Change is inevitable and should not always be welcomed with criticism.
Government administration changes so also do policies becomes altered.
With the onset of a New administration in Nigeria, there has been lots of alterations and specifically hike in cost of production due to the removal of fuel subsidy. This shouldn’t make a typical small and medium business think of folding up or streamlining its scope of production.
For every change there is an adaptive immunity businesses should flag up to weather the circumstances.
Here are some insights to use policy changes to your advantage as a business owner
Review current position of the business: Taking inventory of the level of productivity of your business and try to cut down on irrelevancies so as to save overhead costs. This will help avoid being in debt or issues of downsizing the company or business.
Think expansion into untapped line of business: Just like when covid changed the pattern of business and the course of things, this current change will do same. Diversification is a strategy to cushion the effect of increased cost of production.
Wear a positivity helmet: As a business owner, you play a critical role in the direction the business moves. Being negative is unhealthy even in the face of inflation and policy changes. Look at the positive sides and make the best of rare opportunities to create a leverage for your business.
Leverage consistent Customer feedback and Communication: Show concern to your customers in times like this. Send mails, make calls and messages. It makes them understand that they are valued and esteemed.
Build connections: In order to advance and reach more clients, SMEs need to build connections together. When connections are built, the chain becomes solid for their businesses to strive. Each enterprise enjoy certain benefits from the other in terms of getting resources at subsidized cost, access to funds to mention a few.
I will like to know your suggestions on insights a business owner can use to adapt to policy changes via email [email protected]
Janet Ojo-Olowoyeye is a business enthusiast, communicator, researcher and writer . She can be reached via email : [email protected]
