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.


10 Financial Books You Should Read In Nigeria Before The End Of 2019

Books are ointments that keep the mind alive generally so by extension, financial books keep the mind attuned to financial breakthroughs. A reader is a leader; so the saying goes. Books are essential in the renewing of the mind and the mind is important in becoming a better person in all ramifications of life. Poverty is a state of the mind. You are poor in so far as you think that you are poor. you get it now right? The moment you begin to see yourself as rich and financially capable, you will begin to consciously and unconsciously gravitate towards financial freedom and wealth. Also read: the essence of network marketing in Nigeria ]]>

10 Mistakes Entrepreneurs Make When Starting Online Business In Nigeria

st century is characterized by the internet of things. It is an era of online marketing otherwise known as internet marketing. People out of necessity must involve in online businesses. Unfortunately, there are so many mistakes entrepreneurs make in this sector.
It is unfortunate because some of those mistakes could be avoided. Most of them have figured this perfect business idea, formulated a nice business plan but they make unnecessary mistakes when it comes to dealing with the online aspect of the business.]]>

Stop Waiting For The Right Time And Start Creating The Right Time For Your Business In Nigeria

business in Nigeria. One thing you should know is that if you keep waiting for the right time for your business, that time might never come.
This is because there are many things to consider and all of them cannot be favorable for business at the same time.
So if you keep waiting for everything to be favorable, you might as well wait forever because such a time will never come. People tend to always study and prepare for businesses that they eventually end up not starting the business.
People spend much time and energy on getting prepared and trying to follow the best way to do things that they fail to understand that they are the ones to create the environment that they desire.
I am not saying that doing things the right way is wrong, neither am I of the opinion that doing your due diligence before starting a business is wrong in its entirety.
The problem is that people fail to draw a line between the right time and the perfect time for business.]]>

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.


7 Places You Can Identify and Purchase Businesses Online

You might have it mind to own a business of your own, but lack what it takes to set it up by yourself.
The best option there is for you is to buy an already existing business and then grow it from there.
There is a higher chance of success with the franchise than just starting your own business from the scratch. This is because; the business that you want to acquire already has a very good working system in place.
Once you buy the business, you also acquire that working system that has helped the business grow.
There is an already existing operating manual for franchise owners. With the help of this operating manual, the franchise owner can earn more while spending less time and effort as opposed the time and effort spent had the franchise owner gone along to independently setup that same business.
To an intending entrepreneur, there are many options you can explore if you want to own a business but are not ready to start it up by yourself.
There are many websites that you can purchase very standard and established business ventures around the world. With the help of these websites, you can identify and purchase businesses online around the globe.]]>