The Managing Director & Chief Executive Officer of Comrade Air, Mr. Umar I Mohammed has some advice for entrepreneurs. See tweets after the cut.
The first thing to do as an entrepreneur during a recession is to start tracking your finances. Daily. Weekly. Monthly. #UIMBusiness
— Farouk (@umarimohammed) September 22, 2016
Tracking your business's finances will help uncover leakages and unnecessary expenses that can, and should be done away with. #UIMBusiness
— Farouk (@umarimohammed) September 22, 2016
There are free accounting software that you can download and use to generate daily, weekly and monthly financial reports. #UIMBusiness
— Farouk (@umarimohammed) September 22, 2016
Know what you are spending money on and do away with those that have no bearing on your business growth and profitability. #UIMBusiness
— Farouk (@umarimohammed) September 22, 2016
Identify your cash cow. Pinpoint your most profitable products or services and focus your strategy and budget on those. #UIMBusiness
— Farouk (@umarimohammed) September 22, 2016
There is no room for wastage during a recession. Spend money on only those things that you NEED to spend money on. #UIMBusiness
— Farouk (@umarimohammed) September 22, 2016
There is only one rule for doing business: minimize cost and maximize profit. All other rules are derivatives of this. #UIMBusiness
— Farouk (@umarimohammed) September 23, 2016
A recession threatens this universal law. And increase in cost due to inflation and a decrease in profit as sales reduce. #UIMBusiness
— Farouk (@umarimohammed) September 23, 2016
This is why most businesses are forced to increase price of goods and services during a recession to stay profitable. #UIMBusiness
— Farouk (@umarimohammed) September 23, 2016
If you run a small business the challenge is how to go reduce overhead knowing that downsizing can cripple business altogether #UIMBusiness
— Farouk (@umarimohammed) September 23, 2016
Here's one way to reduce overhead without downsizing – reduce your inventories and eliminate the middle men. #UIMBusiness
— Farouk (@umarimohammed) September 23, 2016
Resist the urge to compromise the quality of your goods/services to increase profit margin during a recession like this. #UIMBusiness
— Farouk (@umarimohammed) September 23, 2016
The internet has made it possible to expand the reach of your business without breaking the bank. Its a good time to branch out #UIMBusiness
— Farouk (@umarimohammed) September 23, 2016
Bottom line: recession doesn’t have to pull the rug from under your feet.
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