I dey sell cars and mattresses. I don see waya for galloping prices hand. E no funny at all, but we dey roll with it.

Sales revenue targets are dipping, so the focus is on making every single sale as profitable as possible, cos there isn't much traffic coming in these days. In business terms, focus is more on bottomline than topline goals.

Mo6M:
Its true, but the idea of selling the goods you bought at a rate to complement the next you want to buy is called high greed. For double gain. Its the next one you are going to buy going to be sold at the old rate....

So where will u be getting the extra capital to augument the price increase...if not selling at the new price

Draslo:
Nigeria is like a cancer.
It is easy to blame current and immediate past administrations when the real damage was done in the70s, 80s and 90s. The only civilian president that could have effected some real change was Obasanjo and he failed woefully.


The people who made Nigeria like this have absolutely no business with SMEs so they don't care. Their families buy their food stuff in bulk so they don't understand the daily increase for those who buy what they cook daily. Nigeria is f***ed. Just do your best to make money and ensure your family is well. If you are waiting for government, you will die waiting.

This is defeatist mentality. Does it mean, what got spilt can't be repaired?

The past and the current government are to blame.

There are nations that were worst than Nigeria few years back but are doing fine now. Was it aliens that got them out of their mess?

Capital No.

I used to think its possible to do really well as a youth and a starter in business...but my conception has changed totally...Only those with really dip pocket can actually do something in this country...The question now is where do u get such capital to become a deep pocket

Beautifulday:


This is defeatist mentality. Does it mean, what got spilt can't be repaired?

The past and the current government are to blame.

There are nations that were worst than Nigeria few years back but are doing fine now. Was it aliens that got them out of their mess?

Capital No.

Indeed every struggling country can work its way out of its challenges...Is our govt/leaders ready to work us out of this mess....God bless peter Obi

iykecollins1:

Indeed every struggling country can work its way out of its challenges...Is our govt/leaders ready to work us out of this mess....God bless peter Obi

They are enjoying the cry of the masses but the people are stupidly crying in silence. Begging too much for street. People are dying but doing nothing. It's terrible.

ZKOSOSO:
It's not funny at all.......

Tax Clearance alone go humble u
Pencom Clearance na new car be dat
Nsitf sef don add 30k join to collect certificate
ITF Sidon dey wait you with dia bombastic eyesight

God save all Contractors and Consultants o.....

Tunubunomics na witchcraft......

Right...

That's one of the major reasons why many companies are selective in the contracts they bid for.

If it's not an Oil & Gas contract, worth millions of Dollars, you might eventually have yourself to blame at the end of the day, after calculating your revenue & expenses.

Free2Fly:


People like that guy usually don't have any business they're doing.

They're just ass-licking political myrmidons

I thought as much, because no matter how you increase/adjust the prices, it will get to some points where customers will start complaining and so on.
E go even slow down sales sef.

That is the reality businesses dey face now.

Even to sell sef go dey somehow fear the business owners because they are not sure of buying those goods they sold at the same prices, thereby giving them the notion that it is more or less like a loss, instead of being a gain.
More reason why many business owners no dey gree sell some goods these days until they hear from the manufacturing companies to avoid buying higher than they sold the previous stocks.

ChatterHouse:
Imagine you buy goods of #12,000 with the hope of making profit of #300 after sales you end up buying the same goods for #15,000

You're making loss not profit cause you cannot buy the same quantity of goods you sold with the capital+ profit you made

This hyperinflation in Nigeria is killing small and medium scale businesses

I'm asking small business owner how are you coping in this economy?

Have a line contact with a sells rep of that particular products or good rapport with Ur supplier, they would inform you of price increase ahead of time so U get to stock up in advance

No company increases Thier prices without informing THIER biggest dealers in advance

Savings...all the previous years profit & earnings on investment are brought forward until things get better

DeltaOil:
Just that they move some ministries to Lagos & the North was crying.
Wetin go happen to the North when we break?

It shows the power the South has but scared to wield it.

No ministry was moved ..

A section of CBN's operation is not a ministry neither is FAAN

Babangidapikin:
I think this is the real problem .. Profit margin for small business is nothing to write home about and hyperinflation is also killing morale .. The people are not willing to buy sef except it is absolutely necessary ....All this men seating in Air Condition at the CBN and NBS should hit the street and start getting data ..and seek Financial Engineering Expert advice on the best models they can use in approaching the economy ....

Most of the people working Thier are kids of the elites, some of them grew up in their fathers castles, then go abroad or some expensive private uni & then back to a cushy job at these top agencies..They most likely have no idea how the average Nigerian survives

ChatterHouse:
Imagine you buy goods of #12,000 with the hope of making profit of #300 after sales you end up buying the same goods for #15,000

You're making loss not profit cause you cannot buy the same quantity of goods you sold with the capital+ profit you made

This hyperinflation in Nigeria is killing small and medium s,cale businesses

I'm asking small business owner how are you coping in this economy?

Being in business is better than a salary earner..most business ppl don't add 100 or 300 naira to their goods some add 1k to 15k to the cost price...while petty traders add like 100 to 300 to items purchased but most times those items were bought in bulk not pieces so at the end they still add like 1k to 2k to the cost price if u add all the 100 to 500naira per item. U just av to be way ahead of any price adjustment before it lands but u might be loosimg customers but u will be safe.

