Finance Expert Advises SMEs on Navigating Nigeria’s Economic Uncertainty 

A renowned United Kingdom-based financial and management expert, Ms Patricia Balogun, has advised Small and Medium Scale Enterprise (SME) owners on how to navigate the challenges of economic uncertainty confronting Nigeria today. 

Speaking with newsmen virtually recently, the UK based Nigerian accountant has identified several areas of management pivotal to the survival of small and medium businesses. 

Ms Balogun cited cutting costs as the first step SME owners should embrace to save their trade. 

This, she said, would reduce expenses such as renegotiating contracts with suppliers, cutting unnecessary expenses and finding ways to operate more efficiently. 

She urged business owners to diversify their revenue streams, which she said would make them explore new markets, products, or services to improve their revenue streams and reduce reliance on a single source of income. 

Balogun also wants SMEs to improve their cash flow management techniques and closely monitor their cash flow and take steps to improve liquidity, such as collecting receivables more quickly, delaying payments to suppliers and securing additional financing if needed. 

“The fourth area is for SMEs to focus on customer retention. Prioritizing customer retention and satisfaction is a way to maintain a steady stream of revenue during a recession,” she said. 

Lastly, the financial guru wants SMEs to seek assistance from the government which she said can be in form of accessing financial assistance programmes, tax relief or grants to help them weather the recession.