By Ayo Onikoyi

A common and pressing issue among growing businesses in Nigeria is the absence of proper financial record-keeping. This does not necessarily refer to complex accounting systems or formal audits, but rather to the basic ability to track income and expenses clearly and consistently. Without this foundation, many businesses face significant challenges.

Too many entrepreneurs are relying on memory or scattered receipts to manage their businesses. Some keep rough figures in their heads while others depend on text messages or notebooks that are easily misplaced or incomplete. I understand this is not always out of carelessness. In many cases people are overwhelmed by daily struggles. They are focused on keeping the lights on and making sales. But over time, this lack of structure becomes a major obstacle. Without clear records, it becomes hard to grow and almost impossible to measure real progress.

The consequences of inadequate financial systems are evident across countless small and growing businesses. Many are unable to secure loans due to lack of documented income. Others face barriers to expansion because of poor expense tracking. Some lose critical clients over repeated invoicing mistakes. These scenarios are far more common than often acknowledged, and they quietly erode the stability and potential of the broader economy.

Record keeping is not just about accounting. It is about discipline, clarity and growth. It helps business owners understand how money flows in and out. It shows them which products or services are profitable. It helps them plan better and make informed decisions. It also builds credibility when they need to approach banks, investors or partners.

I believe we need to change the way we think about record keeping in Nigeria. It should not be seen as something only big companies do. It should be a part of every business from the day it starts. Even simple handwritten records can go a long way in giving structure and insight to a small business. And for those who are digitally inclined, there are affordable tools and mobile apps that make tracking easier than ever.

There is also a strong need for education and support. Many people avoid keeping records not because they do not care but because no one has shown them how. Others are afraid of attracting taxes or being seen as too official, but the truth is proper record keeping protects businesses. It does not expose them; however, it gives them the foundation to thrive.

We all have a role to play. Financial institutions can do more to guide small businesses on how to maintain records instead of just asking for them. Government agencies can invest in community training to build awareness and capacity. Even professional bodies can create simple templates and outreach programs to encourage good financial habits.

As someone deeply committed to enterprise development, I believe that strengthening record keeping in our small business sector is one of the smartest and most effective ways to drive long term economic growth. It may not be flashy but it is fundamental because when people understand their numbers, they can make better choices, avoid unnecessary losses, and unlock new opportunities with confidence.

Nigeria is filled with energy and creativity. What many of our small businesses need now is structure. And that structure begins with something simple, keeping good records.