Asalam alaykum wa rahmatullahi wa barakatuhu. Hello
again. i hope you are doing great. Today let's briefly talk about simple
things you can do to remain relevant in today's economy.
Nationwide most businesses are experiencing a decline
in sales. Only firms dealing with essential products and services have
relatively stable sales, and I say relative because the definition of essentials
vary from person to person. In the midst of all the cost cutting, staff layoffs,
hike in fuel and material expenses, the entrepreneur knows that come what may
the show must go on.
Sustaining a small business in Nigeria is no small
feat. Aside from the glaring economic challenges we all face, here are other
important issues that must be addressed to ensure our businesses remain viable
and vibrant:
Communicate
with your clients:
It's important
now more than ever to keep in touch with your clients. Even through the
holidays. Anything from a simple thank you for your patronage, to notifications
of downtime or when you will be closed for the holidays and your resumption
date is key.
But do not inundate your customers' inboxes with sales
pitches as this may make them ignore calls or messages from you.
This will help you protect your market share from your competitors.
Plan ahead to
stay ahead:
Come up with all the 'what if' scenarios that your
business could be faced with and carefully work out the way forward. Planning prepares
you to for any contingency as life doesn't always work out the way we plan. Lets say for instance, training your staff so that no
one becomes irreplaceable. If Ayo doesn't show up Abdul has everything covered,
or if cost of materials suddenly rise, how much of it can be pushed forward to the
customer without adversely affecting your business. Having solid plan B-Z
enables you to be on top of your game.
Also, be flexible. Don't wait until a new month or new
year before you start to make growth plans or strategize on customer retention.
Make necessary changes the moment you realize your current plans won't take you
where you want to be. Be open to 'fine tuning' along the way as the need
arises. Be up to date with the latest trends, know your competitors (and their
market share, if possible), make allowances for price changes and so forth.
Make provision for obligations:
Even though business is slow, you must still honour financial
obligations to the bank and other creditors.
Maintain your integrity and the goodwill of the business to ensure you have
future access to such facilities.
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| Photo Credit: Authorityngr.com |
Be financially prudent:
If your business is just scraping by, it is not the
right time to spend money to 'jazz up' the place in a bid to outdo the
competition. This will put additional pressure on your personal and business
cashflow making it difficult to operate
your business effectively.
Rest you must:
Keep a healthy and balanced lifestyle. You cannot give
your all if your mentally and physically tired. Allow yourself some 'me' time to get refreshed. Remember you
don't have to break the bank to have an awesome holiday. If you are taking time
off from the business, there are nice resorts in Nigeria you can visit.
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| Photo Credit: cometonigeria.com |
Or you
can just unplug, stay away from the phones and gadgets and and just relax. Just
be sure to leave the business in competent hands.
I would love to hear your tips and tricks on
sustaining your business.
Until next time, please take care of you and may Allah bless our efforts. Amin.
Our Lord, grant us good in this world and good in the hereafter, and save us from the chastisement of the fire. (Q2:201)
Ma asalam.
