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 Responding To Nigeria’s Fuel Subsidy Removal: Strategies To Restructure Your Business For Profit

On May 29th, 2023, during his inauguration speech, President-elect Bola Tinubu announced that the long but highly controversial fuel subsidy would be removed after June 2023. This announcement has sparked widespread panic among Nigerians as fuel prices immediately surged from 185 naira ($0.40) to a range of 488 naira ($1.05) to 550 naira ($1.18) nationwide.

As many Nigerians race to the filling stations and brace the long queues to buy fuel, the impact of the spike in fuel prices has been instantaneous. 

Unfortunately, business owners, especially small business owners, are expected to feel the brunt of the effects of the removal of fuel subsidies. Now more than ever, it is crucial for business owners to promptly reassess their strategies and devise effective plans to navigate the challenges of this new post-subsidy era.

To assist you in this process, here are eight ways to restructure your business, maximize profit, and manage the effects of the fuel subsidy removal

Review your business strategy

With the ongoing increase in fuel costs, it is crucial to thoroughly reevaluate your current business strategy. You need to assess the potential  impact that rising fuel prices might have on your operations and finances. 

It’s important that you take the time to analyze your business products, the new pain points of your target market, what your competitors are already doing, and your overall value proposition. You can start by asking yourself these questions: 

  • How does the removal of the fuel subsidy directly impact my business operations and profitability?
  • How will the increased cost of living affect my customers’ willingness to purchase or use my products/services?
  • What strategies can I implement to retain existing customers and attract new ones despite the challenges posed by increased fuel costs? 

By answering these questions and conducting further market research and analysis, you will be able to identify areas where you can optimize processes, reduce costs, and adapt to changing economic conditions. 

If you feel you need additional, preferably expert, opinions on how to reevaluate your business strategy, don’t hesitate to schedule a one-on one consultation with our advisors. We are here to help you navigate through these challenges and come out stronger on the other side.

Related: The Best Way To Create a Growth Strategy Plan

Adjust your pricing

When it comes to readjusting prices, business owners are often skeptical, with their biggest fear being: What if I lose customers due to the price increase? Which is even more understandable given Nigeria’s  present economy. 

However, it’s important to remember that adjusting your pricing can be a necessary step to weather the storm and ensure your business survives.

Take a moment to review your current pricing strategy and carefully analyze the costs involved in producing  high quality products or services for your customers. Then, explore how much you can increase prices without overwhelming your customers while still be able to continue delivering outstanding products or services.

Remember, transparency and communication are key. Clearly communicate the reasons behind any price adjustments to your customers, highlighting the value they will receive in return. This open dialogue can help build trust and understanding, reducing any potential concerns they may have about the increase.

By striking the right balance between pricing and value, you can ensure that your business remains profitable while continuing to provide high quality products or services to your valued customers.

Consider adopting a remote workplace

With the fuel subsidy removal having a serious ripple effect on the operational and energy costs to run a business, now might be the best time to consider taking your business remote. 

If there is anything we all learned from the COVID-19 pandemic, it’s that a lot of work can be done from anywhere in the world as long as you have a good, working laptop and a stable internet connection. And in this time of higher fuel costs, taking your business remote will not only benefit you but your employees as well.

Transitioning to a remote workplace will not only help you cut back on energy costs and extra rent fees on office spaces, but also help reduce the transportation expenses for both you and your employees.

You can start by implementing a gradual approach, perhaps beginning with one or two days of remote work per week. 

At EZAdvisory, we have been a fully remote company since day one, and it has brought us numerous advantages. We are well-equipped to assist you in seamlessly transitioning to a fully functional remote company.

So, if you need advice on the steps to take before trying to take your business remote,  Book a one-on-one consultation call with our experts.

Communicate with your staff 

Just as you’re stressed and concerned about how your business will fare in this post fuel subsidy era, your employees are also experiencing the same intense anxiety and stress regarding how this might impact their jobs and lives. 

It’s important for you to communicate with them openly and honestly about the situation and work together to navigate any challenges that may arise.

Let them know the current situation from your perspective and reassure them that you are doing everything possible to ensure a successful recovery and navigate this challenging era. 

By doing so, you’ll not only alleviate a great deal of stress and anxiety from their shoulders, but also instill renewed hope and energy in them to work even harder for the success of your business.

