UK Business expert offers survival tips to Nigerian SMEs

A business and management expert, Ms. Patricia Balogun, has provided valuable advice to small and medium business owners on how to navigate the challenging economic landscape of Nigeria. In a recent interview with newsmen via zoom, Ms. Balogun, a London-based financial engineer and SMEs promoter, emphasized the importance of resilience and adaptability in the face […]

A business and management expert, Ms. Patricia Balogun, has provided valuable advice to small and medium business owners on how to navigate the challenging economic landscape of Nigeria.

In a recent interview with newsmen via zoom, Ms. Balogun, a London-based financial engineer and SMEs promoter, emphasized the importance of resilience and adaptability in the face of the economic recession gripping the country; occasioned by fuel subsidy removal and floating exchange rate as policy of the current administration.

She said there was need for a creative management, reassessment of strategies and making necessary adjustments to stay afloat during these tough times.

One key piece of advice Ms. Balogun offered was the diversification of their revenue streams by exploring new markets and product offerings, in order to increase their chances of survival in the long run.

This, she declared, will open them to new customers, while they retain their old ones.

Ms Balogun also urged business owners to as a matter of urgency prioritize cost- cutting measures and efficient management of resources, to improve their bottom line and weather the storm of the recession more effectively.

Additionally, Ms. Balogun highlighted the importance of building strong relationships with customers and suppliers. By fostering trust and loyalty with key stakeholders, she said further, businesses can secure their support during challenging times and potentially gain access to new opportunities.