SmartPreneur
Advertisement
  • Home
  • Trending News
  • Brand Insights
  • Profiles
  • Hustle Life
  • Weekend Teaser
  • Radio
  • TV
  • Games & Quizzes
No Result
View All Result
  • Home
  • Trending News
  • Brand Insights
  • Profiles
  • Hustle Life
  • Weekend Teaser
  • Radio
  • TV
  • Games & Quizzes
No Result
View All Result
SmartPreneur
No Result
View All Result
Home Grow

6 Sure Ways That Small Businesses Can Survive A Harsh Economic Environment

Blessing Osazuwa by Blessing Osazuwa
January 20, 2023
in Grow
0
6 Sure Ways That Small Businesses Can Survive Harsh A Economic Environment
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp

Small businesses in Nigeria face a variety of challenges in the current economic environment. High inflation, currency devaluation, and a lack of access to funding are just a few of the obstacles that small business owners must contend with. However, despite these challenges, there are steps that small businesses can take to survive and even thrive in a harsh economic environment.

  1. Diversify your product or service offerings: Offering a wide range of products or services can help small businesses weather economic downturns and capitalize on new opportunities. For example, a small business that deals with producing cleaning agents might diversify by adding a hand sanitiser, while a small service business might diversify by adding a new service offering.
  2. Focus on cost-cutting: In a tough economic environment, it’s essential for small businesses to keep their costs as low as possible. This might involve negotiating better deals with suppliers, cutting back on unnecessary expenses, or finding ways to automate certain processes to reduce labour costs.
  3. Leverage technology: Technology can play a critical role in helping small businesses to survive and grow. For example, small businesses can use e-commerce platforms to reach a wider customer base or use social media to promote their products or services.
  4. Access to funding: Access to funding is vital for the survival of small businesses. There are government and private organisations that provide funding for small businesses in Nigeria. This can include grants, low-interest loans, and even tax incentives.
  5. Networking: Building relationships with other small business owners, entrepreneurs, and industry experts can be an important way to gain valuable insights, learn new strategies, and connect with potential customers.
  6. Adaptability: Finally, small business owners need to be adaptable and willing to adjust their strategies as the economic environment changes. This might involve shifting focus to new products or services or finding new ways to reach customers.

In conclusion, small businesses in Nigeria can survive the harsh economic environment by diversifying their product or service offerings, focusing on cost-cutting, leveraging technology, accessing funding, networking and being adaptable to changes in the economy. It is important for small business owners to stay informed about the latest economic trends and to be proactive in their approach to managing their businesses. With the right strategies in place, small businesses in Nigeria can not only survive but also thrive in the current economic environment.

Tags: Ease of doing business in NigeriaEconomic environmentNigeriaSmall business challengesSmartpreneur
Previous Post

I Owe My Career Success To Hardwork and Luck, Says Tony Elumelu

Next Post

Clear Your Debts With These 6 Simple Ways

Blessing Osazuwa

Blessing Osazuwa

Blessing does the research to bring you needed information for success.

Related Posts

5 Practical Ways To Turn Your Biggest Client into Multiple Big Clients
Grow

5 Practical Ways To Turn Your Biggest Client into Multiple Big Clients

by Blessing Osazuwa
September 20, 2023
0

Building a thriving business often hinges on the ability to scale and diversify your client base. One of the most...

Read more
How To Strategically Grow Your Dropshipping Business After Successful Launch
Grow

How To Strategically Grow Your Dropshipping Business After Successful Launch

by Blessing Osazuwa
August 30, 2023
0

Congratulations! You've successfully launched your drop shipping business, taking the first step towards entrepreneurial success. Now comes the exciting part:...

Read more
5-Step Guide: Avoid Repeating Last Month’s Mistakes In This New Month
Grow

Why Entrepreneurs Must Prioritize Lifelong Learning, Even With Busy Schedules

by Blessing Osazuwa
August 25, 2023
0

The world is constantly changing, and so must entrepreneurs. In order to stay ahead of the curve, entrepreneurs need to...

Read more
How Your Unique Perspective Drives Your Business Goals
Grow

How Your Unique Perspective Drives Your Business Goals

by Blessing Osazuwa
August 25, 2023
0

Welcome to a journey that unveils the often underestimated link between your personal perspective and the achievement of your business...

Read more
3 Lies We Tell Ourselves About Assets That Are Holding Us Back
Grow

3 Lies We Tell Ourselves About Assets That Are Holding Us Back

by Blessing Osazuwa
August 18, 2023
0

Assets are anything of value that you own. They can be tangible, like real estate or a car, or intangible,...

Read more
This Robert Greene’s Law of Power Works for Top Photographer, Felix Crown
Grow

This Robert Greene’s Law of Power Works for Top Photographer, Felix Crown

by Blessing Osazuwa
August 16, 2023
0

Felix 'Crown' Adebayo, a celebrated figure in the world of media, renowned for his exceptional achievements, and a fervent supporter...

Read more
AI-Powered Business: Benefits and Drawbacks
Grow

No Business Is Too Small For Technology

by Blessing Osazuwa
August 9, 2023
0

In the dynamic world of business, the cliché "size doesn't matter" holds true, especially when it comes to leveraging technology....

Read more
Load More
Next Post
Clear Your Debts With These 6 Simple Ways

Clear Your Debts With These 6 Simple Ways

Please login to join discussion

Recent News

5 Practical Ways To Turn Your Biggest Client into Multiple Big Clients

5 Practical Ways To Turn Your Biggest Client into Multiple Big Clients

September 20, 2023
How to steal your competitors’ future customers

How to steal your competitors’ future customers

September 15, 2023
There’s Still Hope: 4 Ways To Cut Your Losses

There’s Still Hope: 4 Ways To Cut Your Losses

September 15, 2023
4 Tips That Will Change The Way You Pitch Your Business To People

Meetings aren’t always necessary. Here’s when to opt for alternatives

September 13, 2023
SmartPreneur

© 2020 SmartPreneur

Navigate Site

  • Home
  • Trending News
  • Radio
  • Games & Quizzes
  • TV

Follow Us

No Result
View All Result
  • Home
  • Trending News
  • Radio
  • TV
  • Hustle Life
  • Brand Insights
  • Profiles
  • Game & Quizzes
  • Weekend Teaser

© 2020 SmartPreneur