Beef up your marketing (no time for marketing that doesn’t being result)

There has never been a better time than now to ensure that your business is generating sufficient profits. This is not the time to focus on marketing strategies that fail to yield results or drive sales. You must be at the top of your game and double down on your efforts to create the right marketing strategy that delivers tangible outcomes.

While we understand your need to find ways to reduce costs amidst the uncertainty and challenging times brought about by the fuel subsidy removal, you should not cut back on your marketing efforts to the extent that your business begins to suffer.

Similar to your business strategy, it is essential to review and restrategize your marketing and sales approaches. You and your team should explore new ways to make your marketing campaigns work and benefit your business in this new economy. 

If possible, consult with an expert to assist you in reevaluating your marketing and sales strategies. At EZAdvisory, we have experts who can guide you through these challenging times.

Related: How to Plan Your Marketing & Sales Strategy for Very Good Sales 

Be more on tab with following up with leads

Just as you need to be on par with your marketing and sales strategies now, it is equally important to ensure that you stay on top of your leads. 

Follow up with your leads frequently, but be careful not to come across as overbearing or become a nuisance. Instead, create a well-planned timeline that allows you to effectively reach out to your leads while still being respectful of their time.

When following up with your leads, focus on how your business can help improve their lives during this time of high costs and services. Keep them updated on any new initiatives or changes you have implemented in response to the current circumstances.

By maintaining consistent communication and demonstrating the value your business can provide, you can nurture your leads and increase the likelihood of converting them into actual and profitable customers. 

Start to consider other markets to get your products or services from

Consider sourcing your products or services from alternative markets if your current suppliers are no longer viable for your business. 

If they have significantly increased their prices to a point where it becomes unaffordable for you or imposes a substantial cost burden on your customers, then it’s time for you to explore other options.

Although you can try renegotiating at first. Then, if you’re still unable to get a favorable deal with your existing suppliers, seek out new markets that can still enable you to deliver top-quality products and services to your customers. 

By diversifying where you get your resources or markets from, you can potentially find more favorable pricing and maintain the quality standards that your customers expect.

Find a community of support where you can share your burden with others

Believe it or not, the fear, anxiety, and stress you are experiencing while navigating this fuel subsidy removal era are the same way many business owners are feeling right now.

Consider joining a community of fellow business owners who can provide the support you need during this time. Our founder’s community, for example, has members who have expressed similar anxieties, and the level of support within the community has been overwhelming.

By connecting with like-minded individuals facing similar circumstances, you can exchange valuable insights, share experiences, and find solace in knowing that others understand and empathize with your situation. Together, we can overcome these challenges and emerge stronger.

Join our founder’s community right here!

Bottom Line

The removal of fuel subsidies has ushered in a new reality that we must embrace and adapt to. While we hope things will improve in the coming months with a reduction in fuel prices, it is crucial not to wait but to start taking action now. 

By implementing these strategies—reviewing your business strategy, adjusting pricing, considering adopting a remote workplace, communicating with your employees, bolstering your marketing efforts, following up with your leads, and connecting with supportive communities—you can navigate the challenges of the fuel subsidy removal and position your business for long-term success. 

Embrace the change, adapt, and seize the opportunities that lie ahead.

Business Operations & Structure, Business Operations Analytics

Top 10 Best Tools to Manage Your Small Business.

Owning and running a small business is stressful and overwhelming. There are so many things that need to be done within a short amount of time everyday. From creating brand designs to sending emails,  you have a lot of activities that need to be in place in order to effectively run your business.And with limited resources and the need to make every investment count, it’s important for you to choose the right tools to streamline your operations and improve efficiency. 

In this blog post, we’ll explore 10 useful tools every business owner should be using in 2023 to streamline operations and increase productivity. The best part is that all these tools are completely free to use.

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Top 10 Best Tools for Small Businesses Owners.

1. Google Workspace

Google, the world’s internet giant, has created easy and free tools for business owners to use to increase productivity, work effectively and collaborate well with team members.

Google Workspace includes Gmail, Google Docs, Google Sheets, Google Meet, Google Drive, and many more. With this software, you can create documents and spreadsheets, make powerful presentations, have team meetings, store all work documents in one place, access your work from any device and so much more. 

There are so many advantages small business owners, especially new small businesses, will gain from using Google Workspace that we can’t mention it all. 

