I don't know about other countries, but over here things are going from bad to worse. Our local currency keeps depreciating against the US dollars, the price of things keeps increasing by the hour. The one liter coke we use to buy 300 naira in our local currency, is now sold for 550 naira. The price of rice and everything else has increased. Recently the price of transportation has also skyrocket. How is your business coping with these changes?
How is your business coping with the current economy?
- Thread starter eldavis
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The same applies in our country. Everything is more expensive. I got some food from Food Panda the other day and was surprised to see that the price of the sandwich I had previously ordered had doubled. It was Php 50 or $1, but today it is Php 92, or nearly $2.
- Thread starter
- #9
The situation of things are indeed pretty tough. The worse part is that even customers are not willing to pay, even when they know the cost of things at the moment, they still fight for a reduced price.
That's right but there's nothing we can do to the customers or else we'll go bankrupt. There are customers who also understand the situation of our economy that's under inflation. All must adjust the situation now.
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- #11
Yes there are some who understands this, while there are some who just simply refuse to accept like it's our fault. Like you said we can't really do anything to the customers cause it would affect us in the end.
That is right, we need to be firm, it is business and we capitalize on it. We have to protect our business against malicious customers. There are many of them in our community. They want to play around our business.
As I am offering translation service and business consulting service, the current economy has not affected my business a lot. I do translation for various types of companies and NGOs. For my consulting business, my clients are mainly SMEs which need advice on how to attract investors and apply for government funding.
