How To Do Business In Hard Times

How To Do Business In Hard Times

Recession is not news in this part of our world. A financial challenge has been the song of business starters, the employees are clamoring for pay raise because their take home pay cannot take them home. Everyone is crying for a better life in the mist of austerity. How many times does an average Nigerian have a balance diet?
The noise about economic recession came when it hits the World’s power economy. There is much publicity on the concept of recession when the chips are down in America and Europe, amongst other first world. It will interest you to know that recession has always being part of the developing world; the third world, where Nigeria falls.
The question is ‘what Nigerians man should know that will perpetually take them out of recession’ The circle can be broken if you know what to do. Nigerian businessman or woman must observe the following productivity steps that can take them out of recession permanently.

1. Find your purpose: Every Nigeria must find out their purpose. Why am I a Nigerian? Why am I born here? What am I here for? What do I have to offer? To who am I sent to? Why am I not born in America or Europe? When you don’t know your purpose in this nation you may be living a frustrating life in this season of recession. When the purpose of a thing is not known, then the abuse becomes inevitable. Many are abused in life because they lack the understanding of their purpose. This will help you to know the problem you are here to solve. Many suffer in recession because of lack of their purpose.

2. Be on the lookout for problem: In any recession, there are thousands of problems to solve. The problem of food, transportation, clothing, and other big challenges. It is your responsibility to find out the problem you can solve. When you solve a problem, you cannot go back empty handed; you will always be paid. Develop a Solution problem seeking mentality; you will never lack what to eat.

3. Develop your product: It is not enough to find the problem; you have to convert your solutions to product. Your product must be a solution to a problem, answer to some questions, relieve to a particular tension. Then, you can flourish in a recession; people don’t just buy product they buy solution. It is a man who has product that cash flow to even in a recession time.

4. Give it a fantastic packaging: Your product must have a fantastic packaging so that it can attract the people to buy. If you have a poor packaging, you get a poor pay, your packaging distinguishes you in the market place and give you a marketing edge. Packaging affects your pricing. If your product has a good packaging, you can’t go down in a recession. Somebody somewhere would go for a well packaged product.

5. Find the people: Finding the people who are in need and are willing to buy your product is very essential. If you don’t define your market very well you may not make a great deal in recession time. People are the reason for your product. You need to search for them, know their choice, taste, challenge, and their buying power and so on. If you must excel in a recession period you need to do a thorough people research because people will always need things. Even in a reception time people are always there with their needs, find them out!

6. You must have a place: Location is very important at this part of the state. After you have found your purpose, your product, you must have a location where the people can reach you. Your place makes it easier for people to locate you. You must make sure the place is not far away from where people can access you. As time goes by, multiply your selling points so that you can make multiple sales at the same time. A man who has sales point cannot be hungry in a recession.

7. Have a platform: It is very important to have a platform where you are legally visible to your world. Registering a business name, belonging to a social group (internet networks like face book, twitter etc) can be a good platform to announce your product to the people. At recession, relationship is very key; in fact you spend relational capital more than financial capital. Where would people find you? Do you have/belong to an NGO, a company or a stage to access your world?
However, If you follow this seven steps, you will always shine in recession and smile home where others are crying or grumbling. Be wise!

Remi Dairo
President, School of Productivity




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