3 Proven Ways Small Business Can Survive During This Pandemic In Nigeria

Since the emergence of covid-19, we have seen a huge downturn in the economy. While bigger businesses have a better chance of surviving during this period, however small businesses tend to live only with a few months of cash flow

Since the emergence of covid-19, we have seen a huge downturn in the economy. While bigger businesses have a better chance of surviving during this period, however, small businesses tend to live only with a few months of cash flow.

Many small business owners are probably thinking that this could be the end of their business operations,however what they don't know is that, they can still emerge with a business that is stronger than the business they had before the crisis.

I know by now,you are probably thinking, how do I  know this? First of all,my name is Paulbismarck Uzoh, and I am the CEO of SEEDBOX ENTERPRISE,a subsidiary of BISMARCK & PARTNERS one of the best dealers and suppliers of electrical and electronics fittings and appliances in one of the largest market in Lagos, Alaba International Market to be precise.

And I am going to be putting you through on the 3 proven ways your small business can survive during this COVID-19.

LOOK OUT FOR OPPORTUNITY

Basically, it's quite unfair when brands or business owners capitalize on events like this to make profit. But it's an opportunity for you as an entrepreneur to reconsider how your business has been operating. You need to reconsider your business model,and analyze if it could survive the changes that will come from the covid-19 pandemic.

To get a winning business model, you can contact sky high digital for more information. You also must think about your customers,and their behaviour during this period; and how you can accommodate who will likely be a new type of customers.

You should also think about how to create an online presence for your business through digital marketing,so that even during this pandemic you can effectively connect with your customers. You can contact sky high digital for this,they are always available and always at your service.

DON'T RUSH

Inasmuch as you would like to take every opportunity that comes your way in other to survive. It's quite necessary,that you think through your actions before taking a decision,because one bad decision could crumple everything. And you won't want that to happen, so think about what you need to do to survive another day I.e take each day as it comes.

These are not normal times ,so you need to think outside the box. Everyone is currently in the same situation,so it's important that you share your concerns with others, because talking about it helps you to think through solutions.

BE CONSERVATIVE

Try not to waste anything,good business practice all the time. Every small business usually has the same key expenses,some other expenses range from industry to industry.

Take a look at your finances,and try speaking to people you may support to have a realistic discussion like PEFA SOLUTIONS on how to control and effectively use your finances.

What cost are necessary,what can be put on hold? All this and more are what you should keep asking yourself,in other to remain on track. Always have an open and honest discussion with financial agencies eg PEFA SOLUTIONS about your immediate and long-term plans for the business and how you can cut cost too.

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NowGist Reporters - Nigeria Current News Headlines: 3 Proven Ways Small Business Can Survive During This Pandemic In Nigeria
3 Proven Ways Small Business Can Survive During This Pandemic In Nigeria
Since the emergence of covid-19, we have seen a huge downturn in the economy. While bigger businesses have a better chance of surviving during this period, however small businesses tend to live only with a few months of cash flow
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