How to set up a thriving business in difficult times

November 10, 2017 12:05 pm by discove6

The last two years have held a lot of uncertainty both home and abroad, with a decline in GDP; the recession setting in; an untamable spike in living costs and a rise in dishonest money making schemes, business owners are looking for every means possible to make more profit with shrinking capital whilst seriously cutting down on expenditure.

This is a tall order indeed, with the cost of both basic and luxury goods and services tripling as businesses attempt to meet overhead costs. However we believe this can be achieved by taking a different approach to how business is setup in the first place.

Businesses certainly cannot thrive in these difficult times by employing the same tactics used during times of plenty. In fact, there have been various reactions ranging from retrenchment/restructuring human resources, salary and expenditure cutbacks to total shutdown.

In the midst of the upheaval, we believe difficult times unlock hidden opportunities for healthy competition, innovative services and expansion.

Here are some considerations:

  1. Slightly alter your business processes to meet recession specific needs/innovate, close the need-offer gap
  2. You would want to cut expenses and bad costs: It is only wise to cut expenses that are in no way adding to your profit making process. If you realize that your shop/office space costs more than your capital, a better and more affordable option is the way to go. To give an instance, opening for business at Tejuosho Shopping Centre in Lagos provides access to world class amenities and services at highly competitive rates largely unmatched by similar developments.
  3. Your customers also want to cut expenses. To increase your customer base, help them save money and that’s how you win their loyalty. Being close to critical services such as logistics can make all the difference for your business. Tejuosho Shopping Centre also ticks the box in the regard, as it is a transit hub in its own right, with an added advantage of being close to Jibowu and Iddo, making it easier and cheaper to ship goods anywhere in Nigeria.
  4. Work with partners that are committed to your success. Because the possibility of being cash strapped in these difficult times might be high, businesses looking to open at Tejuosho Shopping Centre have access to loans specifically tailored to suit their needs.

For more information, start here at www.discovertejuosho.com or Call 07083586746 to schedule a visit. You will be amazed at the possibilities that await!

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