Aidi — Closing 2024 Strong, Starting 2025 Stronger: Encouragement and Tips for Founders in the Coming Year

2024 has been a really tough year for many startups. The economic landscape tested founders and startups in ways no one could have ever anticipated– the market uncertainties, unstable exchange rates, reduced capital funding, and prudent spending of consumers made it difficult for some startups to gain traction and maintain momentum. Yet, through all these challenges, you’ve persevered and have made it to the year of the turbulent year. For this, I’d like to say Congratulations to you!

To every founder reading this, take a moment to reflect on what you’ve accomplished this year. Even though it may not feel like a lot, the very act of keeping your startup alive through turbulent times is a victory in itself. Building a business is not easy, especially in an industry where every dollar fluctuation, customer behaviour, and investors’ decisions can affect or impact your business. But as the year winds down, it’s a perfect time to pause, rest, reset, and prepare to step into the new year with renewed focus, energy, and strategy.

Here is how you can close out this year strong and position your startup for success in the coming year:

1. Reflect on the Lessons of the Year, not Losses: 2024 might have thrown some unpleasant surprises (or as some Nigerians may say “shege”) your way, but every challenge holds a lesson. Rather than dwelling on what did not work or the losses you made throughout the year, focus on what you’ve learned. What strategies worked for you and which ones did not, what areas can your business improve on, what feedback did you receive from customers, investors, or even your team? These can help identify some of your weaknesses and areas for growth in the coming year.
2. Reassess Your Goals and Strategy: I understand that as founders, you want to begin the year with new and ambitious goals for your startups. However, economic realities and market shifts can make some of those goals impractical or irrelevant. What you can do instead, as you step into the new year is to reassess your goals and strategy for the year. Check if your goals are still aligned with the market and your business needs, what you can do to increase efficiency and cut unnecessary costs, if you may need to pivot your business or refine your product offering to meet new market demands, etc. This helps you focus on what really matters, rather than your ambitions for the new year.
3. Strengthen Your Financial Position: If 2024 taught us anything, it’s the importance of financial discipline (and many startups learned the hard way). Startups that had strong cash flow management and managed their expenses well were better positioned to weather the storm. Startups that did the exact opposite either found themselves in desperate need of investors to keep the company afloat or struggled to keep the business afloat with the little revenue from the company, while some had to shut their companies down. To strengthen your financial footing in the coming year, re-evaluate your spending and cut unnecessary costs, prioritize projects and initiatives that increase cash flow, and consider alternative funding options like grants, crowdfunding, or partnerships if venture capital is hard to come by. Also, consider investing in stocks to grow your finances. 
4. Prioritize Your Team: Your team is the backbone of your startup. A challenging year can take a toll on their morale, so make it a priority to check in with your employees before the new year. Celebrate them and recognise their efforts through this year, no matter how little they may seem. Offer learning and growth opportunities to motivate them and strengthen retention. Also, allow them to share some of the challenges they faced during the year and what they think can be done better. A motivated team always sets your company up for success.
5. Strengthen Customer Relationships: Your customers are the lifeline of your business, especially in difficult times. As you prepare for the coming year, check in with your customers as well and listen to their feedback to be sure you are meeting their needs. Ask them what they love about your product and what you can improve on, you can give incentives or gifts to loyal customers to strengthen retention, make them feel valued, and build trust. Remember, happy customers, keep your business growing!
6. Network and Build Relationships: If you don’t currently have a pool of strong and supportive networks, you should make that priority in the coming year! (Yes, I’m shouting). Make it a priority to connect with other founders, mentors, and investors. Join supportive founder communities where they share valuable insights and resources and engage with other founders in the communities. If you don’t have a mentor, find one! Find experienced entrepreneurs or advisors who can guide you through your journey and strengthen your resolve. Also, you don’t have to build relationships with investors for funding opportunities only. You can build great relationships with potential investors who can mentor you or advise you on some business decisions. 
7. Take Care of Yourself: If no one told you this this year, I will. Dear founder, you do not need to get burnt out to convince yourself you worked hard all through the year. Your well-being is critical to your startup’s success. Your major priority in the coming year should be to rest more than ever! Yes, the economy is tough and all, but you can give yourself breaks every once in a while to take care of yourself. Delegate tasks, exercise regularly and eat well, sleep well to stay refreshed, and go on vacations too. Draw your ear and say after me “A healthy founder is a successful founder.”

Looking Ahead, 2024 may have been a tough year, but the fact that you are still here, still building, still striving, says a lot about your resilience. As we step into 2025, know that every challenge is an opportunity to grow stronger, every setback is a chance to learn, and every success, no matter how small, is worth celebrating. And to startups that had to shut down this year for one reason or the other, know that it’s not the end of the road. It may have been the best decision for you and your startup. There’s still a lot of time to start all over and build something really exciting! 

2025 is going to be a beautiful year, and I’m ecstatic about it. Here’s to your continued success!

Have a wonderful New Year!