Emmanuel Otori, Author at msmehub2

How to Scale Tech Companies in Nigeria

Scaling tech companies in Nigeria means growing operations to serve more customers, increase revenue, and have a more significant impact in the market while simultaneously improving efficiency and profitability. This can be accomplished by expanding into new markets, improving production capacity, streamlining processes, growing the workforce, and harnessing technology. The ultimate goal is to achieve sustainable growth, reach a broader customer base, and improve the quality of products or services. Yet, accomplishing this goal is frequently challenging for tech companies in Nigeria. They grapple with limited funding for various reasons, including their early-stage status, reliance on self-financing, struggles to attract investors, revenue difficulties, high development expenses, and the impact of economic downturns. Strategies for Scaling Tech Businesses in Nigeria Despite facing financial limitations, especially limited funding, you can efficiently scale a tech company with these strategies : 1. Effective Resource Allocation To achieve sustainable growth and efficient resource management, businesses should prioritize the development of a Minimum Viable Product (MVP) that meets essential market needs. By releasing initial versions of products, businesses can gather valuable feedback, validate ideas, and generate revenue for further expansion. Additionally, implementing cost-optimization strategies such as utilizing co-working spaces, open-source software, and negotiating favorable terms with suppliers helps businesses maximize resources and minimize expenses. By focusing on these developing an MVP and implementing cost-optimization strategies, businesses can effectively control costs, streamline their product development process, assess market feasibility, and deliver an MVP. Ongoing evaluation and refinement of these strategies are crucial for long-term success. 2. Customer Centric Growth Strategy Another essential strategy for scaling with limited funding is customer acquisition and retention. Businesses can target intended audience and broaden reach by wisely allocating resources and putting cost-effective marketing techniques like content marketing, social media, referral programs, and Search Engine Optimization (SEO) into practice. In addition, focusing on client feedback and iteration enables organizations to obtain insightful information and modify their product or service to match the demands and preferences of their customers. This iterative methodology guarantees that firms may steer clear of expensive errors and create a product that appeals to their target market, ultimately resulting in higher levels of client pleasure and loyalty. Businesses can maximize scarce resources and promote long-term success by giving customer-centric growth plans first priority. 3. Building a Strong Team and Network To succeed with minimal resources, tech companies should prioritize building a strong team and network. This involves attracting and retaining talented employees who align with the company’s vision through competitive compensation packages. Building a solid network provides opportunities to connect with mentors, investors, and industry experts, leading to access to resources, industry knowledge, and potential collaborations. Additionally, forming strategic alliances with complementary companies or competitors can accelerate expansion without high initial costs. By prioritizing team-building, networking, and strategic alliances, tech organizations can access valuable expertise, resources, and growth opportunities even with limited financial resources. 4. Business Financial Planning and Efficiency Successfully managing finances, acquiring funding, and operating a business efficiently are vital for achieving success. Key approaches include creating a realistic financial plan, closely monitoring financial matters, and exploring alternative funding sources such as angel investors and crowdfunding platforms. Enhancing operational efficiency involves streamlining processes, automating tasks, adopting project management tools, and optimizing the supply chain. Implementing these strategies leads to improved financial performance, sustainable growth, and a competitive advantage. It also ensures secure financing, increased efficiency, and enhanced financial planning. Regularly evaluating and adjusting these methods is crucial for ongoing success. Conclusion Tech companies with limited funding should strive to scale their operations strategically to achieve growth within budget constraints. Scaling offers several advantages, including capitalizing on larger market opportunities, gaining a competitive edge, achieving cost efficiencies, fostering innovation, and attracting investors. By expanding their reach, diversifying their offerings, optimizing costs, adapting to market trends, and demonstrating growth potential, tech companies can unlock their full growth potential and ensure long-term success in the competitive tech industry. Emmanuel Otori is the Chief Executive Officer of Abuja Data School. He is a Small Business Consultant, Start-Up Advisor and Consultant For SMEs across Nigeria. You can read his other articles here.

