Thriving and flourishing in hard times had always been difficulties for any Nigerian entrepreneur. It is a smiling step to start a business but a deadly thing to be hooked in the hard times.
Gone are the days of corruption and mis-leading leaders whom every Nigerians believed to have squander the public treasury. But now it's a new government, the recession hours had come where everyone need to strive and go extra lengths to ensure their business continue to thrive as before.
You don't need to be frustrated like many others that have quit, you don't need to keep racking your brain to have a possible solution to the daily assaults of your business.
Every world knew it isn't easy, you only need to stop saying it and work it out better. Good to say, you are going to face problems but be happy, there are confirmed way out.
Are you weary of this daily business plague? Do you wish to thrive in this hard times? If yes is what keep rocking your heart, then trace this content to the end until you are satisfy. Here are 5 things Nigerian entrepreneur must do to thrive in this hard times.
1. Increase your sales
Is it in this hard times you are going to increase your sales? Yes! All you need to do is to follow the guide. Thriving in this hard times could be challenging, if you fail to increase your sales. The best thing I will advice you to do to increase your sales is to; Cut the cost and Drive the sales. Don't you think of this; If you render a service of fifty thousands to your customers and in this hard time you discover they aren't patronizing you as before, then you could less the costs of your service to forty five thousands, because you might be having the profit of ten thousand before, then reduce that five thousand. That could be the best option, isn't it? No matter how hard it is, when such depreciation strikes your cost. Those that failed to come will troop in to buy your goods and call for your services.
Depending on your latest profit, don't overdo it such that, you won't have any gain from the product again, just that you need to make it minimal to drive the sales proportion. Act wisely!
2. Repackage your product
The best thing you need to do during this hard times, is to repackage your products. Basically, you need to note that, people like your products/services and they would go extra mile to buy it but where do they keep the money. That's the reason you need to make your product available and purchasable. The best way to do this is to create a smaller product within your product line. Take for instance, Lucosade Boost is one of the best drink people love to drink basically among the male gender. It is used to be in a bottle package of #200, but when they discovered in this hard time, people have no expense to buy the larger one and they really need it, the company strive to repackage it in a smaller size of about #100 which no one would be weary to purchase.
As a Nigerian entrepreneur, creating small product package could Pave way for business thriving and blooming.
3. Enlarge your coast/business
Most people call it jack of all trade, I call it trades that jack in cash. If truly you want your business to flourish at this early time of recession, I would advice you to expand and invest into other businesses. If you heard the story of the missing cheese, you would probably act now! But while I just summarize it; four entrepreneurs kept their cheese in their different box overnight but in the morning, they discovered all had disappear. Two of them strive to look for it outside where they kept it but definitely found free new ones while they failed to go back to the former misplaced one. The other two failed to leave, rather they keep waiting for it to be return but it failed to return. One suggested they should trace the other two of their friends and guess what, they found them enjoying their new found cheese. They also joined them and continue to merry on the bridge. If you don't expand, you will definitely quit. So try it out in a co-related manner!
READ ALSO: How to Get Customers To Your Business
4. Open new source of suppliers
In this manner, when you had thought there isn't any option than to quit. Why not trying this- change your suppliers.There is probability that those that supply you the Materials had been pushing you behind the curtain in terms of price of goods supplied. Look for new ones, new reliable source could change it all.
5. Monitor your revenue and expenditure
This is one of the things most Nigerian entrepreneur failed to do. I trust my partner and employees are what they keep saying. It isn't that you don't trust them, but strive to monitor everything to be in order so that you would have total knowledge of how it's done!
I hope it helps. See you dropping your comments below.