A renowned business and management expert, Ms. Patricia Balogun, has proffered valuable advice to small and medium scale business owners on how to navigate the challenging economic landscape of Nigeria in the current era.
Speaking in a recent interview with newsmen via zoom, Ms. Balogun, a London-based financial engineer and SMEs promoter, emphasised the importance of resilience and adaptability in the face of the economic recession gripping the country, especially following the May 29, 2023 occasioned by fuel subsidy removal and floating exchange rate as policy of the current administration under President Bola Ahmed Tinubu.
She said there was need for a creative management, reassessment of strategies and necessary adjustments to stay afloat during these tough times.
One key piece of advice Ms. Balogun offered was for the diversification of their revenue streams by exploring new markets and product offerings, in order to increase their chances of survival in the long run.
This, she declared, would open them to new customers, while retaining their old ones.
Ms Balogun also urged business owners to as a matter of urgency prioritise cost-cutting measures and efficient management of resources, to improve their bottom line and weather the storm of the recession more effectively.
Additionally, Ms. Balogun highlighted the importance of building strong relationships with customers and suppliers.
By fostering trust and loyalty with key stakeholders, she said, businesses could secure their support during challenging times and potentially gain access to new opportunities.
Ms Balogun said: “Following this time-tested expert advice would serve as a valuable resource for small and medium businesses struggling to survive in Nigeria’s economic recession.
“With these recommendations and strategic changes, businesses can increase their chances of success and emerge stronger on the other side of the recession.”
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