Experts urge Nigerian businesses to invest in research
Economic experts have urged Nigerian business owners to invest in marketing, research and development in order to survive the current economic recession in the country.
This was made known during a breakfast seminar organized by Pedoba Limited with the theme: “Surviving the Tides, the Bumps and the Jolts: Building solid business success in 2017”.
Managing Consultant, Pedabo Limited, Mr. Albert Folorunsho while delivering his presentation titled: ‘Surviving the Tides, the Bumps and the Jolts’ said companies must take proactive steps to survive during recession.
He noted that the drop in global oil price; drop in crude production output; political environment; loss of investors’ confidence; Corruption have in no small ways contributed to the present economic predicament Nigeria is facing.
According to him, in a recession, companies and businesses need to reduce cost in some selected areas of the organization and focus more on how to improve organizational efficiency and invest comprehensively on marketing, research and development as well as in new assets.
Folorunsho further stressed that tax obligations are critical in determining the survival of businesses; adding that transaction structuring is also critical; as well as contract review; operational documentation which are needed to be competitive in the market place.
Meanwhile, Finance Director, Vodacom Business Nigeria, Mr. Oluseyi Olanrewaju, in his presentation titled: ‘Building Business Resilient in a Recession’ observed that weak demand for companies’ products and services; low availability of cash flow management options; Operational cost challenges are factors affecting businesses in Nigeria today.
Olanrewaju said: “Some of the ways great companies come out of recession stronger is through periodic assessment of business Performance against pre-determined parameters; Check and block revenue leakages and getting a balance between cost cutting to survive and investing to grow”.
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