Major business problems in Nigeria today include low sales or turnover, minimal use of technology, weak brand identity, ineffective leadership, inflation and economic downturn, and lack of capital or cash flow. Low sales can be caused by low quality products, underutilization of resources, lack of customer service skills, and lack of trained personnel. Minimal use of technology can result from factors like location of industry, lack of innovation, large capital requirements, and lack of expertise. Ineffective leadership can cause communication problems, inability to make decisions, poor performance, lack of conflict resolution skills, and tendency to blame others rather than take responsibility.

1. BUSINESS SURVIVAL
MAJOR BUSINESS PROBLEM IN THIS PRESENT NIGERIA ECONOMY

2. BUSINESS PROBLEMS IN NIGERIA
TODAY
 LOW SALES OR TURNOVER
 MINIMAL USE OF TECHNOLOGY
 WEAK BRAND IDENTITY
 INEFFECTIVE LEADERSHIP
 INFLATION AND ECONOMY
DOWNTURN
 LACK OF CAPITAL/CASH FLOW

3. LOW SALES OR TURNOVER
CAUSES
• LOW QUALITY
PRODUCT
• UNDERUTILIZATION
OF RESOURCES
• LACK OF
COMSUMER SERVICE
SKILLS
• LACK OF TRAINED
PERSONNEL

4. LOW SALES OR TURNOVER
SOLUTION
• INCREASE PRODUCT
QUALITY
• HIRING OF WELL
TRAINED AND
EDUCATED
PERSONNEL
• ADVERTISEMENT AND
SALES PROMOTION

5. MINIMAL USE OF TECHNOLOGY
THIS CAN BE AS A RESULT OF
VARIOUS FACTORS LIKE:
• LOCATION OF INDUSTRY
• LACK OF INNOVATION
AND DEVELOPMENT
• HUGE CAPITAL
REQUIREMENT
• LACK OF EXPERTISE AND
EXPERIENCE IN INDUSTRY
ECONOMIES OF SCALE

6. BRAND IDENTITY
A good brand image is a
valuable asset for your
business. It will maximize the
conversion of potential
leads! If brand optimization
is a challenge for you, don’t
worry! First, it is important to
determine the cause of your
target audience’s
misperceptions.

7. SIGNIFICANCE OF COMPANIES WITH
WEAK BRAND IDENTITY
 Have a low profile, are
insecure, and unclear in
their communication.
 Do not deliver a clear brand
promise at their brand
touchpoints.
 Lack vision and internal
motivation.
 Have a pretty but
meaningless logo.
 Do not know who they are

8. INEFFECTIVE LEADERSHIP
MEANING
It entails attempting to do
what is in the organization’s
best interests but frequently
not succeeding because of
poor decision-making skills,
lack of managerial
competence, and
contextual and other
factors.

9. INEFFECTIVE LEADERSHIP
SIGNIFICANCE
 Communication problems,
such as unprofessional
language, poor listening skills,
and trouble giving and
receiving feedback.
 Inability to make decisions.
 Poor performance.
 Lacking conflict resolution skills.
 Quick to blame instead of
taking responsibility

10. INFLATION AND ECONOMY DOWNTURN
THE INCREASE IN PRICES CAUSED
BY INFLATION COULD
FORCE COMPANIES TO IMPROVE
THE INCOMES OF THEIR STAFF
WHO NEED MORE MONEY TO
AFFORD PRODUCTS. HOWEVER,
IF INFLATION IS TOO HIGH IT
COULD DETER BUSINESSES FROM
INVESTING MONEY DUE TO
UNCERTAINTY AROUND DEMAND
AND FUTURE COSTS.

11. INFLATION AND ECONOMY DOWNTURN:
EFFECTS
 INCREASED COSTS OF
PRODUCTION DUE TO RISING
PRICES, WHICH CAN
NEGATIVELY IMPACT THEIR
BOTTOM LINE.
 HARDER PLANNING AND
INVESTMENT DECISIONS.
 UNCERTAINTY AROUND
DEMAND AND FUTURE
COSTS COULD DETER
BUSINESSES FROM GROWING

12. LACK OF CAPITAL/CASH FLOW
LACK OF CAPITAL CAN RESULT
IN NOT HAVING ENOUGH TO
COVER OVERHEAD EXPENSES,
FUNDING EXPANSION
OPPORTUNITIES, OR
LAUNCHING A NEW PRODUCT
TO MARKET. HERE’S A QUICK
LOOK AT HOW
A LACK OF CAPITAL COULD IM
PACT YOUR BUSINESS-GROWTH
PROSPECTS

13. LACK OF CAPITAL/CASH FLOW
EFFECTS