2. ClickUp

ClickUp is a project management software that can help you manage tasks, track progress, and create timelines for each project you are currently undertaking. It also allows you to assign roles and organize resources for your team members. 

This helps ensure everyone is on the same page, knows what they are supposed to do, and avoids any confusion. 

3. Hubspot

Hubspot is one of the best customer relationship management software, and our favorite software, small business owners can use to manage their customers. To effectively understand how your customers interact with your business, you need to make use of a CRM system like Hubspot. 

CRMs are great tools to use to effectively manage your customers’ data and track your leads. The data you get from your CRM can be used to improve your customer service, which in turn can lead to an increase in customer satisfaction.

Hubspot is an easy-to-use customer relationship software that provides basic tutorials for new beginners. So you don’t have to worry about not ever using a CRM before as Hubspot has made it simple to get started. 

The best part about Hubspot though is that you can get started for FREE! As business owners, we all understand how quickly our expenses can pile up. This way, we can take our business to the next level without the burden of another cost being added to our bill. As your business continues to grow, you can then decide whether to invest in Hubspot by upgrading your account after you have seen tangible results in your business.

4. Slack

As a business owner, whether small or large, you need to be able to communicate with your team members regularly during the week. While you can go through the normal method of sending emails through Gmail, this tends to come across as very formal, and sometimes this isn’t the way to go for your team members to feel comfortable enough to share ideas. 

Slack is one of the best applications/software that helps ease communication and create a calm, comfortable environment for collaboration among team members. It effectively balances out the formal and informal aspects of your business with your team. Making it easy to communicate in a professional setting but comfortable enough to share thoughts and ideas on a project or topic. 

The team collaboration and communication software also allows you to create channels for different projects, making it easy to communicate and share files with team members. With Slack, you can also integrate other apps, such as ClickUp and Google Drive, making it a one-stop shop for team communication.

5. Canva

Your brand’s identity matters so much as a business owner. You need design software that can create aesthetically and visually pleasing designs for your business. Canva is the best graphic design tool to use for both beginners and professionals. 

Canva helps small business owners (like you) create professional-looking graphics without the need for a graphic designer. It offers a wide range of templates for social media posts, flyers, posters, and more. 

It is also easy to collaborate with your team on Canva, making it easier to make changes or comments on a particular design in real-time without delay or having to go back and forth with each other. 

6. Buffer

In today’s digital world, we all know how vital it is to have an online presence. This involves having accounts across various social media platforms such as Instagram, Twitter, Facebook, LinkedIn, and so on. 

As a business owner,  managing all these social media platforms can be challenging and stressful. This is why a social media management tool, such as Buffer, can help take off some of that burden. 

With Buffer, you can schedule posts, monitor comments and messages, and track analytics across all your social media platforms. It is an excellent tool for your business that helps you to save time and streamline your social media strategies.

7. QuickBooks

As a small business owner, you need to be able to keep track of all your income and expenses. Inconsistent and inadequate management of your finances can lead to making bad business decisions and poor business management as a whole.

While you can use a well-created spreadsheet to track the cash flow in your business, using software like QuickBooks is also another effective way to go.

QuickBooks is a cloud-based accounting software that is specifically designed for small businesses. It is an excellent tool for managing finances, generating invoices, and tracking expenses. 

With QuickBooks, you can easily keep track of your business’s financial health, which is critical for making informed decisions. While QuickBooks isn’t exactly completely free, it’s a great investment for small businesses as it ensures an easy flow of business. 

8. WordPress

WordPress is a content management system that can help small businesses create and manage their websites. 

It offers a wide range of templates and customization options, making it easy to create a professional-looking website. 

With WordPress, you can also add plugins to extend the functionality of your website, such as e-commerce capabilities, SEO optimization, and social media integration. It is an excellent tool for small businesses that want to establish an online presence and attract more customers.

9. Odoo

If you own a retail business that requires you to take account of inventories then Odoo is the best tool for you to use to manage your inventory effectively. 

Odoo is an inventory management system that offers so much in its free plan for users. It’s also completely unlimited, making it great for small businesses with huge inventories 

In addition, you can tie the inventory software to Odoo’s dozen other sales and marketing tools for a small fee.

