10 Survival Tips For Business Startups During Recession
The Nigerian economy has been in turmoil for the better part of 2016 following the drop in the price of crude oil and the negative impact it had on government’s revenue. This resulted in a dip in Nigeria’s foreign reserves triggering a gradual and continuous depreciation of the value of the Naira. This then triggered a rise in the cost of goods and services, reduction in consumer expenditure, lower profits for companies and a rise in bad debts in the books of commercial banks. In a nutshell, this has resulted in recession. And private business owners are not left out either.
But who says this recession will devour business startups, or in other words, who thinks startups cannot survive this recession? Yes, they can. And to be sure they can, these 10 rules of engagement can help every business startup avoid being a victim of this current economic tsunami.
In the world of business today, you have 3 choices to make: Get better, get smaller or get kicked out.
It’s your choice.