JUST FOR THE BUSINESS PEOPLE:

REASONS WHY YOUR BUSINESS IS NOT PROGRESSING

By Anayo M. Nwosu

I attended another church’s service on invitation by a friend last week. The presiding pastor blamed the economic hardship in the country on the work of our enemies. He cast and bound as many of them as he could.

The man of God at the end, injected the congregation with enough opium to last for one week. Next Sunday would be another appointment.

We all left believing that it was well with us.

But, as a financial expert, I know the the real reasons why you and other business persons are not making sales as you did before now. They are:

1. Your customers do not have enough or no money to pay for your products or services these days;

2. Many of your customers have not made sales in their own trade or have not been paid salaries to enable them buy what you sell;

3. The increased prices of other essential items like food, medicine, school fees and fuel that have the first line charges on their incomes or revenues, have eaten into the amount available to them to buy your goods;

3. They might have discovered cheaper alternatives to your goods e.g. many people now patronize mamaput instead of established restaurants to save costs;

The poor sales you are currently experiencing is not spiritual but as a result of the current receding economic situation.

Do not waste your savings on seeking for the services of merchant pastors or spiritualists as they do not have solutions to your problems. They want to make sales too.

Suggested Solutions:

1. Change your line of business to essential goods';

2. Improve on your customer and after sales services;

3. Sack non-essential staff to reduce overhead costs and place every staff on sales target;

4. Sell off some of your assets to pay off your bank loans as you may never be able to service the loans due to poor sales; you can later replace the sold assets when the economy improves;

5. Resist the temptation to borrow from a bank for goods you are not sure of when you can sell them off, for you may not be able to repay the loans and the bank would sell your pledged security at a give away price to extinguish your outstanding loan.

We are told that recession has gone but only government officials can testify to that. The effects of improved economy are sometimes only visible not to the populace but the politicians.

Importantly:

At this time, ensure that you have bankers, accountants and lawyers as friends. You surely would find their advice invaluable.

Days are evil.