10. Clockify

Time-tracking software is a great way to make sure your employees are working when they’re supposed to be working. It can also help you track productivity, analyze performance, and create accurate payrolls.

With Clockify you can track and monitor your remote employees or freelancers, if you work with them and get the right billing expense to pay them. Clockify is also a great tool to use to manage teams on a tight budget. 

Bottom Line

Taking the time to take the time to learn how to use these tools effectively and training your team members on their proper use can help streamline productivity and increase collaboration. Tools like Google Workspace, Slack, Buffer, and Hubspot allow you to focus on what you do best—delivering quality products or services to your customers.

In addition to this, you can save time, reduce costs, and improve your overall business performance. So, why not try out these tools and see how they can benefit your small business today?

Like tips like this? Join our Founder Community to receive power resources that will help streamline your business operations. 

Business Operations & Structure, Business Operations Analytics

The Role of Emotional Intelligence in Team Management.

In today’s world of fast, highly chaotic life, having high emotional intelligence is becoming more important than any other traditional measures of intelligence when it comes to leadership skills, conflict resolution, and team management.

Emotional Intelligence ensures that you are able to recognize and control your emotions and that of your team. It allows you to harness the power of emotions to unlock your team’s full potential. 

But what exactly is emotional intelligence? Why should you be paying attention to it and what is its role in team management? In this blog post, we’ll explore the full meaning of emotional intelligence and the critical role it plays in effective leadership and team dynamics.

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What is Emotional Intelligence?

To put it simply, Emotional Intelligence (EI) is the ability to recognize, understand and manage your own emotions as well as those of others. It’s the glue that can hold together a long and lasting relationship between coworkers, partners, and team members.

The term “Emotional Intelligence” was first introduced in 1990 in a research paper by two psychological professors John D. Mayer and Peter Salovey, but was later popularized by psychologist Daniel Goleman. Since then, it has been a highly sought-after skill by many employers when hiring new employees. 

In an article for Harvard Business Review, Goleman highlighted the importance of emotional intelligence in leadership and team management, saying,

“The most effective leaders are all alike in one crucial way: they all have a high degree of what has come to be known as emotional intelligence. It’s not that IQ and technical skills are irrelevant. They do matter, but…they are the entry-level requirements for executive positions. My research, along with other recent studies, clearly shows that emotional intelligence is the sine qua non of leadership. Without it, a person can have the best training in the world, an incisive, analytical mind, and an endless supply of smart ideas, but he still won’t make a great leader.” 

As a team leader with high emotional intelligence, you are more likely to stay calm under pressure, resolve conflicts between members of your team more effectively, and respond to co-workers with empathy. Thereby, reducing the state of ‘fire fighting’ among your management team.

Components of Emotional Intelligence.

There are four components of emotional intelligence that you need to take note of when managing your team.

1. Self-awareness 

This is the ability to know what you’re feeling and the emotion of your team members in any given situation. In other words, It’s the act of being able to identify your emotions and that of your team members before they get out of control. 

For example, if you’re angry that the members of your team keep interrupting you during a meeting and are not paying attention to the information you are trying to pass across, 

self-awareness allows you to recognize this emotion before it escalates and then figure out how the best way to handle the situation.

Someone with low emotional intelligence would likely respond to the unseriousness of his team with an angry outburst which will do nothing but invite more negative emotions into the team.

2. Self-management

This is an important aspect of emotional intelligence you have to take into consideration and actively practice. As a team leader or someone in any leadership position, you need to be able to remain calm and cool-headed at all times. 

This can be achieved by keeping cool in an intense situation and thinking through our actions rather than reacting impulsively. 

3. Social awareness:

This aspect of emotional intelligence is to help you understand other people’s emotions based on their facial expressions or body language.

It’s the ability to perceive and understand the emotions, needs, and concerns of others. This includes empathy, recognizing social dynamics, and understanding diverse perspectives.

Realizing when a member of your team needs help dealing with their feelings and truly understanding those feelings is an essential quality to have for any good team leader. 

4. Relationship management

This is the ability to use one’s own emotions and social skills to build and maintain positive relationships with others. It includes effective communication, conflict resolution, teamwork, and leadership.

Effective relationship management is crucial in team management as it enables you as a leader to cultivate a positive and productive work environment. 

Leaders who are skilled in relationship management understand how to communicate effectively with different individuals, tailor their communication styles to fit the situation and audience and build trust through honest and open communication. 