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Managing Rising Inflation in Nigeria

No doubts, inflation can stop a country from creating value and becoming wealthier because it affects how productive the country can be. Unfortunately, this is what’s happening in Nigeria right now. The value of the Naira is going down every day. This makes things more expensive for Nigerians. What is Inflation? Inflation is the annual percentage change in the value of the Consumer Price Index (CPI). It helps us understand how the prices of various goods and services change over a year. In 2022, the CPI increased by 15.60 percent compared to January of the same year, according to data from the Nigerian Statistics. According to the National Bureau of Statistics (NBS), Nigeria’s inflation rate rose from 9.0 percent in 2015 to 17.71 percent by May 2022, when comparing the years. It’s clear that the value of money in Nigeria has been decreasing over time, causing negative effects. Normally, inflation is expected to decrease purchasing power by around 2 percent or 3 percent to bring things back to stability. However, in Nigeria, inflation has gone beyond 10 percent. This situation is pushing Nigeria closer to hyperinflation, which drastically reduces the value of their currency, the Naira. Over the last decade, Nigeria has faced challenges with prices going up for food, goods, and essential items. This has also led to a decrease in people’s ability to buy things, which hasn’t really improved in the market. Causes of Inflation in Nigeria Inflation is brought on by the following among others: ● Changes in the cost of production and distribution. ● An imbalance in the money supply and demand. ● An increase in the tax rate on goods. As it is known, the value of money decreases when the economy undergoes inflation, which is an increase in the price of goods and services which as a result, a given unit of currency now buys less products and services. Implications of Inflation The effects on consumers are the harshest – people can no longer maintain a budget since their income is so low. Consumers find it challenging to purchase even the necessities of life due to the high cost of everyday goods. They are forced to request higher pay as a result, which gives them no choice. Inflation Control In order to manage inflation, the government and the central bank typically regulate the economy through monetary and fiscal policies. Monetary policy is the principal strategy employed (interest rates fluctuation). However, inflation can be controlled with the following measures: 1. Monetary policy – When interest rates go up, it leads to reduced economic growth and lower inflation. This happens because people and businesses tend to borrow less when interest rates are high. The central bank might raise interest rates to control inflation. As interest rates increase, borrowing money becomes more expensive, while saving money becomes more attractive. When interest rates are higher, people have to pay more for things like loans and leases, which leaves them with less money to spend on other stuff. This means that households can’t spend as much as they used to. Similarly, businesses become less likely to invest and grow because borrowing money becomes less appealing. So, when interest rates rise, it has a big effect on slowing down both business investment and consumer spending. This slower spending then leads to slower economic growth. And as the economy slows down, inflation also tends to slow down because people aren’t buying as much, which keeps prices from going up as quickly. 2. Money supply control – According to monetarists, there is a direct correlation between the money supply and inflation, hence reducing the money supply can indirectly reduce inflation. Reducing inflation should be possible if the expansion of the money supply can be managed. Measures advised by the monetary school of thought include; budget deficit reduction (deflationary fiscal policy), elevated interest rates (contracting monetary policy) and government’s ability to control the currency type and quantity it issues. 3. Supply side fiscal policies – Initiatives to make the economy more efficient and competitive, which will drive down long-term expenses as inflation is frequently brought on by ongoing cost increases and weak competition. The economy may become more competitive and inflationary pressures may be reduced with the aid of supply side policies. For instance, more accommodating labour markets, industries and production activities might help ease the strain on inflation. However, supply-side initiatives may take some time to implement in Nigeria due to the time required for construction and setting up manufacturing operations. In the meantime, this is likely ineffectual against inflation caused by growing demand. 4. Fiscal policy on tax increment – Increased income taxes may have a moderating effect on demand, spending, and rising inflation. Taxes (such as VAT and income tax) can be raised thus decreasing spending by the government to lower inflation. By lowering demand in the economy, this serves to improve the government’s budget condition. These two measures both slow the expansion of the overall demand, which lowers inflation. Also, reduced Aggregate Demand (AD) growth can lower inflationary pressures without triggering a recession if economic growth is fast. 5. Wages and price control – Theoretically, attempting to restrict wages and prices could assist in lowering inflationary pressures. However, because they are mostly ineffective, they are not frequently employed. Limiting wage growth can aid in containing inflation if wage inflation (produced, for example, by strong unions negotiating for higher real wages) is the primary cause of inflation. Lessening wage growth will lower business expenses and result in a decline in the economy’s excess demand. However, it can be challenging to control inflation through income programs, especially if the unions are strong. Furthermore, pay regulation calls for broad economic cooperation, but businesses that are experiencing a labor shortage will be more motivated to hire staff, even if it means going above and beyond government salary limits. 6. Global investment and exportation – Nigeria investing in remunerative products such as oil-investment can help manage inflation. Moreover, less importation and increased exportation can give the Naira a worthy value. Nigeria becoming a producer nation should not be overlooked as currently, the least items are imported. Exchange rates and other

