Overseeing your ventures in Nigeria while living abroad can be both rewarding and challenging. In a dynamic market like Nigeria, staying connected, informed, and in control is essential for the success of your investments.
In this article, we share practical strategies and insights to help you efficiently manage your business investments in Nigeria from anywhere in the world.
1. Establish A Clear Communication System
One of the primary strategies for effectively managing your investment in Nigeria from abroad is establishing a robust communication system.
This involves:
- Scheduling regular check-ins with your team and local partners through video calls, emails, and messaging apps
- Creating standardised reporting templates to ensure consistent information flow
- Implementing secure communication channels for sensitive business discussions
- Documenting key processes, discussions and decisions for future reference
Setting a schedule for these communications helps maintain a consistent flow of information, allowing you to stay updated on the progress of your investments and address challenges promptly.
Some of the following tools are critical to effective monitoring operations and facilitating communication. They include project management software like Trello, Asana, and real-time collaboration. Communication and documentation tools such as Slack, Google Workspace and Microsoft 365.
2. Establish Clear Performance Metrics
Another effective strategy for effectively managing your business remotely is establishing concrete expectations and performance metrics.
This involves setting SMART goals, creating key performance indicators (KPIs) tailored to each role and department. And conducting regular performance reviews with actionable feedback
Regular assessment of these metrics allows you to gauge effectiveness and identify areas for improvement. By fostering a culture of accountability and support, you empower your local team to take ownership of their roles, making remote management more effective and contributing to overall success.
This analytical approach enables proactive investment management rather than reactive problem-solving.
To efficiently track your business’s financial health we recommend you implement cloud-based financial management software like QuickBooks, Xero, or FreshBooks.
Then, set up automated financial reporting with customised alerts for unusual activities, establish dual-approval processes for significant financial transactions and schedule regular financial reviews with your accounting team or consultant
These systems provide accessible ways to manage finances, track expenses, and generate comprehensive financial reports from anywhere in the world.
3. Hire The Right People
Regardless of what tactics, tools, or strategies you adopt, successfully managing your business or investments in Nigeria from abroad ultimately depends on hiring the right people.
Many businesses have faltered because staff, especially those in management positions, took advantage of the owner’s absence.
Since local execution while you supervise remotely is inevitable, conducting thorough vetting is critical.
Hence:
- Perform comprehensive background checks, including reference verification and credential authentication
- Design multi-stage interview processes that assess both technical skills and character
- Develop a strong company culture that emphasises transparency and integrity
- Create systems that separate duties and provide checks and balances
Look for candidates who possess not only the necessary expertise and experience but, more importantly, demonstrated integrity and reliability.
By investing in capable, trustworthy personnel, you ensure smooth and effective business operations, even from thousands of miles away.
4. Implement Strong Governance And Legal Protections
Beyond hiring the right people, establish formal governance structures that protect your interests by:
- Creating a legal framework with clear ownership documentation and operating agreements
- Establishing a trusted board of advisors or directors with local representation
- Developing comprehensive policies and procedures for all critical business processes
- Scheduling regular independent audits of financial and operational systems
- Maintaining relationships with reputable legal counsel in Nigeria
These governance mechanisms provide additional layers of protection for your investments and create accountability beyond individual employees.
Action Steps
In this newsletter, we’ve discussed some practical and effective strategies for effectively managing your investments in Nigeria remotely.
But one thing that has become apparent is that Doing business in Nigeria as a Nigerian living abroad, you need all the support you can get from help setting up your operations to enable remote supervision to providing legal protections for your business in its interaction with employees and partners.
Learn more about our market entry services and how we can help you today!