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Nairaland Forum / Nairaland / General / Business / How Do Business People Cope In This Harsh Economy? (12994 Views)
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Re: How Do Business People Cope In This Harsh Economy? by Treadway: 12:55pm On Jan 26 |
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. 3 Likes 1 Share |
Re: How Do Business People Cope In This Harsh Economy? by iykecollins1(m): 1:21pm On Jan 26 |
Mo6M:So where will u be getting the extra capital to augument the price increase...if not selling at the new price 4 Likes |
Re: How Do Business People Cope In This Harsh Economy? by Beautifulday: 1:23pm On Jan 26 |
Draslo: 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. 3 Likes |
Re: How Do Business People Cope In This Harsh Economy? by iykecollins1(m): 1:23pm On Jan 26 |
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 4 Likes |
Re: How Do Business People Cope In This Harsh Economy? by iykecollins1(m): 1:26pm On Jan 26 |
Beautifulday: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 3 Likes |
Re: How Do Business People Cope In This Harsh Economy? by Beautifulday: 1:28pm On Jan 26 |
iykecollins1: 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. 3 Likes |
Re: How Do Business People Cope In This Harsh Economy? by Karlifate: 1:31pm On Jan 26 |
ZKOSOSO: 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. 2 Likes |
Re: How Do Business People Cope In This Harsh Economy? by CatchMeIfUCanMO: 1:39pm On Jan 26 |
Free2Fly: 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. 2 Likes |
Re: How Do Business People Cope In This Harsh Economy? by Elsueno: 1:52pm On Jan 26 |
ChatterHouse: 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 |
Re: How Do Business People Cope In This Harsh Economy? by WantsandMore: 1:52pm On Jan 26 |
Savings...all the previous years profit & earnings on investment are brought forward until things get better |
Re: How Do Business People Cope In This Harsh Economy? by pocom16: 1:55pm On Jan 26 |
DeltaOil:No ministry was moved .. A section of CBN's operation is not a ministry neither is FAAN 1 Like |
Re: How Do Business People Cope In This Harsh Economy? by Elsueno: 1:59pm On Jan 26 |
Babangidapikin: 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 3 Likes |
Re: How Do Business People Cope In This Harsh Economy? by Blitzking: 2:01pm On Jan 26 |
ChatterHouse: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. 1 Like |
Re: How Do Business People Cope In This Harsh Economy? by millionboi2: 2:19pm On Jan 26 |
Gbadugbakun:seriously, maybe his location just maybe? |
Re: How Do Business People Cope In This Harsh Economy? by efficiencie(m): 2:27pm On Jan 26 |
ChatterHouse: 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. |
Re: How Do Business People Cope In This Harsh Economy? by millionboi2: 2:32pm On Jan 26 |
Think9ja:Mumu.... keep crying and smiling,God will expose you when the time comes,u think everything is politics. 2 Likes |
Re: How Do Business People Cope In This Harsh Economy? by Obascoetubi: 2:34pm On Jan 26 |
EverythingPhone:Can u track my package home in my hand and show me proof & location my phone dey? |
Re: How Do Business People Cope In This Harsh Economy? by millionboi2: 2:36pm On Jan 26 |
Nice2023:don't mind the fool 1 Like 1 Share |
Re: How Do Business People Cope In This Harsh Economy? by Fujiyama: 3:00pm On Jan 26 |
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. 4 Likes |
Re: How Do Business People Cope In This Harsh Economy? by Salowise: 3:00pm On Jan 26 |
Angelfrost: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 |
Re: How Do Business People Cope In This Harsh Economy? by Onexmk(m): 3:27pm On Jan 26 |
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Re: How Do Business People Cope In This Harsh Economy? by Siberia01(m): 4:13pm On Jan 26 |
Onexmk:Una dey funny oh Why not make it yourself... 1 Like |
Re: How Do Business People Cope In This Harsh Economy? by Henrydata(m): 5:51pm On Jan 26 |
crossfm: 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 |
Re: How Do Business People Cope In This Harsh Economy? by Henrydata(m): 5:55pm On Jan 26 |
Paracetamol01: 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? 3 Likes |
Re: How Do Business People Cope In This Harsh Economy? by Lanretoye(m): 6:20pm On Jan 26 |
vastolord4:thank you,the economics training you recieved is about buying and selling.keep embarrassing yourself |
Re: How Do Business People Cope In This Harsh Economy? by Treasure17(m): 6:36pm On Jan 26 |
Lanretoye:Lmao. Dangerous to run a business with this kind of mindset. |
Re: How Do Business People Cope In This Harsh Economy? by newoffer: 7:08pm On Jan 26 |
He should buy laptop and use better solar or power bank to power it's laptop. No time to check time ooo Gbadugbakun: |
Re: How Do Business People Cope In This Harsh Economy? by Jamesoghie: 7:23pm On Jan 26 |
The question should br how do Salaries earners cope with this harsh economy. Business people are the ones cashing out ,right now |
Re: How Do Business People Cope In This Harsh Economy? by Grace001: 7:26pm On Jan 26 |
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 |
Re: How Do Business People Cope In This Harsh Economy? by EverythingPhone(m): 7:35pm On Jan 26 |
Obascoetubi: What package is that |
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