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6 Ways to Improve Customer Experience

As the saying goes, a happy customer is a satisfied customer. Customers that are dissatisfied with your service are less likely to return. Therefore, customer experience should be one of the things to look out for as it contributes greatly to keeping a business running. Ensuring customer satisfaction is crucial for providing an excellent customer experience. One effective way to enhance customer satisfaction is by leveraging consumer data obtained through market research and customer surveys and focusing on improving user experience, which, in turn, can positively impact your company’s return on investment. Let’s do a quick dive into customer experience and how to improve it to better serve your customers and ensure their long-term satisfaction. What is Customer Experience? Customer experience (CX) is the term used to describe an individual’s interaction and overall perception when using a product, system, or service. It encompasses the customer’s opinions regarding the usefulness, usability, and efficiency of the said product, system, or service. In essence, it refers to the experience, observations, and overall impression that customers derive from their practical interaction with a solution. This solution can take various forms, such as a product, service, project, company, or other organizations. To create a meaningful customer experience, it is essential to have a well-defined and planned representation of what users can expect. Developing solutions solely based on personal ideas without considering the perspective of the consumers often results in inadequate solutions. It’s crucial to understand that unsatisfied customers are unlikely to become repeat customers. Recognizing the significance of user experience in delivering value to users, it becomes crucial to provide a superior and exceptional service. This not only impacts the customer base positively but also contributes to a higher return on investment. How to Improve Customer Experience (CX) In addition to the mentioned strategies, there are various other approaches to improving user experience that can greatly impact customer satisfaction. The steps to enhance this are not a one-size-fits-all approach and may vary depending on the type of service provided and platforms used. Some additional techniques may include creating personas, sketching wireframes, building prototypes, and conducting testing to gain a better understanding of how your product (physical or digital) will ultimately shape up. Excellent customer experience is beneficial as it minimizes complaints and negative reviews. Irrelevant cost and waste of resources is brought to bare minimum as services become more efficient. How about your customers? Excellent and improved services that meet their needs give them ultimate satisfaction and make them loyal. Lastly, there’s a high revenue generated from their loyalty. Emmanuel Otori is the Chief Executive Officer of Abuja Data School. He is a Small Business Consultant, Start-Up Advisor and Consultant For SMEs across Nigeria. You can read his other articles here.

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How to Sell to a Difficult Customer

Your main goal as a business owner is to provide solutions that genuinely address your customers’ needs, ultimately enhancing their quality of life through your products. However, it’s important to acknowledge that customers have had negative experiences in the past. When a product fails to fulfill its promised purpose, it leaves customers disappointed, cautious and most likely, difficult. Consequently, customers have become more logical, meticulously evaluating their options before making a purchase. They want assurance that what they buy will truly deliver on its promises, without the need for additional purchases. So, how do you sell to a difficult customer? 1. Use testimonials Customer segments are defined by age, social status, work environment, exposure, and place of residence. One of the ways to sell to a difficult customer is to mention individuals who have purchased your products and get them to talk about the satisfaction derived from these products/services. This is to assure them that their investment is secure. Logical, difficult customers, who possess the means to spend, seek reassurance before making a purchase. Their strong network also make them influential in referring others to your products, creating a potential customer segment with continuous demand. To build trust and credibility, it’s recommended to collect testimonials for display on your website or social media channels. These testimonials can take the form of text accompanied by customer photos. Alternatively, video testimonials are powerful as they visually convey trust through body language. Keep the video clips concise, ranging from 30 seconds to 1 minute. Sharing testimonials from satisfied customers serves as a powerful means of building trust, establishing credibility and instilling confidence in potential buyers. 2. Provide customer support and utilise customer feedback When customers are unsure about how to use a product, they often seek information and guidance. Capitalize on these conversations by providing the necessary instructions and support. It’s crucial to keep records of all customer interactions, including calls and text messages. These records serve not only for monitoring and improvement purposes but also for reaching out to them. Valued customers who experience the benefits they anticipated are likely to express their gratitude. You can showcase these conversations, starting from when they sought assistance to when their concerns were resolved. This display of customer feedback demonstrates your trustworthiness and reliability. 3. Offer discounts Customers have unfortunately experienced instances where their hard-earned money was taken advantage of, causing them to be cautious about future purchases. To foster long-term relationships and bring about a significant change in their perspective, you need to shift your focus away from short-term profitability to gaining trust. Rewrite the narrative and offer them something of exceptional value, surpassing their expectations. It could be in the form of discounts or even providing the item for free if it is not a high-priced product. By exceeding their perceived value and offering them an irresistible proposition, you can sell to a difficult customer, rebuild their trust and establish a solid foundation for a lasting customer relationship. 4. Offer free complimentary services Customers often have additional needs beyond their initial purchase. As a business, you have the opportunity to provide these supplementary services alongside the discounts offered. However, it’s important to approach this in a thoughtful manner, avoiding any sense of desperation. Consider making a promise to customers that after they have used the product and experienced satisfaction, they will receive complimentary services when they make a second purchase. This promise acts as an incentive for them to return and further solidifies their positive experience with your business. By offering these additional services, you enhance their overall satisfaction and create a compelling reason for them to engage with your brand again. In conclusion, it’s crucial to remember that the ultimate objective is to win over customers. However, it’s important to acknowledge that customers have the freedom to choose whether or not to return. Regardless, your goal should be to maintain a long-term business relationship with each customer, treating them as individuals rather than as a collective group. By focusing on personalized service and catering to their specific needs, you increase the likelihood of building loyalty and fostering repeat business. Remember, every customer is unique, and your commitment is to serve them on an individual level. Emmanuel Otori is the Chief Executive Officer of Abuja Data School. He is a Small Business Consultant, Start-Up Advisor and Consultant For SMEs across Nigeria. You can read his other articles here.

