Effective Processes, Financial Records, Communications/Brand positioning and Governance are areas that Micro, Small and Medium Enterprises, MSME must give priority if they are to achieved sustained growth.
This was part of the key resolutions of analysts at the just concluded 3rd edition of the Lagos SME Bootcamp which was conducted by way of a virtual webinar.
Giving the keynote address the CEO of the Federal Competition and Consumer Protection Council (FCCPC) Mr. Babatunde Irukera said a robust & anti-trust regulatory environment is key to ensuring fair competition for businesses in Nigeria.
He enjoined the MSMEs to focus on the solid processes and structures than their products, to achieve scale and become globally competitive.
The FCCPC boss noted that the regulatory body had a mandate to address issues like multiple standards and advocate for customers, taking action where necessary.
On his part, Mr. Yinka Ogunnubi, the Group Treasurer of CFAO, in his remarks called on MSMEs to take their financials more seriously to achieve sustainability and profitability.
He emphasized the need for basic book-keeping and effective budgeting processes that will enable the businesses to analyze their expenditure & the impact of macroeconomic factors like inflation and foreign exchange.
Ogunnubi also highlighted Cash flow management for businesses as they track cash inflows & outflows and revenue projections.
According to him if MSMEs cannot secure accounting tools, they can use Microsoft Excel for their financial records and operations.
Mr. Tunde Omotoye, Co-Founder, The Human Squad, in his contribution called on MSMEs to adopt communication with customers and take proactive steps in prompt decision-making as best business practices.
In her remarks, Nkiru Olumide-Ojo, Founder of the Lighthouse Women Network, challenged small businesses in the country to align their brand promise with delivery, which is a veritable tool for marketing.
She also advised the MSMEs to engage independent researchers and take the concept of “Go To Market” to boost their brand visibility.
For Damilare Zaccheus, Founder OGZ Foundation, small businesses must integrate social capital in their services, repositioning their brand and connecting with customers.
In the area of Governance, Kitan Babalola of the Convention on Business Integrity (CBi) encouraged businesses to take advantage of the #MSMEStandards to get the support they need in the area of governance and standards, which is important to attract investments and access funding.
Babalola, The Engagement Coordinator, CBi advised small businesses to be strategic about their leadership approach, stating that where a board is lacking, executive management can be set in place.
Adesuwa Opedun Regional Business Development Lead, Systemspecs, decried the fact that there has been the issue of low adoption of technology by MSMEs, which could be a challenge in the era of the fourth industrial revolution (4IR).
She said that MSMEs need affordable and innovative tools to improve customer experience, like the “Paylink” developed by SystemSpecs.