The country is in recession, gentlemen, and sadly, there is very little or nothing that we can do about it till those in power opt to give us at least some time off from all of this madness that they have put us in. We won’t lie to you and try to mask the truth by telling you that times are the same because frankly, this is affecting businesses a lot and we don’t like that. That’s why we are back here today not to share tips on what business to invest in this time around, but how to manage the ones that you have on the ground.
3. Have a Good Tax Plan?
When the issue of recession kicked in, a lot of businesses folded up and if you are part of this that has held the fort and refused to give in to the tough demands of the economy, we say a big congratulation to you as that is what true entrepreneur would do. To further ease things on you, we have put together this small, non-exhaustive list of things that you could look to put in place to get you through.
1. Plan Your Expenses Wisely
One of the things that this recession has brought is the fact that there is very little money running around in the economy, and yet, the prices of things are going up daily. This defies the law of economics which would have required a large volume of money in circulation for an inflation to occur. On this basis, it is advisable that you, as an office, estimate the cost of running your business every month and try to slim fit it as much as possible so that you get only the essentials and cut off the luxury
2. Take Credits Wisely
There is no doubt that you want what is best for your business and that would tempt you into taking loans, more loans, and even more loans. While we are not against you spending to improve your business, money doesn’t really have much value now and you would end up getting big amounts of money to cater to very small plans. It wouldn’t cause a headache now till the economy picks up again and you end up having to service the huge debts with money that has now gained value. Sorry, that’s just how the economy works
Having good tax officer manage your taxes might actually be a good option this time around. Before now, taxes were a nightmare and now that we have found ourselves in this kind of situation, with the tax rate even increased further despite the state of the economy, a tax agent could help you review your business and even show you where you are eligible for a rebate from the government. Read Also: Biggest Financial Mistakes Most Entrepreneurs Make
4. Look to Break Even more Markets
The fact that businesses are closing up right now should inform you that you even have more chances it makes it big when the economy picks up again. Start with a lot of low key feasibility studies now and look for where businesses have opened up due to the various closures in the market. after we leave this stage, you would be surprised at how much you would be able to catch the market by surprise and make even more.
5. Keep Your Workers/ Yourself Happy
Read our Previous article on How To Get The Best Out Of Your Employees
Salaries are late everywhere, and money is slow in coming in. these and much more are enough to make sure that you or you and the workers are unhappy, and this is where your creative strength as an entrepreneur comes in. Create a better and fun scenario for your employees and yourself to work under while also not forgetting that you need to generate optimum results. Only when you are happy, and your workers are truly happy, can you do anything meaningful in the first place.