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 ....

Simple increase price


My niche of business allows that

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?

We are holding on to God!
This time will pass.

Brendaniel:
Tinubu and APC supporters just left the chat room....

extremely despicable people.....see what they've done to Nigeria and Nigerians.

Nigeria for you

I think the only way is to do more of city-rural migration and things will balance up. The insecurity is the major problem of the country right now. More migrations could have balanced up things but the north and the east is being made inhabitable....as a strategic thinker......something's has to come to play

Omo the price change is crazy. I cant have a fixed price for a week

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?

Dey Whine yourself

Like say no be Niigeria you dey.

EverythingPhone:
Na God o

Meanwhile

I track lost or stolen phones or devices At an affordable fee

A trial will definitely convince you

Contact me via siggy below

How?

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.

That isn't the topic...face the topic man and stop being silly.

At least business owners have their customers to help them cover up most of their expenses. Salary earners are the worse hit in any inflationary economy. Salary earners don't have any one to push any of their expenses to.

I don comot money out of my business buy myself a car, make I use am dey enjoy why business dey try suppress the enjoy with the instability.

I can't come and keel myself.

You simply steal from warehouses dazzol


I used to know a guy in apapa that used to smuggle out ship ments and resell for cheap

wunmi590:


It is so difficult out there, even the buyers are complaining of everyday increase of commodities..

We just pray that we have a better leader that will take us through the long suffering..

No amount of prayer can save this country.
We are just docile people.

Seriously, it's bitting hard on me. As an SME, it is no longer a laughing matter. It's just one step forward, five steps backwards.

The only solution to adapt is, after selling product A and having made your profit, if you can't buy same product because of the price increase, then adopt " Alternative forgone". Meaning, looking for a similar product that is cheap and could serve the same purpose.

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?

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

how can someone without a job live?

BrodaBenad:
Simple increase price


My niche of business allows that

But do you know the steady price increase dey affect sales?

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

. motivational speaker spotted. Where is the multiple balablu.

Na God 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 30-50k commission per week if he has good sales, and he's spending that same amount on fuel, how would the business flourish.

This economy is really killing businesses.

Buhalii will Fix the..

While Osenbanjoo will Fix the..

Complete it

CatchMeIfUCanMO:


But do you know the steady price increase dey affect sales?

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

They're just ass-licking political myrmidons

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 ....

They don't care about the masses, once it favours those up there, that's all. End sars casualty has caused fear in Nigerians and that's their plan. But at the end, folks will still be left with no option than to revolt and it's definitely going to be a tough one.

Make calls to know the amount of prices every week once the price increases you increase your own, if u don't meet up otilor...

Kashamadupe.

Desmondum:
They don't care about the masses, once it favours those up there, that's all. End sars casualty has caused fear to Nigerians and that's the plan

But at the end, folks will still be left with no option than to revolt and it's definitely going to be a tough one.

Death and Pains will be very enticing and tastes like HONEY when it gets to this point.

I just increased the price of my services... There is always a solution to any problem. No time to complain.

Ideally, in every businesses, you should be monitoring prices.

That's why BDC always come with daily prices. In some countries rate is only accurate at the instant of payment.

I bought a product at 21k
Sold it at 24k
Went the next day to buy the same product, they said it's 27k, take it or leave it

Lifemanage:
I think the only way is to do more of city-rural migration and things will balance up. The insecurity is the major problem of the country right now. More migrations could have balanced up things but the north and the east is being made inhabitable....as a strategic thinker......something's has to come to play

is that your answer?

It's the customers you should ask o. There's is like you went to still goods to sell. As if na we make d economy harsh.

Nigerians that are doing bussinesses are really trying in nigeria....lack of constant electricity power supply, multiple taxation, high dollars exchange rate, depreciation of naira..naira losing value, high costs of disel and fuel to run their generator to operate their bussinesses, bad roads...all these have negative effects on bussinesses ,companies and industries...so government try and provide a conducive environment for bussinesses companies industries to thrive

It is not funny. The country is programmed to destroy small businesses.

I tried to renew my hosting plan with namecheap and what I am seeing made me to quickly contact my tech guy if we could switch to hosting companies in Nigeria and he said if we switch, the inconsistency of Nigeria hosting plan will affect our online presence. I am almost weeping coughing out money to renew my hosting plan. If things continue this way, I may be forced to quit business