Running a business in today’s Nigerian economy is not for the faint-hearted.
Every day brings a new, unexpected expense. You’re paying for goods. You’re covering transport. You’re paying staff, loading airtime and data. You’re handling repairs and emergencies. And often, you’re even supporting family needs,all from the same business account. So when people say, “You need to save for your business,” the first question that comes to mind is:
Save from where?
From the same cash you’re using just to keep the business going?
It’s a fair concern. But here’s the hard truth:
The money you save today may be the same money that saves your business tomorrow.
Because when sales slow down, When a major customer disappoints you, When transport costs suddenly double overnight or a new government policy shakes your sector.
It won’t be your next sale that bails you out. It will be your savings.
So the real question is:
How can you save without starving your business?
How do you create breathing room, without putting daily operations at risk?
Here is how:
1. Cut Out Every Expense That Is Not Bringing Money Back
You’re in business to make money not to impress anyone.
If an expense isn’t helping you generate more income or protect the revenue you already have, it’s time to reconsider.
That extra delivery run that could have waited
The paid advert launched without a clear strategy
The software subscription you barely use
These are silent drains on your cash flow.
Before spending on anything, pause and ask:“Is this helping me grow or protect my business?”
If the answer is no, hold on to your money.
Even small, recurring costs add up quickly. By month-end, what seemed like “small money” could be the exact cash you need for urgent fuel, fresh stock, or unexpected customer refunds.
Discipline in spending today keeps your business stable tomorrow
2. Learn To Price Your Goods With Wisdom
Some of the pressure you’re feeling is because you’re underpricing yourself. You’re afraid customers will run away if you increase price but check well:
You’re buying goods at higher prices because of inflation. You’re paying for transport, covering electricity and fuel. You’re even giving customers small credit.
Don't sell like it’s last year’s economy.If you keep doing that, your business will soon run dry.
Price your goods to cover your real costs. Add your profit. It’s better to have fewer sales at a profit, than plenty of sales at a loss.
Customers that value your service will understand. And if a few people complain, let them.
3. Stop Mixing Business Money With Personal Money
One of the quickest ways to drain your business is by treating it like your personal wallet.
₦5,000 for today, ₦10,000 tomorrow. Before long, your business account is empty and you’re wondering where the money went.
Set a fixed, manageable amount for yourself weekly or monthly as your personal pay. Even if it’s small, it helps build financial discipline.
Constant, unplanned withdrawals will only destabilize your business.
Be honest with yourself:
Your business is not your personal emergency fund. The day you start separating business finances from personal spending is the day you’ll see clearly:
What the business is earning, what it’s spending and how to make smarter decisions going forward.
4. Start Keeping Record Even If It’s Small Notes
You can’t manage what you’re not tracking.
If someone asked you today:
- How much did you spend last week?
- How much did your business bring in?
- How much do you have left?
Would you be able to answer with certainty?
Start documenting your cash flow, no matter how small the amounts seem. Use a notebook, or better yet, Tela app for easy and consistent tracking.
When you monitor your money, you’ll start to notice patterns, where it’s going, where it’s leaking, and where adjustments are needed.
This is the first step towards better financial control.
And remember: Tracking your money isn’t a burden.
It’s a smart business habit.
It highlights waste and reveals opportunities to save.
5. Buy Only What You Need Per Time
It’s tempting to stock up on more goods just because you have a little extra cash.
But pause and think carefully.
If customer demand is slow, that extra stock could tie up your working capital leaving other critical parts of your business underfunded.
Prioritize buying what you know will sell quickly.
Keep your cash active and circulating, not sitting idle in unsold inventory.
Remember:
Cash tied up in slow-moving goods is cash you can’t use for other pressing business needs.
Sometimes, the smartest way to stay liquid is to reduce how much money you lock away in “future sales.”
Focus on fast turnover. Smaller, more frequent purchases often provide more flexibility than large, one-time stockpiles that leave you stuck and cash-strapped.
6. Talk to Your Suppliers Don’t Struggle in Silence
If you’re a loyal, consistent customer, some of your suppliers may be open to offering more flexible payment terms but only if you ask.
Don’t assume the answer is no. Initiate the conversation. Explain your current cash flow situation honestly. See if there’s room for part-payment arrangements or extended deadlines.
Even a small adjustment can give you much-needed breathing space to stabilize your finances or build up emergency savings.
Remember: This is business, not charity.
You’re not begging, you're negotiating terms that work for both sides.
If they decline, that’s fine.
But if they agree, you’ve just created a valuable financial room to manage your business and save funds.
7. Delay Big Purchases Till Cashflow Improves
Business growth is important and it’s natural to want to expand.
You may be thinking about buying new equipment, upgrading your shop, or investing in a rebrand.
These are all valuable goals.
But timing is everything.
If your cash flow is still unstable
If you’re struggling to cover daily expenses
If you don’t yet have basic savings in place
Now is not the time for major spending.
Big purchases that drain your cash reserves could put your business at serious risk.
Growth should never come at the cost of survival.
Once your income becomes more consistent and you’ve built up some savings you’ll be in a stronger position to take those bigger steps safely.
For now, focus on keeping your business running.
Expansion can wait. Survival can’t.
8. Save Small, But Save Anyway
Forget about setting big savings targets for now.
The important thing is to start no matter how small.
₦500. ₦1,000. Whatever your business can handle today.
What matters is consistency. Small amounts, saved regularly, build up faster than you think.
And when the unexpected happens slow sales, urgent repairs, or unforeseen expenses you’ll realize how valuable that small savings cushion really is.
Think of each amount you save as adding another layer of protection around your business.
Block by block, you’re building a financial buffer.
When challenges come, you’ll have something to fall back on.
Final Words
You’re not saving because it’s easy. You’re saving because one day, you’ll need that money more than you need the temporary comfort of spending it today.
You didn’t start this business just to watch it crumble at the first sign of trouble.
You’re building something that can stand through the good days and the tough ones.
Start now. Save smart. Protect your business.
Ensure its survival.