New strategies for Nigerian businesses to thrive
“The way we distribute value has changed but the value that clients expect, has not.”
Business management consultant, Oluwatobi Alli joined Yomi Owope on Wake Up Nigeria to discuss BUSINESS MANAGEMENT STRATEGIES THAT THRIVE IN AN ECONOMY, as touching the activities, structure and things businesses have to do to make sure that they make consistent profit in covid or non covid season.
He cited the various stages of business as solid, liquid and gas stages. Alli explained that a business is:
SOLID when profits are coming, expansion is on and everything is fine.
LIQUID when the business begins to lose its power, profits and market share.
And GASEOUS when income becomes really bad and staff lay-off begins.
Oluwatobi emphasized how market circle, technology and government policy is a major factor that affects businesses. A perfect example is the new Lagos state law that bans the movement of motorcycle on major roads, affecting business for companies like gokada, maxkada etc.
Alli concluded stating that business owners should think of value: “the truth is the way we distribute value has changed but the value our client or customers expect has not changed. So business owners need to dig into the root core of their business and find out the kind of value they are offering their clients and now leverage on technology to be able to still offer the same value.”