Things are hard!
This is the general consensus in the country. Obviously, with soaring prices and a lack of confidence in the government of the day; this sentiment is expected. Prices have increased drastically in the last 3 months; in some cases they have doubled. There are a number of pointers to why the prices have gone up so much some of them being;
Weakening naira against the dollar which directly affects imported products and services
Increased cost of operations largely due to increased fuel prices
Increased cost of local production
Limited supply due to insecurity in cases like food
For businesses, this is a time of great opportunity and great risk of demise. There are several factors that determine which direction your business would tend, some of these factors include;
Client/customer emotional response to increased prices
Reduced purchasing power
Increased interest rates
There's nothing new about an economic downturn, they have occurred throughout history. Giant businesses have been born in these periods and several others have closed down. Adapting the right strategy to the season is incredibly important. At pedlarbusiness, we have developed and implemented several winning strategies for the season.
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