By Olaoluwa Awolaja
Olaoluwa Awolaja believes that sustaining business values in Nigeria amidst economic restraints is not just a challenge; it’s a necessity for survival and growth.
With the country facing high inflation rates, many entrepreneurs find themselves in a precarious position. Inflation erodes purchasing power, forcing businesses to make tough decisions about pricing and cost management.
In my opinion, it’s crucial for companies to remain committed to their core values while adapting to this volatile environment.
This requires innovative strategies that prioritize customer engagement and maintain a strong connection with their mission, even when faced with rising costs.
The fluctuating exchange rate is another significant hurdle for Nigerian businesses. The naira’s depreciation has made imports more expensive, which is particularly challenging for those reliant on foreign materials.
I believe that this situation presents an opportunity for businesses to pivot towards local sourcing.
By building strong relationships with local suppliers and investing in domestic production, companies can mitigate the risks associated with currency fluctuations.
This not only helps sustain their values but also supports the local economy, fostering a sense of community and collaboration among entrepreneurs.
Moreover, the rise in the cost of materials due to inflation and exchange rate volatility demands a proactive approach to cost management.
In my view, embracing technology and streamlining operations can significantly reduce waste and improve efficiency.
Businesses should focus on delivering value to their customers, ensuring that even in tough economic times, they provide products and services that resonate with their core values.
This commitment to quality and customer satisfaction is what will set successful businesses apart in a challenging market.
In conclusion, I firmly believe that sustaining business values in Nigeria requires resilience, adaptability, and a forward-thinking mindset.
By addressing the challenges posed by inflation, exchange rate fluctuations, and rising material costs, businesses can not only survive but thrive.
Emphasizing local sourcing, effective cost management, and strong customer engagement will be vital in ensuring that companies remain true to their values, even in the most challenging economic climates.
Olaoluwa Awolaja, is the Director of Pave Prime Realty, one of Nigeria’s fast rising real estate firms.
With 5 years experience in the real estate industry, Olaoluwa has also clinched a Top Selling realtor Award in 2022.
Olaoluwa who is also an alumnus of the University of Ilorin, Kwara State bagged a Bachelor of Arts in History Education.
With a strong flair for public speaking, Olaoluwa has featured as a guest speaker at some events including; “The future of architecture in Nigeria” which held at Caleb University and The Leadership and Entrepreneurship Summit by Pinnacle group in Osogbo.