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Small and big businesses in Nigeria are seeing some similar trend during the pandemic – reduced customers and open-ended costs. They are the biggest influence on cash flow for any business not just in Nigeria but around the world and they are trying hard to manage the two during the pandemic.
How to manage cash flow during the pandemic
Profitability is not the first goal during the pandemic, staying afloat is before demand and supply chains return to normal.
Prioritise: During any kind of crises, there are costs that are not easy to avoid and there should be made a priority. However, those expenses like special favours that your staff receive are the first that should be stopped.
Read Also: IMF support to Nigeria, is it another debt?
Utility Bills: When using electricity for your business and other supplies during the pandemic, make sure to keep it low. Use as little electricity as possible and save energy from unused equipment like water heaters that people tend to leave running.
Also, consider cutting off the severely hit parts of your business that isn’t bringing revenue at the moment. Don’t try to hard to keep it going.
Cut down all subscriptions including internet and reduce internet overuse. This is good to also control the COVID-19 pandemic anxiety on the news.
These tactics seem small until you actually try them.
Read Also: New lockdown guidelines to follow
Keep Cash Coming
Don’t take the risk of shutting down your business during pandemic lockdowns. There are ways to keep cash coming:
- Consider home service and go to your customers since the lockdowns make it more difficult to get out.
- Activate online banking system which many people in Nigeria really fail to utilize for their businesses. People will pay for your service there. There is no need fr an automated system yet, get the word out on social media and people will contact you for your service.
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