By Laura Kpopji,
This article is written to brief us on the problems facing business growth in Calabar. In this article, you will be introduced to the benefits and ways to improve your small business scale especially in Calabar, the Cross River State capital.
Business: This is the activity of making one’s living or making money by producing or buying and selling products (such as goods and services). Simply put, it is any activity or enterprise entered into for making.
Problems: It is a question raised for enquiry, consideration or solution.
Some Businesses In Calabar
1. G&R business centre
2. Mordesoft Nigeria LTD
3. NUGI technologies Nigeria
5. Calabar free trade Zone, etc.
Problems Facing Businesses In Calabar
3. Lack of government support
4. Dilapidated roads
5. High income taxation
1. Electricity: In places like Ekpo Abasi, and most parts of Calabar South Local Government, the rate of power supply is quite discouraging, thereby reducing the business growth in these areas. For instance, people selling in restaurants and bar need light to freeze their drinks and also make the place conducive for their customers. Also, those operating in computer centres, need electricity to operate their computers rather than wasting money on fuel.
2. Security: A lot of businesses have been smatch down due to the grappling with an atrocious security crisis, which has snowballed out of control and its afflicting the people and the business in Calabar, Cross River State. The focus of this piece are the problem called Kidnapping, defined as the forcefully abducting of an individual and keeping them hostage with the option of releasing them with an agreed ransom. Also, killing and stealing as the major reasons why security problem should be taken into an important consideration. Many people no longer sell their market till expected time. In order to avoid robbery, some people find it difficult to still keep their shop open until 7pm because there is no security. More securities should be employed in the state.
3. Lack of government support in the state: some small business enterprises in Calabar need government intervention to grow. The government can help these businesses by giving out loans, entrepreneurial support (development) to the people.
4. Dilapidated roads: When there is no good road network for transportation of goods and services, it becomes another major problem for businessmen and women. Unreconstructed roads brings setback in businesses and aids in the reduction of sales of such goods. Good roads for transportation should be considered in order to make goods portable for distributors.
5. High income taxation: The amount of taxation employed on businesses surpasses the rate of businesses in the state. If the rate of taxation is reduced, the growth of some businesses in Calabar will improve.
How Businesses Can Be Improve In Calabar
Consistent improvement to enhance small businesses are critical for its success and sustainability, monitoring cash flow consistently, utilizing social media for marketing, and recognizing your strength while asking for help, more focus should be on improving areas of business rather than seeking biggest gain. Sometimes it’s good to keep a checklist ones need to take on a regular basis.
1. Keep financial score: Few small businesses have an accurate idea of the daily, weekly and monthly numbers and financial trends taking place within the organization. It is vital that you spend the necessary time keeping currents of cash flow. If you lack the financial skill, hire an accountant to loop.
2. Set goals: Similar to keeping score. Setting goals and objectives, is an essential part of your business success. Use the goal you set as an ongoing planning to ensure that you continue to move forward with your small business. For instance, try to increase traffic by a certain amount on your business websites or blog.
3. Use high impact marketing: Wasting money on ineffective marketing is easy. Seek out low budget, high impact marketing strategies to improve your small business.
4. Master business presentation: A powerful business presentation can help improve your business performance. Start by learning the essential of a memorable business presentation. This can include delivering an unexpected little pearl of wisdom to captivate your audience that said, don’t overload your presentation with information, keep everything relevant.
Benefit Of Businesses
Businesses are so important to the country’s economy because, it provides both goods and services and jobs. Business do things much more than individual can do on their own. Businesses are means by which we get most of the goods and services that, we, as consumers want and need. Businesses play the following important roles:
1. Economic development: The concept of true business is used in industries and commerce. Industries use men, money, materials, methods and machines and help to create employment. Commerce is the concept of exchange goods and service at national and international levels. It helps to earn currency by export business too. Therefore business helps in economic development.
2. Utilizing natural resources: Every country has diverse natural resources. Business must be directed towards proper and efficient utilization of resources. Businesses utilize resources like water, minerals ores, and so to achieve its own goals. But resources must be utilized without exploitation.
3. Creation of utility: Businesses create time and place. It helps to satisfy the needs of human beings. Financial utility is to be maximized.
4. Employment opportunities: Businesses help to creates job to people. Many types of businesses like hotels, industries and transport companies are established for business which helps to solve the unemployment problem.
5. Revenue generation: Business is the source of revenue generation. It pays taxes, royalties, fees, custom duties, and other things which help to generate government revenue.