MGR Blog

Companies​‍​‌‍​‍‌​‍​‌‍​‍‌ today, in the volatile economic world, have to deal with problems like inflation, disrupted supply chains, and varying consumer demand.

Leading the way is Nigerian entrepreneur Alhaja (Dr.) Maryam Bolanle Iyadunni Yusuf, founder of Mistufik Global Resource Nig Ltd (MGR), who offers her valuable wisdom on ways firms can make a fortune out of such tough times.

Alhaja (Dr.) Yusuf states that a firm’s survival and eventual success in an uncertain economy depend on a proper mix of strategic planning, innovation, and adaptability.

Take MGR for instance, a multi-sector business that is involved in bakery, retail, food services, fashion, fuel distribution, and manufacturing. It is very important for such a company to remain flexible in all its business lines.

She points out that companies must always reevaluate market trends, keep track of consumer habits, and predict changes in demand if they want to be a step ahead of the ​‍​‌‍​‍‌​‍​‌‍​‍‌challenges.

1. Diversify Business Streams

One​‍​‌‍​‍‌​‍​‌‍​‍‌ of the main tactics of Alhaja (Dr.) Bolanle Iyadunni Yusuf is to diversify the business activities for lessening the risk. In this way, by the distribution of investments in different sectors, MGR is able to balance its performance and income sources thus a decrease in one area will not be able to stop the whole company.

For instance, though the bakery sales might vary during seasons, the supermarket, boutique, or petrol station branches will still be able to provide a steady flow of income and thus the overall business performance will be ​‍​‌‍​‍‌​‍​‌‍​‍‌stabilized.

2. Focus on Customer-Centric Solutions

Consumer​‍​‌‍​‍‌​‍​‌‍​‍‌ needs change fast in an unstable economy. Dr. Yusuf emphasises that companies should focus mainly on the happiness of the customers and on giving them personalized service.

MGR, through its different sectors, has been able to create a strong customer loyalty by the continuous supply of quality products, provision of services that customers can trust, and offering of the latest solutions. Customer-oriented marketing is a sure way of keeping one’s market share and even increasing ​‍​‌‍​‍‌​‍​‌‍​‍‌it.

3. Embrace Innovation and Technology

Another​‍​‌‍​‍‌​‍​‌‍​‍‌ point that the founder of MGR made very clear was the importance of using technology and innovative practices. By using technology, businesses can become more efficient and can maintain their competitiveness.

Examples of such technology range from modern bakery equipment to efficient supply chains and digital marketing. Employing digital strategies also opens up more opportunities for companies to connect with more customers, to be more efficient in their operations, and to have the ability to respond very quickly to changes in the ​‍​‌‍​‍‌​‍​‌‍​‍‌market.

4. Maintain Strong Financial Discipline

Alhaja (Dr.) Bolanle Yusuf really points out that one of the most important things for a business is to be financially wise and to invest in a well thought out manner.

When the times are not so good, it is very important for businesses to carefully manage their expenses, keep enough reserves, and invest in those areas that will bring the highest returns.

At MGR, the company has been able to survive through tough economic situations and even make a step forward by practicing very strict budgeting and using the company’s resources in a smart ​‍​‌‍​‍‌​‍​‌‍​‍‌way.

5. Invest in Team Development

Furthermore,​‍​‌‍​‍‌​‍​‌‍​‍‌ the MGR founder Alhaja (Dr.) Maryam Bolanle Iyadunni Yusuf, points out that an energetic and proficient team is what makes a company the greatest asset. By educating employees, encouraging innovation, and building a culture of toughness, businesses become a way of navigating economic fluctuations with success.

Dr. Yusuf is of the opinion that giving employees the power to come up with ideas and to work independently, thereby, improves the overall performance of the organization.

To sum up, Alhaja (Dr.) Maryam Bolanle Iyadunni Yusuf’s strategies for surviving an unstable economy revolve around diversification, customer orientation, innovation, financial discipline, and team empowerment.

The implementation of these measures by companies will enable them not only to withstand economic turbulences but also to become more robust and ​‍​‌‍​‍‌​‍​‌‍​‍‌competitive.

For more insights from MGR and to explore their diverse business operations, visit www.mgr.com.ng.