small or large, it has been a difficult time with the cost of running businesses in Nigeria like the rest of African countries. Recall that the review in the pump price of premium motor spirit , otherwise known as fuel, was about 300% and the inflation number as of June 2023 was 22.76%. These staggering numbers have caused disruptions to living costs, and daily business operating costs.
Effective communication is the key to a resilient business and can help greatly at this difficult time for businesses and even households. Most of the time effective communication may just take the form of stakeholder engagements, talking to vendors or customers about current realities and mitigating measures, or even talking to colleagues in face-to-face meetings or through the use of computers, or smartphones, about key changes in the environment and the surviving strategies with clarity.
It is important to state that having effective communication can help businesses in so many ways at this time. Surveyed businesses within Nigeria indicated that effective communication can boost customer loyalty, employee morale, and business resilience, promote efficiency, sustain revenue growth, and increase customer engagement.