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How to Keep your Business Running after Working Hours

“Whenever the customer wants it, you should be there” Many offices typically operate from 9:00 AM to 5:00 PM due to the costs and effort of running night shifts or servicing the office at night. However, the concern is that your customers don’t sleep. When they want a solution, they want it immediately and the earlier they speak to someone, the less anxious they feel. Knowing that most offices are closed after 5:00 PM and on weekends, customers often seek alternative ways to reach out during these times. As an entrepreneur whose business is centred on customer satisfaction, here are some options to keep your business running after working hours: 1. Social media pages To effectively keep your business running after working hours, it’s important to be active on social media. Creating pages on platforms like Facebook is crucial. These pages can be set up to automatically respond to messages with customized replies. The platform also lets the customer know when they can expect a response, based on the average reply time. This helps reassure the customer that they are dealing with a customer-centric organization, whether it’s during working hours or not. In fact, the message can even include an emergency contact if needed. Here’s an example below: 2. Auto-responder An auto-responder is a system organisations use to send an email when they’re out of office, on leave, on a particular assignment or outside their country of operation. The email often contains information regarding when messages will be read and replied to or an option to contact another individual in the organisation that could process the enquiry. Below is an example of an automated message. 3. A 24/7 Office Phone I read a story online about a customer who needed a product on Monday morning. They tried calling a supplier they found online but nobody answered the office phone. They kept searching and found another supplier who answered immediately and delivered the materials on time. It made me think, what’s the point of having an office phone if nobody picks up? Nowadays, an office doesn’t have to be a physical place. It’s about the people and processes that can operate from anywhere, anytime. Every office should endeavour to use mobile phones, with someone available to handle calls and respond to inquiries anytime. It’s important to keep the business running smoothly all day, while still maintaining good telephone manners. 4. Online Support Services To make the most of an organisation’s online presence, it’s important to consider all platforms. Websites should have a support system that works on both computers and mobile phones, accessible anytime with an internet connection. These chat boxes should be automated to respond to messages, and allow users receive notifications for answers to their any enquiries. 5. Integration of Chatbots Chatbots use artificial intelligence to respond to questions from customers. They analyze similarities, patterns, and keywords to provide consistent answers. Chatbots serve as a temporary solution for basic information until a human representative takes over when the chatbot can no longer handle the customer’s requests. Implementing this system across platforms requires a fully integrated technology team. A successful business focuses on promptly addressing customer needs, keeping communication open, providing clear information, and delivering on time. When these elements work together, a business can definitely become a household name.

