UK-based business and management expert, Patricia Balogun, has shared key strategies to help small and medium-sized enterprises (SMEs) navigate Nigeria’s current economic challenges.
In a recent interview, Balogun, a financial engineer and advocate for SMEs, emphasized the need for resilience and adaptability in the face of the recession triggered by recent economic policies. The economic downturn has been exacerbated by the removal of fuel subsidies and the floating exchange rate introduced by President Bola Ahmed Tinubu’s administration since May 29, 2023.
Balogun highlighted the importance of creative management, strategic reassessment, and necessary adjustments to help businesses survive these tough times.
She advised business owners to diversify their revenue streams by exploring new markets and product offerings to increase their long-term chances of success. “Diversification opens up opportunities for attracting new customers while retaining existing ones,” Balogun explained.
The financial expert also urged SMEs to prioritize cost-cutting measures and manage their resources more efficiently to improve profitability and withstand the recession’s impact.
Additionally, Balogun stressed the significance of building strong relationships with customers and suppliers. “By fostering trust and loyalty with key stakeholders, businesses can secure their support during difficult times and potentially access new opportunities,” she said.
Balogun concluded by encouraging SMEs to implement these expert strategies, which she believes will serve as valuable resources for struggling businesses in Nigeria’s economic environment. “With the right recommendations and strategic adjustments, businesses can increase their chances of success and emerge stronger after the recession,” she added.
Post Views: 738
