The issue of the rising dollar exchange rate and price is a serious issue in Nigeria right now. It increases the cost of running business very well as such that businesses in Nigeria are struggling to make sales and profit. In this post, we’ll be writing about the topic of how your business can survive or cope with the dollar exchange rate crisis and scarcity in Nigeria .
You have to read this article carefully to know what to do to ensure your business survives through this financial crisis.
How your Business can Survive or Cope with the Dollar Exchange Rate Crisis and Scarcity in Nigeria
1. No Overstocking
This is not the time to overstock your shop, stall, or business. You should stock your shop or stall little by little, and according to the needs of your customers. You shouldn’t buy the number of goods you buy before the dollar crisis. This is to avoid losing your money as dollar exchange rate will keep changing for now.
2. Inform your Customers and Increase Prices
You need to inform your Customers about the volatile dollar exchange rate, and the need to increase the prices of your products and services. Of course, it’ll be a hard fact for them to take in but they’d cope eventually. It’s bad if you don’t carry them along.
3. Reduce Cost of Running the Business
Reducing the cost of running your business should be a great thought in your mind. Cut all unnecessary costs in your business. For instance, you don’t need to run generator in your pharmacy store always like before when you can install solar powered lights or rechargable lights to serve you. Try to cut cost in every way.
4. Find a Trusted and Cheap Source for Dollar-Naira Exchange
If you are into importation or you need dollars and other foreign currencies for your transactions, you should try source for the cheapest alternative to get these foreign currencies. This alternative has to be genuine as well.
5. Stick to Selling the Original no matter the Price
In this economic crisis period, you might be tempted to make profit and income by any means, and you resort to cutting corners. We don’t advise you to cut corners in anyway. For instance, you should continue to sell original products no matter the price. It will make the customers stick around with you. Don’t sell fake in place of original.
6. Consider adding Products and Services similar to Yours
For this trying times, you should also consider diversifying your business. You should add products and services that are related to your list of services and products to give your business a higher rate of survival. It is advisable to add products and services that are related to your business instead of ones that aren’t related to your business.
7. Reduce your Personal and Family Expenses
Getting to reduce your personal and family expenses is also another way to help your business survive. Instead of spending so much on yourself and at home in this trying time, you need to save up more to reinvest it back into your business. This is the good option for you.
This post has perfectly done a good guide on how your business can survive or cope with the dollar exchange rate crisis and scarcity in Nigeria. Now, it’s upon you to take the decision on what to do. If you get it right, your business will survive the harsh economic conditions prevalent at the moment.