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Bootstrapping your Business from Zero to Profit

“Bootstrapping” is derived from the phrase “to hoist oneself up”. It is a method of starting one’s own business with one’s resources. A bootstrapped startup is a business that starts and grows without the help of external investors. Bootstrapping a company does not imply that you’ll not seek external funding; it simply means that you will not solely rely on investors such as venture capitalists for support. When bootstrapping a business, it is mainly self-funded or wholly funded by you and/or the founding team. However, keep in mind that growth may be slower than funded businesses because you’re starting and scaling without the intervention of investors. Bootstrapping Processes Sustainable ways of bootstrapping your business Pros and Cons of Bootstrapping Pros Cons You can consider running a rapidly growing or slow-scaling business. Fast growing businesses often use funding from venture capitalists. Here, external investors provide capital, security, scaling speed, and advice/network, but they can also exert influence over you based on their preferences. Whereas, slow scaling businesses bootstrapping have complete control over the rate at which the company expands. Even if you intend to raise venture capital, bootstrapping is a great way to start your business.

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Integrating AI Technology into Business Operations

Definition of Artificial Intelligence AI technology is a broad term that refers to any type of computer software that engages in humanlike activities – including learning, planning and problem-solving. Broadly speaking, AI can support three important business needs: automating business processes, gaining insight through data analysis, and engaging with customers and employees. How Startups are Evolving with AI Technology Startups that use AI applications for a variety of businesses and industries have seen significant growth as a result of the rise of this technology. Artificial intelligence is being used increasingly heavily by modern businesses. They are setting the standard by providing a variety of services, such as sophisticated chatbots and automated customer support. Artificial intelligence (AI) is a sophisticated technology that employs algorithms to complete tasks that were previously handled by humans. Artificial Intelligence Benefits Startups must have a solid grasp of AI technology and how it may help them grow their business before adopting it into their operations. Also, they would have to make investments in AI-focused personnel or look for alliances with AI technology suppliers. Therefore, startups can integrate AI in the following ways: As a result of integrating Artificial Intelligence (AI) in business operations, the company can make relevant decisions more swiftly, enabling it to take advantage of opportunities for competitive advantage that may otherwise be forfeited. All of this can result in a sizable reduction in operational costs for businesses utilizing AI technologies.

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Managing Nigeria’s Debt Portfolio

The fact that Nigeria’s debt portfolio keeps increasing without any corresponding economic growth is concerning. In January 2023, President Muhammadu Buhari authorized the appropriation bill, which had been originally proposed to be signed into law at a cost of N20.51 trillion, to be increased to N21.83 trillion. The president then announced a planned loan of N1 trillion that will be sourced by Ways and Means, totaling a bill of N23 trillion that will be securitized. According to the Debt Management Office (DMO), the incoming administration is expected to inherit a debt stock of N77 trillion in May or June 2023. The Debt Management Office (DMO) is a governmental office responsible for the management of Nigeria’s debt. The management of public debt is as crucial as generating revenue. However, the goal of public debt management is to guarantee that the government’s financial requirements and payment commitments are met over the term duration at the lowest cost possible, along with a reasonable level of risk. Nigeria’s economy continues to be in a gloomy position due to poor management of debt and the constant rise in inflation. For the purpose of reviving the economy, the government might need to employ a variety of measures for controlling and servicing Nigeria’s debt portfolio. These include: Many times, problems with public debt management can be linked to policymakers’ disregard for the benefits of sound debt management. This uncertainty can be decreased with a proven track record of implementing sustainable macro policies, assessing risk and cost considerations, coordinating debt and utility accountability, repeating the debt limit, and reevaluating the costs of the debt burden. It will be vital for the government to improve its debt management processes, including outlining precise rules for borrowing money and ensuring that it is done in a way that is transparent and accountable. 2. Financial Reforms Instead of raising the tax rate for current taxpayers, the tax net can be widened. The government would generate more income and have less debt to pay off if more taxpayers paid their fair share of taxes. Also, the government’s revenue would increase dramatically with even a little increase, which might result in lowered tax rates for all taxpayers. In order to lessen its reliance on short-term financing, the government must take action by going for longer term obligations. If bonds are issued, this can mean increasing the long-term financing options available. Although Nigeria’s crises is not majorly caused by debt management policies, the government should make an effort to guarantee that the rise of its public debt is structurally manageable and can be repaid under a variety of conditions while satisfying risk and cost obligations. Furthermore, it is important to carefully build public debt portfolios, taking into account the foreign debt’s currency composition, term structure, and interest rate commitments. Enhancing economic growth should be the government’s top priority as this would necessitate a combination of structural reforms and focused investments in major sectors of the economy. Therefore, conscious efforts must be made to eliminate the high rates of fraud and waste in governmental operations as well as to diversify the nation’s productive capacity.

