Building a strong business during hard times.

[Axis]

In most areas of west Africa where hardship abound, a lot of business owners and business managers are finding its incredibly hard to grow and manage a strong business that is able to grow and develop thereby reaching greater and higher heights. The reason is because the cost of living in such area have increased which obviously spike up the cost of production as well as depreciate or diminish the standard of living of persons living in such area. It is absolutely important and necessary that business owners seeking to establish stronger business be prepared as this hardship can totally affect the business negatively.

As a result of hardship a lot of businesses have shut down or even gone bankrupt due to lack of resources and lack of financial manpower to power the business growth and development. In conclusion, It is important that business owners and managers make sure to be financially prepared which of course involves seeking for loans or to engage in other foreign investments so as to have enough funds to Foster the a business establishment so that it can be stronger and more developed.

 

[Phantasm]

In challenging times, a viable business can be built by assessing the situation well, leveraging the core strengths, adapting business model accordingly, prioritising customer relationships, managing of cash flows, investing in innovation, branding and strategic partnerships and supporting your team. Understand the economic landscape and challenges, differentiate with strengths, be flexible in business model , prioritize customer satisfaction; monitor cash flow; innovate; market effectively; form partnerships; support employees ; stay positive . This is only possible if businesses remain agile as well as being proactive and customer-centered.

 

[moonchild]

When times are hard, what you should focus on as a business owner is to cut back on everything and only identify stuff that moves the needle in your company, you might have to say goodbye to some employees to save some money or put on a lesser salary.

When times are hard the only thing that you should focus on is making sure your business is going well on the most leanest model, it is foolish to hire more people or to be spending money on advertisement or brand sponsorship if you're not covering your running costs in your business.