Enterprising Muslimah : Keeping a thriving business in the recession

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.


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.