Peju Kukoyi

Peju Kukoyi

Nigeria’s economy is largely informal and semi-informal, with a huge fraction of the economy falling into small and medium-scale enterprises. With the February general election drawing closer, there’s been a wave of emotions and uncertainty on the outcome of the election with some of the candidates not particularly being what the youth would describe as ideal to rule the nation.  Nevertheless, the country has never been this united even amid uncertainty with many saying the result of the election might be negative while others think that it will bring the much-needed change the country needs to move the economy on an upward slope.

“A small business is an amazing way to serve and leave an impact on the world you live in”

National Bureau of Statistics opined that about 55% of the country’s GDP and over 65% of the total employment is driven by MSMEs making it an essential part of the growth of the nation and at the same time the most hit enterprises during and after an election year are usually the MSMEs since there aren’t enough regulations by the government to protect them from changes in the government as every government comes with its idea and plans for the informal sector that is populated by MSMEs.

Quickly let’s take a look on our a MSMEs can survive and still make money in an election year while making their growth plans and adjusting to the changes in the system.

STAY UP TO DATE: The first and most significant way to survive in an election year is to stay up to date and be abreast of the happening,  and policy changes, every government comes with its policies, projects and changes to the economy. You’re advised to keep up with individual candidates and their plans for the nation.

RE-EVALUATE MARKET SHARE: it is of utmost importance that you constantly check the relevance and usefulness value of the product/service you’re offering as every change in government brings about new ideas and an open market that can render your said business irrelevant bringing about a competitive product or better vantage products.

GO DIGITAL: The world has become a huge market place and the internet connects everyone, getting a digital marketing skill or introducing your business/product to the online community will certainly ensure that even in the midst of huge economic uncertainty and change in the nation’s governing power that your business remains productive and profitable as we are able to reach a wider audience and interface with people from a different country.

“The internet and online communication is the window into your world”

CREATE VALUE-ADDED SERVICES: Understanding that every customer is unique on its own and creating additional services that suit them based on product demand and purchase power is an easy way to ensure you get returning customers and referrals from customers. Everyone likes to feel valued and heard same as customers in a business place once they feel heard and seen by the business owner their loyalty and commitment become unwavering.

HUMAN OR INTERPERSONAL SKILL: This is knowing how to relate with people and interact with existing and potential customers. It is a skill on how to relate with people.

“Your career success in the workplace of today – independent of technical expertise – depends on the quality of your people skills, – MAX MESSMER”

Being able to relate with people is by far the most useful basic skill any business owner can have, the customers of any business both existing and new are the essence of the existence of a business enterprise thus knowing how to treat them is of utmost importance.

DO NOT ISOLATE YOURSELF: Be a part of a large community, find complementary products or services that will increase your sales and market share and partner with them. Avoid being alone, be part of a product group, market or business association, chamber of commerce or even a corporative society.

BUILD A TEAM: Your business is as strong and productive as the employees you have running the business, and the way you treat your employees is a direct reflection of how they treat the business.

“Ideas are always made better by a group of people dedicated to collaboration – Nellah McGough”

Highly motivated employees/workers will always perform better and produce more results. Create a good and effective communication system within the business structure and reward efforts.

Even with the high level of uncertainty of the general election, many businesses will suffer the hash reality of policy changes and unforeseen closure if they are not willing to stay in compliance and adjust to the changes in both the community and government at large, stay informed and get help when necessary, it is our wish that the general brings nothing both positive and good economic policies that will into grow the nation.