How to Re-invent your Business

I was taking a walk in my neighborhood and I noticed something very alarming. All the small businesses I used to see between one to two years ago or more have all been shut down. Out of curiosity, I began to ask questions why they have all closed shops. Did they relocate? Did they diversify? What happened? I began to do my investigation .What did I discover?

Kindly read on.

To my surprise I discovered that majority of this SME’s did not relocate but are totally out of business either because of one or all of the below reasons:

1.      They could not afford to renew their shop rent.

2.      Their business capital is exhausted and they can’t explain how it was spent.

3.      They are indebted to one financial institution or the other and could not pay their debt.

A particular man confided in me that he was the one that removed all his wife’s wares from her shop and tell her to sell from home when she can no longer renew her shop rent after he had paid the initial two (2) years rent for her.

What is the solution to this huge problem for the SME’s in Nigeria?

What can be done to avoid it?

How can small businesses be sustained and grow?

In case you have solutions to any of these problems, kindly share with us.

This is a National problem and it’s not peculiar to only one area of the country.

Kindly share your experiences in the comment section.
To be continued.