investment, not a cost.
“I Can Figure It Out Myself.”
You’re a hustler, and DIY feels like the Nigerian way. But figuring it out alone wastes time and risks costly mistakes. A consultant brings years of experience, saving you months of trial and error. Funmi Omoyele could have struggled longer without consulting experts and taking courses to build her business structure. Why spend years learning what a consultant can teach you in weeks?
“How Do I Find a Reliable Growth Consultant in Nigeria?”
With so many “experts” out there, finding a trustworthy consultant can feel overwhelming. Look for someone with proven testimonials, industry experience, and a track record of results. Check their LinkedIn, ask for case studies, or seek referrals from other business owners in Lagos, Abuja, or Port Harcourt. A reliable consultant will offer a free initial chat to understand your needs, ensuring they’re the right fit.
Real-Life Success Stories: Nigerian SMEs That Soared with Growth Support
Nothing inspires, like seeing others succeed. Here are three Nigerian businesses that transformed with strategic guidance, showing what’s possible with the right support.
- Miwa Beauty Store (Ibadan): Starting with just 10,000 Naira, Ayotomiwa faced manual order chaos until she adopted Bumpa’s website and analytics. A consultant’s advice to focus on high-demand products and streamline operations helped her process 2,000 orders monthly, proving small investments yield big results.
- Nuli (Lagos): Ada Osakwe’s beverage and dining chain grew to eight locations by solving a market need for healthy, local meals. Strategic sourcing of cassava flour and Nigerian coffee cut costs, a move a consultant could refine for scalability.
- PEC Events (Lagos): Funmi Omoyele’s event company struggled with supply chain issues until she launched The Balloons Hub. By investing in training and systems, she trained 500 entrepreneurs and balanced governance roles, showing how structure drives growth.
These stories highlight that growth isn’t luck—it’s strategy, systems, and guidance working together.
Practical Steps to Work with a Growth Consultant
Ready to take your business to the next level? Here’s how to get started with a growth consultant in Nigeria:
- Identify Your Biggest Pain Point: Is it profit, systems, growth, or finances? Knowing your challenge helps the consultant focus.
- Research Consultants: Look for those with experience in your industry (e.g., retail, food, tech) and check reviews or testimonials.
- Book an Initial Consultation: Most consultants offer an initial chat to assess your needs. Use this to gauge their expertise.
- Set Clear Goals: Work with the consultant to define SMART goals (Specific, Measurable, Achievable, Relevant, Time-bound).
- Implement and Track: Follow their recommendations and track progress with metrics like sales, profit, or customer retention.
Why Now is the Time to Act
Nigeria’s economy is tough—inflation is high, customers are choosy, and competition is fierce. Waiting to “figure it out” risks losing market share or burning out. A growth consultant gives you a shortcut to success, helping you build a business that not only survives but thrives. Whether you’re in Lagos, Abuja, Port Harcourt, or Enugu, or in any other state, the right strategies can transform your hustle. The success of Miwa Beauty Store, Nuli, and PEC shows what’s possible when you combine passion with expertise. Don’t let fear of cost or doubt hold you back. A consultant’s guidance is an investment in your future, paying dividends in profit, peace of mind, and business growth.
Call to Action: Take the First Step Today
Tired of guessing and ready to grow your Nigerian small business strategically? Don’t let another month pass with the same struggles. Book a strategy consultation with a trusted strategy and growth consultant in Nigeria now.
References
- Akpata, U. (2019). Moving from Caterpillar to Butterfly. PwC Nigeria. (Accessed 12 May 2025)
- Nna, P. (2023, May 26). Bumpa Success Stories: How I Started My Business with Just 10,000 Naira because I Wanted to Solve a Problem. Bumpa Blog. Retrieved from https://www.getbumpa.com/blog/bumpa-success-stories-how-i-started-by-business-with-just-10-000-naira (Accessed 12 May 2025)
- Okeke-Korieocha, I. (2025, February 1). As an entrepreneur, I encountered challenges that tested my resilience, creativity – Omoyele. Retrieved from https://businessday.ng/bd-weekender/article/as-an-entrepreneur-i-encountered-challenges-that-tested-my-resilience-creativity-omoyele/ (Accessed 12 May 2025)
- Ordu, A. U., & Osakwe, A. (2025). Foresight Africa Podcast: Ada Osakwe on Entrepreneurship and Investment in Nigeria. Brookings Institution. Retrieved from https://www.brookings.edu/articles/a-nigerian-entrepreneur-shares-her-story-of-innovation-and-transformative-leadership/ (Accessed 12 May 2025)
