As we begin to see some slight improvement in the course of fighting to eradicate recession in the Nigeria Economy, it will be educating to know how small, medium and big companies are fairing during the Nigeria recession.
This article is set to outline 5 reasons why small businesses pose more capabilities to survive than big companies during this recession period.
It was reported that in 2016 over 272 firms shut down in one year according to MAN (Manufacturers Association of Nigeria) 50 out of the 272 were manufacturing companies. These bring's us to the question of how long the surviving businesses will last during this period of Economic meltdown.

Small Business Vs Big Companies

You would agree with me that most small business operate are a very low or no cost when compare to big companies where the daily expenditures runs into thousands of Naira.
Small business run under very few or no staff apart from the owner, but that’s the opposite when you are talking about big companies, take for instance a company like GLOBACOM with more 2,500 employees as at 2009. The total sum of to be remitted for employees salary on monthly basis when the company is experiencing a drop in ROI due to the country’s economic situation.
Small business owners hardly employ the services of professionals like an auditor, Account manager, servicing agency and an attorney e.t.c. but any big company that doesn’t operate with at least two out of the mentioned professional bodies tends to run into some irreplaceable risks sooner or later.
Small business operate with 95 percent of goods, materials and services availably within the country, mean while, hardly can you find big companies that don’t depend on imported resources to operate. Which can course limited production of products for customers usage or consumption due to delay of incoming imported resources in some cases. Reducing monthly profit after sales.
If Big companies are to abide by the rule of tax payment which we know 99.9% if not 100% small business owner don't pay, then provision for tax payment can become a stumble factor for the big guys to survive during this recession period.


As we look forward to eradicating this canker-worm called recession, we pray we don't loose more big companies whose contribution to the economy has been tremendously helpful.

kaimagist:
As we begin to see some slight improvement in the course of fighting to eradicate recession in the Nigeria Economy, it will be educating to know how small, medium and big companies are fairing during the Nigeria recession.
This article is set to outline 5 reasons why small businesses pose more capabilities to survive than big companies during this recession period.
It was reported that in 2016 over 272 firms shut down in one year according to MAN (Manufacturers Association of Nigeria) 50 out of the 272 were manufacturing companies. These bring's us to the question of how long the surviving businesses will last during this period of Economic meltdown.

Small Business Vs Big Companies

You would agree with me that most small business operate are a very low or no cost when compare to big companies where the daily expenditures runs into thousands of Naira.
Small business run under very few or no staff apart from the owner, but that’s the opposite when you are talking about big companies, take for instance a company like GLOBACOM with more 2,500 employees as at 2009. The total sum of to be remitted for employees salary on monthly basis when the company is experiencing a drop in ROI due to the country’s economic situation.
Small business owners hardly employ the services of professionals like an auditor, Account manager, servicing agency and an attorney e.t.c. but any big company that doesn’t operate with at least two out of the mentioned professional bodies tends to run into some irreplaceable risks sooner or later.
Small business operate with 95 percent of goods, materials and services availably within the country, mean while, hardly can you find big companies that don’t depend on imported resources to operate. Which can course limited production of products for customers usage or consumption due to delay of incoming imported resources in some cases. Reducing monthly profit after sales.
If Big companies are to abide by the rule of tax payment which we know 99.9% if not 100% small business owner don't pay, then provision for tax payment can become a stumble factor for the big guys to survive during this recession period.


As we look forward to eradicating this canker-worm called recession, we pray we don't loose more big companies whose contribution to the economy has been tremendously helpful.

[url]
https://ogafinance..com.ng/2017/04/5-reasons-why-small-businesses-will.html[/url]

Whoever wrote this thing,has little or no idea of what small and medium scale enterprises are passing through in Nigeria;with or without recession.
This is more like a theory done by an 'Infopreneur',with no practical experience.

i can partially relate to what the author is saying. And one thing am so sure of is the fact that more millionaires and entrepreneurs are "made out" during recession. This millionaires spring forth from small businesses this is possible through various innovation they've brought into the business world. Certain innovations help them save lot of money. And innovation is a Key factor for every entrepreneur. Innovations, gives you the lead in the market that you hold a share to. it could be innovation that concerns market sales of what you're doing, customer relationship, production (which definitely includes low cost of production), e.t.c.

Nigeria's entrepreneurs suffer mostly because of lack of innovative ideals. What they do mostly is "copy and paste" business. What i mean by copy and business is this, when i see Mr A. selling a particular product and he is making gain out of it, i, Mr B. will quickly rush and start doing same. When i encounter a problem in the course of doing the business, that's where i get hooked that's where i stop and the next is complains. If only we take innovations into how we do things(business) in Nigeria seriously, more millionaires would be made.

Recession affects business no doubt, but more millionaires spring forth during recession and it comes from small and medium scale businesses.

Just be innovative during recession and even after recession then you'll see the result.

eezeribe:
Whoever wrote this thing,has little or no idea of what small and medium scale enterprises are passing through in Nigeria;with or without recession.
This is more like a theory done by an 'Infopreneur',with no practical experience.

entrepreneurship in Nigeria not child's play cost of shop alone Na war talkless of setting up the business

eezeribe:
Whoever wrote this thing,has little or no idea of what small and medium scale enterprises are passing through in Nigeria;with or without recession.
This is more like a theory done by an 'Infopreneur',with no practical experience.

he made some good point and I concor with him