Your business can thrive regardless of the economic situation

The dwindling economic situation in Nigeria has direct negative impact on every business whether small or large. Though the impact on small businesses is usually higher taking into consideration the fact that small businesses are in a major growth phase, seeking to maintain balance in the market. The dwindling economic storm results in a pile of unsuccessful businesses. However, it is very possible that your business survives the dwindling economic storm if you put certain measures into practice which include the following:

1. Avoid sales on credit as much as possible to ensure balance in cash flow i.e the flow of your income and expenses
2. Improve on your customer service. Happy customers will return but not alone.
3. Invest more in advertisement and marketing to increase awareness of your products, this you can do via various social media platforms
4. Establish social networks and ensure they are aware of what you do
5. Develop and implement strategies to win more customers while securing the existing ones, as competition tends to increase in an unstable economic, especially one with long term recession.