This is an essential skill to have if you want to build trust and foster an open and transparent working environment.

Importance of Emotional Intelligence in Team Management.

Improved Team Communication and Collaboration: 

The first and most obvious benefit of emotional intelligence in team management is improved communication and collaboration among the team members. 

As a team leader with high emotional intelligence, you are more likely to have a better relationship with your team members, which will further lead to an increase in collaboration among your team members. 

This is because you will be able to effectively communicate expectations, provide feedback, and establish trust with your team leading to more creativity and innovation within the group as well as greater efficiency at work.

Effective Conflict Resolution: 

While conflict is a natural part of any team dynamic, if not properly managed can lead to the dismantlement of the whole management staff in your business. 

Leaders with high emotional intelligence can handle conflict constructively and positively. 

This is because these leaders can understand the emotions and perspectives of their team members. They use effective communication and negotiation skills, to resolve conflicts in a way that meets the needs of all parties involved and maintains positive relationships and healthy work environments.

Increased Motivation and Engagement: 

Work can be draining, but having a toxic, uncompassionate person who lacks high emotional intelligence as a boss can be demoralizing for employees. 

This can lead to a decrease in motivation and inspiration for members of the team to perform their very best. 

Leaders who are skilled in emotional intelligence can inspire and motivate their team members, leading to increased engagement and job satisfaction. 

You can encourage a sense of belonging and loyalty among your team members by recognizing and appreciating the contributions and strengths of your team and fostering a good and supportive work environment.

Improved Decision-Making: 

Making good decisions that will have positive results on your business is an important day-to-day task. 

As a leader or manager, with a high emotional intelligence, you will be able to make better decisions by taking into account the emotions and perspectives of your team members, as well as the impact of decisions on team dynamics and morale. 

Using emotional intelligence to analyze and weigh different factors, you can make more informed and effective decisions that will benefit the team as a whole.

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Bottom Line

The role of emotional intelligence in team management is vital and it’s important to be aware of how to use it when managing your team. 

Leaders who prioritize the development of their emotional intelligence create a work environment where individuals feel valued, understood, and supported. 

This makes room for your team members to thrive, leading to higher levels of productivity, and overall team and business success. 

At EZ Advisory, our experienced business operations and structure consulting team can help you develop and implement strategies to enhance the emotional intelligence of your employees. 

Contact us today to learn more about how we can help your team succeed.

Business Operations & Structure, Business Operations Analytics

5 Effective Ways to Use Data to Improve Your Customer Experience

It’s a common misconception that the customer experience only occurs during face-to-face interactions. But this couldn’t be further from the truth. In reality, every touchpoint a customer has with anything associated with your brand—whether it’s your website, social media page, or any associated products or services—is where their experience with your business begins.

Now, the type of experience you want your customers to have with your business is entirely up to you.

As a business owner, it’s your job to ensure that your customers have a positive and memorable experience with your business. A good customer experience leads to brand loyalty, repeat customers, and ultimately an increase in sales.

Fortunately, the internet and technology have made it much easier for business owners to connect with their customers and provide personalized experiences.

Through the use of the right data, businesses can gather valuable insights about their customer’s preferences and behaviors, allowing them to improve their customer experience.

In this blog post, we will explore why data is essential to improving the customer experience and how to use it effectively to attract and retain customers.


Why is it important to use data to Improve customer experience?

Due to the advancement of the digital economy and technology as a whole, more customers are demanding a personalized experience that will give them a reason to choose your brand over the other.

Most especially, now that most of your customers are remotely engaging with your products or services from different parts of the world, it can be challenging to deliver that experience consistently. This is where the use of data becomes crucial.

Using data to improve your customers’ experiences will help you create a more personalized experience for each of your customers that will allow your business to stand out from the crowd, ensure you’re creating a more meaningful connection with them, and guarantee you have happy customers at the end of every purchase.

How can you use data to enhance your customer experience (CX)? Here are five ways to use data to attract and delight your customers.

  1. Use data to effectively manage your customers. 

Through a customer relationship management system like Hubspot, you can effectively collect and manage your customers’ data such as contact information, purchase history, and interaction history, all in one place.

For example, you can use a CRM system to create custom forms on your website or through email surveys. Through this, you can gather valuable feedback from your customers about their experience with your business.

