SMEs in Nigeria (like in some countries) are now feeling firsthand the impact of COVID-19 paired with the deflation of the Naira an aftermath of the oil price war between Russia and Saudi Arabia, that has resulted in the drop in oil prices (less than $25 per barrel, a record low since 2002).With the probabilities really slanted against the country, Its hard not to wonder how many small businesses will survive these times. Surviving will be contingent on the REBOUND STRATEGY. Life for small businesses as we all know it, will change. Once the white flag is up, it is persistence of the fittest, you will need to think on your feet if you want to remain in the market.

 Few tips small businesses may need to consider when planning their rebound strategy

 Tap into resources provided by government and financial institutions 

Governments around the world are already putting together initiatives to support small business owners, and this is something that is evolving on a daily basis. Be up to date with how your governments can help cut costs, as well as other important institutions, such as banks who also have a social responsibility. If you’re registered in more than one market, explore support options in both markets.

Upskill your staff

Wherever possible, try your best to keep your staff– they rely on you, and if you have managed a good team, they should be supporting you. You could train your existing staff on additional skills, which could make them more productive and efficient, rather than hiring more staff. There’s plenty of online courses that are very affordable, and these will allow them to focus on other areas of the business when their department is down for instance, your sales team could perhaps also help out the marketing team. 

Refurbish Branding Materials

Nothing tells the story of a business as much as its brand materials. Beyond the promise and messaging, other elements that make up a brand including the materials. While speaking with some businesses, there were conversations about wanting to update some brading elements but due to busy schedules, these could not happen. Fortunately, or unfortunately, businesses now have some time to work on this so that it reflects the image you want the brand to have. These materials include brand logo, message fonts, colours, design layouts, tagline, color palette, and all the marketing and promotional materials, letterheads, signage, etc. These, as we know amongst other things, will aid in giving your company an appeal in a very attractive way.  With adequate feedback through communication with customers and your team, you can birth something that will keep your target audience glued to your brand.

Build Social Presence 

The use of digital platforms have been on the increase during this period and very rightly. Businesses are trying to gain market share and are competing for audience attention. Beyond ensuring that you have an active online presence, what is key is focusing on the platform that targets your audience. As a small business, you cannot be everywhere because you most likely do not have the resources (finance and manpower), so what is advisable is to go all out. Find out what platform(s) your audience congregate and create high engaging content and begin to build human interaction. The trends of events have shown that there is so much to be gained from active involvement on these platforms.


Top 8 Profitable Low Capital Business Ideas In Nigeria 2019

This is the generation of ideas. We have to wake up to that reality or we will be left behind. We all know that it is costly to start most profitable businesses but we the right ideas, you can still become successful in any business you choose. Do you know that there are many profitable low capital businesses in Nigeria? All you need to do is start.
This article is born out of the necessity to satisfy the growing curiosity on how to start a business with a low budget.


What Does it Really Take To Build An Ecommerce Business In Nigeria?

E-commerce involves any type of business done online where individuals buy your items through the interface of a website or web portal. It could be an information product or a tangible good. A typical example of commerce business is that run on Jumia, Konka, Jiji, Olx and so forth.
They have a remarkable site that you can purchase goods and services from the convenience of your home and get them conveyed to your doorstep before or after delivery. The internet is free but when it comes to setting up an e-commerce business, you have to pay for the cost of setting up your eCommerce business website, advertorials, and branding to make it stand out. You can stack up goods in your home, shop, or warehouse and be offering them online to individuals upon demand.