How does my business survive recession?

[conaljom]

It's been a rough year due to the Covid-19 pandemic and now Nigeria has gone into recession due to the economy suffering a heavy blow because of the novel Coronavirus. So , how does a small business cope amidst recession?

 

[Peterlight]

The only way your small business could survive recession is to avoid unnecessary spending and also, try to put more effort to promote and make aware of the business either online or offline

 

[Sincerem]

When you plan ahead of time, invest mostly on the trending stuffs and most wanted items or merchandise. That people really value a lot, recession or none, your business will still grow when you have set goals.

 

[Lyrrex]

It's been a rough year due to the Covid-19 pandemic and now Nigeria has gone into recession due to the economy suffering a heavy blow because of the novel Coronavirus. So , how does a small business cope amidst recession

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Amidst the coronavirus pandemic some businesses are still standing tall. From my own understanding it all boils down to what you know and how to do it best

 

[Deysi16682]

It's been a rough year due to the Covid-19 pandemic and now Nigeria has gone into recession due to the economy suffering a heavy blow because of the novel Coronavirus. So , how does a small business cope amidst recession?

Hello, in the midst of this situation, the company must implement a plan for the business to survive this situation and adapt to the recession, such as network management, advertising and costs within the pocket of the people who, like the companies have suffered the resection

 

[Salma tahir]

Hard work is essential for the growth of any business and the foundation of the business should be laid when you have all the information about it.

 

[Ehizzy1]

I think since there is lockdown and others caused by the pandemic and many are scared of going outside due to the virus, i think you can take the small business online , like create a site for it and start offering delivery services

 

[Lyrrex]

The only way your small business could survive recession is to avoid unnecessary spending and also, try to put more effort to promote and make aware of the business either online or offline

Yeah!! unnecessary spending?, that is one issue most business owners make, especially startup businesses

 

[Peterlight]

Yeah!! unnecessary spending?, that is one issue most business owners make, especially startup businesses

It is only experience business men that can relate to it, they have been through the same process and every new business man always try to impress their competitors by over spending, and that's how they run down

 

[Nurudeen]

You just need to seek for government support and apply for Grant to make your business move forward. It's not easy to survive this recession with government because everything is now on the increase

 

[Ralphjoe]

It's such a pity that Nigeria is in another recession in two years now, says a lot about the government economic policies.
A small business navigating its way beyond this high recession in Nigeria right now will mean that business must be disciplined in it's expenditures, especially on reoccurring expenditures, it should reduce it to the barest minimum.

Increase it's products or services exposure to the outside world, that way the business will rather grow than shrink in the recession.

 

[Nova]

Nobody knows when the things will be coming out of the recession. And even worst part is that you have to make sure that you are continue to sell things along the way. And this way you can continue to make the progress. You have to think of business as small even if it is big and take one customer at a time to serve and make things easier and better.

 

[Alexandoy]

When the lockdown was declared in our province, there were 34 workers in our neighborhood who lost their job (for 2 months). Some women started a business mostly with food items - cooked meals, snack foods, eggs, bread, etc. Somehow those families survived the economic calamity here because of their small-scale business. If your business is consumer-based then you probably have to try going from house to house to offer your product.

 

[Kamon c4]

Even though the pandemic cause the wrap of a lot of businesses, some business made the most of the pandemic and they recorded their highest profits in a while. It’s a pity you don’t specify the kind of business you’re into, I could’ve a little suggestion and advice on how to boost your sales and stay alive in the market

 

[Iamsodex]

The only way for both small and big businesses to stay in business in this time is to first avoid unnecessary spending, any form of spending that isn't important or sustaining the business should be cut off immediately and ensure you have a laid down plan for the finance if the business

 

[Zevin]

It depends on what you are selling. If you are selling essentials like food and clothes, you can survive any recession, however, if you are selling luxury, it will be difficult to get your business going. People have lost jobs, closed their businesses, do not have any work, therefore, their purchasing capacity has substantially reduced. You need to focus on cutting your expenses.

 

[Seun4luv]

Reduce your monthly rent. Get a discount on utilities.Cut wasteful discretionary spending.Lease rather than buy.Pay payables later.Keep your existing customers. Double-down on your best customers.

 

[Chumzy]

Same way it has been surviving before the recession. I like to say it, doit
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Same way it has been surviving before the recession. I like to say, with a little bit of caution. You have to put more attention and focus a little bit more than you used to. When it comes to price, you have to be careful on the changes of prices, so you don't sell at a loss because of changes in price. You also have to be prudent with spending.

 

[WhiteHouse]

Conserve cash.
This should be completely and utterly obvious.
If you are profitable, great. Focus on understanding your costs and risks of lost revenue.
If you are not profitable, start cutting costs now.
If you have debt, this is the time to try and change terms.

 

[Aqsa Shahid]

Set your goal first and try to avoid spending extra money on useless objects or products. Do advertisement perfectly as it will grow your business and will give you profit however your business will be online or offline.