Gbadugbakun:
Omo e no easy o. My friend who has 2 bet9ja shops has closed.

He told me that power supply in his area this January is so bad and he couldn't afford to be buying fuel at over N600 per liter on top of how much commission?

At most bet9ja would be paying 30-50k commission per week if he has good sales, and he's spending that same amount on fuel every week, how would the business flourish.

This economy is really killing businesses.

seriously, maybe his location just maybe?

ChatterHouse:
Imagine you buy goods of #12,000 with the hope of making profit of #300 after sales you end up buying the same goods for #15,000

You're making loss not profit cause you cannot buy the same quantity of goods you sold with the capital+ profit you made

This hyperinflation in Nigeria is killing small and medium scale businesses

I'm asking small business owner how are you coping in this economy?

Right now the Nigerian economy is not fit for small businesses. As the middle class shrinks and more and more people are plunged below the poverty line we can expect aggregate demand driven by the middle class to fall. Those sustaining aggregate demand are the upper class and their consumption basket is not the same as those of the middle class. If you must do business you must target goods and services that in the consumption basket of the rich and the corrupt. High end real estate is one good area. As bad as the economy is there are people buying houses worth 300 million naira, 500 million naira, 10 million dollars etc. Real estate seems to be the safest investment around and there is a second type of investment that will boom this time around due to high food prices, insecurity in food basket states, and the high cost of transportation. Just thinking about these three challenges I just mentioned is enough to spark this business idea in someone's head but I am keeping this to myself cos I wan enter that area fast.

Think9ja:


Support him or not
Hate him or like him, he's your president (our) president until 2031.

What that means is that you have 7.3 years to gnash wail

Inugo?

Mumu.... keep crying and smiling,God will expose you when the time comes,u think everything is politics.

EverythingPhone:
Na God o

Meanwhile

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Nice2023:



People like u are the reasons why we can't differentiate between mad men and road side mechanic.

Wetin concern me...u can check me up privately,I am not even a poor man.

My historical posts is enough to convince u.

May u not quit in supporting evil men and so shall their evil not also depart ur household.


I speak for those who have no means and not those who are being spoon feed.

don't mind the fool

There you have it.

Real world accounts of those trying to create value under very trying circumstances.

Of course the propagandists have avoided this thread because they have absolutely nothing useful to contribute.


There is almost no business in this country that isn't affected by this chronic inflation and exchange rate volatility. The only difference is the degree.

Angelfrost:
There can be only one coping mechanism... Adjust your prices according to the inflation level.

When people can no longer afford what you are offering, you dissolve the business and join them.

Worst of all your neighbor will still be doing competitor sell with little to no profit just to get the whole customers without knowing if they're in profit or not, customers will now start thinking you're cheating them. Omo business no get joy

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Una dey funny oh
Why not make it yourself...

crossfm:
Hehehe.

The situation is not funny.

Do you know that before most people sell things to you today they will first make calls to their supplies to know the current price.

Prices are going up geometrically,the level of inflation is alarming.

At these rate,most business will find it difficult to stay afloat.

Yes, exactly. I witness such.

Instead of the selling paying much attention to me, he was busy on the phone confirming price

I just dey pity the guy

Paracetamol01:
Just get multiple streams of income...
Reduce Your expenditure.that's All

Easier said than done.

Na people like you dey give people depression.

You think people do not know that they have to make extra income?

vastolord4:


It's either you didn't receive economics tutoring in secondary school or you're just a pure olodo

thank you,the economics training you recieved is about buying and selling.keep embarrassing yourself

Lanretoye:
The one wey we dey do for ourselfs even pass the one wey government dey do.
Consumers bear the increase in capital and the profit too.,prices have already been increased before sellers get to the market
You buy market 12k,you hear say market don increase and immediately you change the price of the one wey u buy for 12k.then you go to the market with customers money and you still come back and sell to the same customers at higher price.if you find another way to increase your capital like you find your initial capital,i think the burden will be lesser on the buyers.
Then if there is 200naira increase in the price of a carton of indomie for example,you increase the price of one indomie by 30naira,if you multiply 30naira by 40 in a carton...you know who is killing who.

Lmao. Dangerous to run a business with this kind of mindset.

He should buy laptop and use better solar or power bank to power it's laptop. No time to check time ooo

Gbadugbakun:
Omo e no easy o. My friend who has 2 bet9ja shops has closed.

He told me that power supply in his area this January is so bad and he couldn't afford to be buying fuel at over N600 per liter on top of how much commission?

At most bet9ja would be paying 30-50k commission per week if he has good sales, and he's spending that same amount on fuel every week, how would the business flourish.

This economy is really killing businesses.

The question should br how do Salaries earners cope with this harsh economy. Business people are the ones cashing out ,right now

And some mumu who live in denial will say Nigeria is the best place to do business.

continue to Dey play and deceive yourself.
Useless failed country

Obascoetubi:
Can u track my package home in my hand and show me proof & location my phone dey?

What package is that