It’s no news that Nigeria’s naira continues to fall against the Dollar. Our external reserve keeps shrinking and businesses are feeling the heat as the cost of doing business has gone up significantly. What does this mean for business owners: “adopt a different approach to business”. Here are a few considerations few considerations:

Don’t downsize yet! Leverage on digital first

The first and general reaction of businesses in difficult and challenging landscapes is to downsize. I’d advise you first review both your variable and fixed cost with the intention of doing more with less by replacing traditional business processes with digital tools. Let’s look at some few examples:

  1. Invoicing and Receipt System: Join the call for creating a sustainable environment by printing less; you even get to save money! Instead, you can find numerous invoice and receipt template on Microsoft word or use this pretty awesome invoice generating tool.
  2. Design and Print: Let me guess you currently outsource your simple graphic design needs like call cards, Letterheads, simple brochures and invitations to someone who charges an arm and a leg! Start designing yourself, yes you can and it’s pretty easy and simple. Check out this amazing design tool here. You can holla if you need help getting started. When done designing, head over to here to print.
  3. Accounting: When it comes to your financials your books got to be clean and up to date. If currently outsourced, you can either keep it that way or use a digital tool simple enough for your everyday accounting. I came across BusinessPhix some few months ago and its absolutely great.

Do more with less: Increase measurable marketing activities

It’s no news that consumers are increasing their activities online and spending more time on social media coupled with the crazy growth of Mobile and new developments in the Internet of things. Businesses CAN NO longer ignore digital. It will be an absolute disaster for brands in 2016 without a digital strategy. One of the biggest advantages of digital over traditional marketing is the ability to measure results based on set objectives and align measurement metrics with business goals. Start with the following actionable steps:

  1. Understand how digital marketing can help your business grow. This article here will help you.
  2. Incorporate digital marketing as part of your marketing strategy. To succeed, adequate resources needs to be channeled to kickstart. Don’t have a marketing strategy? Hire a consultant to get It done.
  3. Launch your digital footprints. Having the right online presence is crucial in leveraging on digital marketing. Setup a website and use select social media platforms to begin with. This should be done in alignment with the digital strategy.
  4. Your digital strategy will determine the next steps. I strongly recommend you work with a marketing consultant in navigating this exciting new adventure.

To fully embrace the digitization path requires companies to adopt new ways of working.

We hope you find this information useful, as a business owner which of these readily available digital tools do you employ into your business processes. Share your thoughts in the comment box below.