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Outsourcing for Small Businesses

What is Outsourcing in Business? Since 1989, labour has been outsourced to reduce costs, regardless of the efficiency of the business. Outsourcing is transferring responsibilities that should be handled by an in-house workforce to specialised third parties, while core business operations are focused on. Outsourcing tasks in business is capital-intensive and less labour-intensive. A business may decide to take this approach for reasons including the urgency of project results which its traditional workforce will need training before commencement, or shared focus on core responsibilities. Many others outsource to reduce paying bills for full-time employees who aren’t engaged at times. Other cost minimisation includes substituting rigorous labour costs for capital costs. More often than not, outsourced responsibilities are delivered with excellence from service providers and at a price favorable to the outsourcing company. Outsourcing offers the involvement of a wider range of services without having to employ new staff. Services that can be outsourced range from security to cleaning agents, customer service, human resource, systems management, accounting, financial modeling, payroll, and so on as it best suits a business. Any company may opt to outsource any position, but it should be conscious that some tasks, like monitoring the company’s financial books, are sensitive and should be protected from externalities to prevent the loss of proprietary information. Types of Outsourcing for Small Businesses ● Onshore Outsourcing: As the name implies, it’s hiring service providers in the same country as the hiring company. It is also called local outsourcing. Outsourcing locally is helpful as language may not be a barrier in communication. Other advantages include having common cultural grounds and the opportunity to meet the service providers in-person. ● Nearshore Outsourcing: This isn’t within a business‘s immediate environment but it is around and close to its reach. This is outsourcing workforce within the same continent or close regions. Due to the use of the same or nearby time zones, and reduced shipping delays, it is favourable. The advantages of onshore and offshore outsourcing are combined in nearshore outsourcing. ● Offshore Outsourcing: This type of outsourcing happens over long distances. Offshore outsourcing gives an opportunity to employ experts unavailable within the local environment. Shortfalls to this type of outsourcing include; language and communication barriers, time zone disparities, authenticity of service provider, reliability to deliver when due, amongst others. 4 Major Areas of Outsourcing For purchase, installation, or maintenance of tools and equipment used in the production industry, they often require specialist knowledge. To oversee system operations, a company may require IT engineers. These are the operational services necessary to control a company’s technical systems. In order to arrange a company’s processes, such as managing employee interactions, this involves enlisting the help of professionals in related industries. In this sector, outsourcing might be used for the recruitment process, legal process, or knowledge process. In order to achieve the company’s objectives, knowledge process outsourcing includes research, fact-finding, and foundation analysis. Outsourcing legal procedure entails meeting constitutional requirements for services, rules, and legal proceedings. Outsourcing the hiring and discharge of employees, the knowledge of job openings, and recruitment assistance are all included in the recruitment process. Employing companies that provide more general services is what this entails. They provide both business and technical services. A few examples are companies that operate under the same brand and provide both security and janitorial services. As the name suggests, this is concentrated on hiring individuals with professional capabilities, who are typically with a license to function in that capacity. This comprises of chartered accountants, business strategists, designers, and so on. Professional outsourcing makes use of knowledge, contacts, and resources that are not directly held by the business. Benefit of Outsourcing for Small Businesses Growth is typically a significant goal, though company goals and visions vary. However, since some firms like to maintain control, outsourcing might not be the best strategy for all businesses. However, it offers a range of capacities, flexibility to adjust to new working circumstances, emphasizes strength and access to great talents. The benefits of outsourcing are excellent instruments for expanding a company and successfully achieving business objectives. Also read: Let’s Talk Outsourcing.

