Navigating Small Businesses In Tough Times

Navigating small businesses can be tough in a crisis. Business owners have lost a lot, but not everything. To be alive is a profit. Here are some wayouts post Covid-19.

1. Interact more with customers, understand their needs, predict behavioural patterns and plan to exceed expectations.

2. A lot of people may disagree but there is no better time to start a new venture or turnaround a failing business. A fledgling supermarket in VGC, a highbrow estate in Lagos was bought over by Mallmart. With physical transformation of the store, improved ambience, more payment points, courteous staff, heightened customer service, increased inventory and product offerings and extended working hours, business has never been so good. These strategies have been tested and proven to work. Yes, even in a pandemic.

3. Is your product or service fit for purpose? Does it appeal to your customers, provide value, convenience and solve real problems?

4. Don’t be overwhelmed by information overload of glitch and gloom in the global business environment. Stay focused.

5. The icing on the cake will be to create a product or service that performs better than competiting brands. That is the magic that ensures business continuity even after a crisis.