THE IMPACT OF ECONOMIC DOWNTURNS ON THE BUSINESS ENVIRONMENT
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- NGN 5000
ABSTRACT: THE IMPACT OF ECONOMIC DOWNTURNS ON THE BUSINESS ENVIRONMENT
This research aims to: 1) evaluate the effects of economic downturns on business profitability; 2) analyze the strategies businesses use to navigate economic recessions; and 3) assess the long-term implications for business resilience. A survey research design is chosen to capture varied experiences and responses to economic downturns. Using Taro Yamane’s formula, a sample size of 350 businesses, including SMEs and large enterprises, is determined. Lagos, as an economic center, is selected as the location. The survey achieves a reliability coefficient score of 0.88. Findings reveal that economic downturns adversely affect business profitability, consumer spending, and investment decisions. Businesses adopt cost-cutting measures, diversify revenue streams, and focus on customer retention to withstand economic challenges. The study recommends that businesses develop robust contingency plans, maintain financial liquidity, and leverage government support programs during economic downturns to enhance resilience and sustain operations.
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