By Merit Ibe
A seasoned business owner and analyst, Austine Emeka Okoye, has shared his thoughts on current economic realities facing Nigeria, reeling out successful strategies and solutions to business owners amid uncertainties.
Okoye who is the CEO/Founder, Pingusem, Global PVC Limited, emphasised on valuable business insights and how entrepreneurs can survive and thrive amidst inflation and escalating operational costs. He emphasised the need for strategic adjustment in pricing and counter increased costs, business owners need to gradually increase price or introduce value-added services, this thoughtful approach can help businesses maintain profitability.
“Reviewing and optimising operational expenses is equally crucial.” Okay employed business owners to reduce waste, negotiate better deals with suppliers and streamline processes to control costs without compromising quality.
He pointed out the need to mitigate the risks associated with inflation, diversifying product or service is key, stressing that certain products may be less impacted or even experience increase in demand during economic downturns.
On the importance of customer satisfaction, Okoye encouraged building strong relationships to withstand price increases. “Loyal customers, often value the service or product beyond its price. Inflation’s impact on interest rates and borrowing costs prompts him to advise businesses to carefully evaluate financing options.
He explored the different avenues or renegotiated existing loans that may be beneficial, adding that a vigilant eye on market trends and inflation rates is essential.
“Decision-making should be based on cost forecasts and ensuring businesses stay ahead of economic shifts.
“There is the need to embrace technology, in order to improve efficiency and productivity, that is crucial.
“Automation and improved processes can equally offset rising costs and streamline operations.
“For businesses dealing with commodities or foreign currencies, Okoye recommended employing risk management techniques to mitigate risks associated with price fluctuations.
Moreso, he said recognizing the impact of inflation on employees’ purchasing power, you need to deploy fair compensation adjustments and also fostering a positive work environment to retain valuable talent.
He said to thrive in a changing economic landscapes, one has to underscore the importance of adaptability and innovation.
“Being responsive to evolving consumer behavior can also create new opportunities for growth.
Okoye highlighted the key role of establishing an online and media presence in today’s digital landscape.
“The key aspects includes a well-designed website, engagement on relevant social media platforms, content marketing, SEO optimization, online advertising, email marketing, and influencer collaborations.
“ To maintain consistent branding across online platforms he emphasized, the use of analytics tools to track and analyze online presence. Regular assessment and adaptation of strategies are essential to staying relevant in the ever-evolving online landscape.
However, Okoye said drawing from over 25 years of experience and managing multiple branches of businesses locally and internationally, he has been able to build a strong customer relationships across all business channels
He encouraged entrepreneurs and business owners to emulate this tips,which he considered paramount for success in pricing, credit, waste reduction, sales improvement, and overall expansion.