With the value of the Naira rising against the dollar each waking day. What is the fate of Most online business or businesses that rely on foreign exchange to survive. I am talking about the Forex gurus, the mini-importation businessmen, the bulk sms resellers, the fiver guys, currency exchangers, domain registrars, Resellers of foreign SaaS services, etc. What will be the outcomes of these businesses in the next couple of months? if you run such businesses what measures will you take? What will be your new strategy going forward?

Despite the fact CBN has devalued the Naira to 168. Its still selling as high as N189 in the black market. Infact Some banks now charge as high as N185 (someone was cursing and threatening his bank here on nairaland because of this). Well it is not funny at all. Cause as someone rightly noted whenever the Naira rises esp. against the dollar it hardly ever falls. So we should expect the Naira to stay at N168 benchmark for a longwhile even if OPEC raises oil price to N297 per Barrel and our CBN shore up our reserves. But like Napoleon Hill once said in his quote 'In every adversity, there in lies a seed of greatness.' Thor! Our adversity thus have equal greatness within. So what will you do to shore up profits?

Personally I have always being against price under-cutting tactics (which many rookie entrants to business use as the sole strategy) and would advice these people to rather form a union or body at this austere time, to protect their interests or Add more value to their offerings and raise price. There are other things that can be done to help your business cope like cutting costs of running businesses and re-negotiating with your suppliers, esp. the foreign ones or changing suppliers if possible.

People are predicting doom for so many online based businesses these season but I know we'll survive. What you think, What measures will you take today if you run any of these businesses? Let the comments start.

On a lighter: My favorite Buka has now reduced the quantity of food including the size of the meat, fish and Kpomo they sell and for the same old price. That means a regular plate of N300 will not satisfy man's hunger again o. I am left wondering whether the price of dollar also affects kpomo too? Abi na inflation cause am?


Culled from http://www.francisokaformbah.com/613/online-business-survive-naira-slump/