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Weathering the stormCan your business survive a recession? The current economic climate should not be the reason many businesses opt to close. Image may be NSFW.
Clik here to view. The Namibian economy entered into a full recession in June this year. The poor performance was mainly ascribed to the construction, manufacturing, wholesale and retail trade, and hotel and restaurant sectors.
FNB Namibia's head of commercial banking, Fanie Steenkamp, recently advised entrepreneurs how to bullet-proof their businesses against business cycles.
“Every day we read about vehicle sales that are down, unemployment that is up, and closures at companies,” he said.
“Managing a business through an economic recession may be the toughest challenge an entrepreneur is faced with; but, if you do not fall prey to panic, a downturn may present an opportunity to the business to confront its ineffective areas and remedy them.”
He also advised entrepreneurs to weather the storm and not opt to close.
“Before taking obvious decisions to avoid difficulty in a downturn, rather analyse your business model diligently and identify where the opportunities are to execute the core of what you do better, faster and more efficiently. With the right attitude in leadership, the current downturn could result in you strengthening your business as opposed to killing it,” Steenkamp advised.
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Weathering the stormCan your business survive a recession? The current economic climate should not be the reason many businesses opt to close. Image may be NSFW.Clik here to view.
The Namibian economy entered into a full recession in June this year. The poor performance was mainly ascribed to the construction, manufacturing, wholesale and retail trade, and hotel and restaurant sectors.FNB Namibia's head of commercial banking, Fanie Steenkamp, recently advised entrepreneurs how to bullet-proof their businesses against business cycles.
“Every day we read about vehicle sales that are down, unemployment that is up, and closures at companies,” he said.
“Managing a business through an economic recession may be the toughest challenge an entrepreneur is faced with; but, if you do not fall prey to panic, a downturn may present an opportunity to the business to confront its ineffective areas and remedy them.”
He also advised entrepreneurs to weather the storm and not opt to close.
“Before taking obvious decisions to avoid difficulty in a downturn, rather analyse your business model diligently and identify where the opportunities are to execute the core of what you do better, faster and more efficiently. With the right attitude in leadership, the current downturn could result in you strengthening your business as opposed to killing it,” Steenkamp advised.
STAFF REPORTER
