Surviving in an ailing economic system is the easiest thing to do! I know that such an assertion is daring, contradictory, and even unthinkable. In a society that suffers perpetually from economic setbacks, it is your duty as a member of society to find a new pathway that will help you rise heads and shoulders above your peers. In Nigeria for instance, the present economic system depletes annually; twice as fast than it did in previous years.

In my opinion, it is worthy to note that Nigeria does not practice a people-centered economy that is keen on placing the citizens at the nucleus of the economic circle. Regrettably, Nigeria which claims to operate a mixed economic system has crawled under the weight of losses arising from inflation, unemployment, insecurity, tariff and non-tariff barriers to trade, scarce foreign direct investments (FDI), poor currency valuation, and limited foreign exchange capacity of Naira.

The following are things you can do to stay ahead of the curve;

FINANCIAL LITERACY

The primary challenge of the people is high inflation- a period of sustained increase in the prices of goods and services which leads to low purchasing power on the part of the citizens. To this end, surviving in this kind of economy requires a great deal of ingenuity and innovation. To survive in an ailing economy such as Nigeria’s, there are viable foundations one must lay. One of such foundations is financial literacy.

The need to acquaint one’s self with knowledge of finance and investments has become as important as the oxygen which we communally inhale. Gathering knowledge on where the economy is, what is relevant and can stand through generations, the reasons for the failure of businesses and economies, and the opportunities inherent will equip an individual with the right boat and paddle to sail through troubled economic waters in whatever season.

For example, during the unsolicited arrival of one of the world’s deadliest pandemics; the COVID-19, many companies were compelled to make certain decisions. Some downsized, others shut down for a while, and some were thrown into bankruptcy and eventual liquidation. It can be observed that some companies continued operations (albeit remotely) and still exist now that the pandemic has lost its fearful grip on the world. The dichotomy between these two business entities is the degree of flexibility to change, the relevance of services offered, and financial literacy.

AVOID UNHEALTHY COMPETITION

Another firm foundation you must lay for yourself as a survival strategy in a declining economy is to pay less attention to unhealthy competition. It is more advantageous to pay the most attention to the value you have to offer the market. Comparing yourself with other entrepreneurs who had earlier exposure to knowledge and experience than you do is not advisable.

SKILLS DIVERSIFICATION

The third strategy for survival is skills diversification in the same field of business or industry. I remember working with a beddings brand as a fine-finisher in 2019 when it was new in the market. I visited the CEO again in 2021 and to my awe, the brand had gone from production and sales of duvet sets and pillows to production and sales of bed frames, sales of mattresses, and interior decoration items. The brand name had been changed from luxury4less bedding to luxury4less interiors.

Now, that is how to diversify skills within the same field of business, which will lead to quantum value creation and a high-profit margin. As the world advances in technology, you need to be aware that some courses in the university are losing relevance in society. As such, entrepreneurial, health, and technical courses are most recommended.

You must also find yourself improving in your field of business by acquiring more knowledge as you advance, be it formal or informal.

PLACE A PREMIUM ON YOUR WORKFORCE

This fourth tip is a system building strategy. Companies and firms whose systems are staff-centered, grow faster and bigger. This is because the staff realize how much value is being placed on them and will offer their efforts and time to make sure the company achieves its targets and goals.

As a growing entrepreneur with staff in your company, you must operate a staff-centered system that will enable you to extract their best potential and create value for your customer base. In addition to the foregoing, you must make your customer your friend. Encourage customer feedback and offer incentives because people always want to be where they are valued and omitting this will deplete your customer strength.

In conclusion, an economic system that is declining only affects a mediocre. Anyone who is diverse in skills, passionate about learning, and open to new ideas cum methods, will always be on the ascent on the economic gradient. The hollows and hurdles you may encounter as an entrepreneur are the experiences that will help you become better. Remember, if you must achieve something, you ought not to major on waiting for mistakes upon which to capitalize; rather, you must always seek to birth solutions to problems. Avoid spending more than you earn and monitor your profit margins regularly. Learn to adjust to moods, seasons, and times to be able to prepare for the rainy day which may never come if you play your cards right.

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