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How to Combat Cyber Threats in your Business

Cyber threats in your business must not be overlooked because they can steal your data and destroy the credibility of your business. Although online businesses may have benefits, there’s also a greater chance of hoaxes and cyber threats. Therefore, safeguarding your business against cyber-attacks is crucial because, if not prevented, it may require reestablishing your business. In extreme scenarios, these attacks can force you out of business permanently because you might be unable to make up lost revenue and customer loyalty as clients want to feel safe during transactions. The good news is that you can always take preventative actions to combat cyber threats in your business, thus safeguarding your company before it’s too late. Preventive Measures to Combat Cyber Threats in your Business 1. Install devices and network security software Verify that your operating system and security applications are scheduled to update automatically. Updates might include vital security upgrades for recent malware and threats. Most updates allow you to schedule them at the most convenient time, typically after office hours. It’s imperative to consistently follow update prompts since they frequently fix serious security issues. Also, install security software to help prevent bugs on your business’s PCs and mobile devices. The software should have anti-virus, anti-spyware, and anti-spam filters to avoid compromise on your business gadgets. Moreover, setting up a firewall between your devices and the internet prevents your connection from viruses. Always maintain a robust firewall by regularly updating to the newest patches. 2. Use passphrases and authenticators If possible, take extra precautions to make your security difficult to access. Instead of using passwords, use passphrases to secure networks and devices that host sensitive company data. Passphrases are phrases or collections of words that are used as passwords. Humans find them easy to memorise, but computers find them challenging to decipher. A secure passphrase must be at least 14 characters long and include a mix of capital and lowercase letters, digits, and special characters. For each of your accounts, use a different passphrase. In addition to using passphrases to prevent cyber threats in your business and protect your company data, multi-factor authentication (MFA) can be used to ensure that only legitimate staff are granted access. Before anyone can access their account, two or more forms of identification must be shown. Additional security for your accounts is provided by two-factor or multi-factor authentication. 3. Enable network encryption The data that will be sent into and out of your company system needs to be encrypted after you’ve configured your authenticators. Before sending your data over the internet, encryption transforms it into a hidden code. Make sure your network encryption is enabled and that all data received and/or stored online is encrypted. This lowers the danger of theft, destruction, or tampering by limiting data access to parties that possess the encryption key. When utilizing a public network, you can enable network encryption by adjusting the settings on your router or by setting up a virtual private network (VPN) program on your computer. 4. Backup your data Data backup is one of the cheapest ways to guarantee that your information can be retrieved in the event of a cyber-incident or computer issue. Additionally, it is a less demanding technique to prevent future attacks. Although firewalls, antivirus software, and other security measures may malfunction, keeping a backup provides you the advantage over attackers. To ensure the protection of your data, use a range of backup techniques, like routine incremental backups to a mobile device or cloud storage. Include weekly, quarterly, and yearly server backups as well. It should be regularly checked to see if this data is functioning properly and can be recovered. Store several copies of your backup offline, if possible. 5. Develop cyber security and data sharing policies Your staff and device operators are responsible for your company’s security. Businesses should have clear cyber security and data sharing policies that inform staff on what is appropriate while using computers and visiting websites. Your personnel should receive internet safety instructions that inform them of the dangers they can encounter and their responsibilities for keeping your company safe. It is essential to teach them how to recognise, avoid, and handle cyber-attacks as well as use strong passwords and passphrases. Keep track of all the computing hardware and applications that your company uses. All the hardware and software that your company employs must be documented. Any software and hardware that are no longer in use should be disconnected from the network, and sensitive data should be deleted. Older, inactive hardware and software won’t likely be updated, and they could be exploited as a “backdoor” by thieves to attack companies. In similar vein, you ought to deny access to former workers and people who have switched roles and no longer need it. 6. Build a safe online transacting environment It’s crucial that you protect clients’ information because your company’s reputation will suffer if you misplace or compromise their information, and you might face legal repercussions. Ensure your company invests in a safe online transacting environment that protects stored customer data. Find out what your payment gateway provider can do to stop online fraud if you accept payments online. Consider purchasing cyber insurance to safeguard your company. Dealing with a cyber-attack may cost far more than simply replacing computers, enhancing security or repairing databases. Your company may benefit from the cost savings provided by cyber liability insurance coverage for attack recovery.

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+234 1 454 1985

msmehub@fatefoundation.org

Emmanuel Otori

How to Scale Tech Companies in Nigeria

Managing Rising Inflation in Nigeria

6 Ways to Improve Customer Experience

How to Sell to a Difficult Customer

How to Keep your Business Running after Working Hours

Bootstrapping your Business from Zero to Profit

Integrating AI Technology into Business Operations

Managing Nigeria’s Debt Portfolio

Outsourcing for Small Businesses

How to Combat Cyber Threats in your Business

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