The Nigerian Bureau of Statistics recently announced that the Nigerian economy is officially out of recession. That is good news. Recession is a technical term that is used to describe an economic situation where the GDP of a country declines for two consecutive quarters.
Asides the technical definition, there is no one pointer to an economic crunch. A decline in GDP for two consecutive quarters represents a downturn in all-round economic activities. This downturn leads to collapse, stagnation or little progress for most business ventures. Once an economy pulls out from the recession, businesses gradually pick up again.
Was your business affected by the economic decline? Here are 5 ways to revive it:
Many business ventures are affected during a recession, from big organizations to thriving small scale businesses. Some were badly hit that they folded up or relocated to more favourable markets.
An improvement in the economy that ends the trough is a pointer to try again. The end of the recession is the best time to get your business running again. Irrespective of whether the business was a side business, or your only means of income, reviving it would be a great idea.
#Invest money in the business.
Investing money into a business that suffered during the recession is one effective way of reviving it. As more funds would increase the capital available for the purchase of goods for sale, thereby positioning the business for good returns.
#Get in touch with your customer base.
While the trough lasted, your customers may have pulled back on their patronage. Now is the best time to reconnect with them again.
After a recession, things improve and people return to their usual choice or spending habits. Show them you are back to business, not just back, but even better. Old customer-base is not enough, there is need to expand it and win over more customers.
#Improve your business.
Reviving your business is not enough, a business owner should make great effort to expand and improve the quality of goods and services rendered.
Once the economy improves, other businesses owners also position themselves to regain the market, thereby making the competition even stiffer. Improved services would give your business an edge and win over more customers.
#Roll out Promos.
Promos are good for business, even better for a business recovering from hard times, and best for any business that has targets to achieve.
Moreover, how would your customers know you are back in business if you do not tell them?