Use it to stress just how briskly or intensely someone is performing an action. The band was playing like nobody’s business, thrilling the crowd.
Pro Tip 2/3
Informal Tone
It adds a casual tone, so it's not suitable for formal writing like academic essays. He started fixing up old cars like nobody’s business after retirement.
Pro Tip 3/3
Hyperbolic Speech
The phrase is an exaggeration and not meant to be taken literally. When the sale started, shoppers began grabbing deals like nobody’s business.