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5 Strategies For Managing The Rising Costs Of Doing Business

5 Strategies For Managing The Rising Costs Of Doing Business

The Business Builders Newsletter

Ted Iwere
October 22, 2024

Dear reader,

BLOG

5 Strategies For Managing The Rising Costs Of Doing Business

Costs are rising, and many small business owners are finding it difficult to navigate the persistent increase in prices while maintaining profitability.

However, with the right strategies in place, you can effectively manage and minimise the impact of rising costs on your small business.

In this article, we will explore five actionable strategies that can help you handle rising costs as a small business owner.

GROWTH STRATEGY

Surviving And Thriving In A Challenging Economy

The Nigerian economy is currently experiencing difficulties that are inching towards a distress and Small Business Owners are struggling to overcome the problems arising.

As every Small Business Owner grapples to overcome the major obstacles that impede the efforts to grow, there is a relentless search for the silver linings amidst these challenges.

What must Small Business Owners do in these troubling times if they are to achieve their desire to survive and thrive? How can they sift the trees from the forest? What survival strategies and action plans do they need to keep their heads above the storm?

PROCESSES AND SYSTEMS

How To Set Up Systems For Your Small Business

The start of a small business is an exciting and challenging endeavour. However, the excitement of launching a new venture also brings the hard work needed to build a successful business.

A critical step at this stage is setting up the systems to support and run the business in such areas as managing your finances, tracking your inventory and communicating with customers and employees.

Without the right systems, your business will have great difficulty growing and thriving. Systems are critical for a small business because they provide support in building a solid foundation for the success of your business.

GROWTH FINANCING

How To Apply For MoniePoint Working Capital

The MoniePoint Working Capital Loans offer businesses a line of credit that’s proportionate to their capital or stake in the business. These loans are usually short to medium-term and can range from 7 to 120 days. In some cases, they can be automatically renewed, making it easier for merchants who use their Moniepoint account to access them.

With this facility, merchants will have access to a revolving credit facility that they can use to purchase more inventory and cover short-term working capital needs. This solves two significant problems, access to affordable credit and the convenience of accessing it whenever they need it.