Estimated reading time: 7 minute(s)
Afterthought 1:
About a week after attending the Economic Outlook event organized by the Enterprise Development Centre, Pan-Atlantic University (EDC), I found myself in a conversation with one of our clients who booked for consultation. His business which he is so passionate about was facing a tough time – the kind that keeps you awake at night, wondering if all your hard work is slipping away. The culprit? Slow business due to low patronage as a result of the ongoing inflation. And the nature of his business is what customers will consider as ‘WANT’ not ‘NEED’ in this economy.
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Then I remembered that Mr. Bimbola Banjo of PWC suggested in the event, that if your business which you are passionate about is struggling due to a lack of customers or the tough economy, you should consider pivoting towards sectors that are currently doing well. By focusing on these areas, you can increase your chances of success and generate more revenue. This will enable you to fund your passion project in the future when the sector will likely be more profitable.
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I agreed with Mr. Banjo. This calls for thinking beyond the box – looking at the bigger picture.
The aim is to stay in business.
As no cash, no business – passion is not enough to sustain a business.
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So, I shared this insight with our client. We sat down, brainstormed, and explored how he could leverage his existing strengths and position to tap into the sectors that are currently doing well.
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And trust me, we are glad with the outcome.
Armed with a reasonable understanding of his audience in the thriving sector and offering a solution that addresses their pressing needs, he has started running ads targeted towards them. The results? – The interests, patronages, and feedback on his new solution are really encouraging.
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In this edition of BE IN THE KNOW, one of the things we looked at is these thriving sectors.
I also shared other important tips and strategies that can move your business forward in this inflation economy.
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It’s not just about surviving; it’s about thriving.
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And remember, the insights you gain from this book can be your secret weapon – It can move you to innovate and succeed on your entrepreneurial journey.
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– because sometimes, a small shift can lead to monumental gains.
~awesomely creative