This feedback can then, in turn, be used to identify areas where your business is falling short and where to make improvements to address those issues.

Additionally, a CRM system can be used to track customer interactions across multiple channels, including phone calls, email, and social media. This allows you to increase your customer engagement, regardless of how they choose to interact with your business.

  1. Create empathy and experience maps.

Companies that invest the time and effort to create empathy and experience maps for their customers are one step ahead of the game. The best way to create an empathy or experience map is to carefully analyze your customer journey and their pain points. An easy way to do this is by putting yourself in your customer’s shoes and predicting what their journey would be like.

You can use the data you get from these two maps to create an experience that is well-suited for your customers. It will allow you to see any loose ends on your side and know how to fix them before they become problems.

The data you get from these maps will also allow you to know exactly what your customers’ needs are, what they are thinking, and how they feel when they first come into contact with your product, website, or service.

  1. Pay attention to customer’s behavior:

Customer behavior is a critical aspect of any successful business. Understanding and analyzing customer behavior can provide valuable insights that help businesses improve their overall user experience and increase customer satisfaction.

One effective way to analyze your customer’s behavior is by tracking their actions from the moment they come into contact with your brand or business to the moment they make a purchase. This involves monitoring their entire buyer’s journey and identifying patterns in their behavior that can be used to make informed decisions.

For example, using an analytics tool, like Google Analytics, can provide valuable real-time data on how customers interact with your website.

This information can help you identify which pages or content your customers find most engaging, where they drop off in the conversion process, and what actions they take before making a purchase.

  1. Implement predictive data analytics:

Predictive analytics are used to predict or anticipate customers’  needs and preferences, enabling you to personalize their experience and provide them with relevant content or recommendations.

Through analyzing customer data such as purchase history, browsing behavior, demographic information, and customer feedback, you can use this big data to identify which customers are likely to churn and take steps to retain them before they do. It can also help you identify patterns and predict what your customers are likely to buy or be interested in.

Consider this: if a  customer hasn’t made a purchase in a while, or has expressed dissatisfaction in their interactions with your business, they are most likely to leave if these issues aren’t addressed.

Some of the steps you can take to retain these type customers are through targeted marketing campaigns, personalized discounts or offers, or providing exceptional customer service. This can go a long way to reducing your churn rate and increasing your customer’s lifetime value.

  1. Use data to optimize customer services:

Using data to optimize customer service can be a game-changer for your business. This includes collecting and analyzing data on your interactions with customers. You can gain valuable insights into what works well and what needs improvement in your customer service processes.

For example, if you notice that customers are frequently calling about the same issue, you can develop a knowledge base or self-help portal to provide faster and more efficient support.

In whole, using data to optimize your customer service can help improve your overall customer experience, which can increase customer satisfaction, loyalty, and ultimately drive business growth.

Problems Business Owners Face When Using Data.

One of the main problems we have noticed many business owners face when using data is that they don’t know how to effectively read, use, and implement it into their business. 

As a result, these business owners end up implementing the wrong solutions or focusing on the wrong things and neglecting what their customers’ needs.

It’s important to invest in your understanding of your customer data. Take the time to learn how to read and interpret the data you collect by taking online courses or other educational resources. This will help you fully understand what your data reveals about your customers and how you can effectively implement it to create a positive experience for your customers..

However, if you don’t have the time to learn at your own pace because, let’s face it, running a business can be demanding and hardly allows for any free time, you should consider investing in a business consultant agency like EZ Advisory.

At EZ Advisory, we can help you create an excellent customer experience strategy for your business by conducting a deep growth analysis to understand your customer’s data. This strategy will focus on turning potential customers into loyal customers.

You can schedule a call with us at any time that works best for you.

Bottom Line

A poor customer experience eliminates brand loyalty, which often can’t be easily reclaimed.

Knowing how and when to use data will help you meet your customer expectations which will ensure repeat customers and increase customer loyalty to your business or brand.

You have to ensure you are investing in the right things to improve your customers’ experience with your business. This can go a long way toward helping you make informed decisions that will improve your customers’ experiences and ultimately drive business growth.

In the meantime…


EZAdvisory's Business Growth Management Service has launched. We do all the work (from strategy to marketing and sales), you focus on serving customers and developing your product/operations. Curious to know if this would work for your business/startup?

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