Get Guardian on GoogleStakeholders have said that for businesses to access the right funding to grow, they must keep proper financial records, establish clear management structures, identify business risks and make effective use of the resources available to them.
Without these foundations, they stressed that entrepreneurs may struggle to track performance, demonstrate financial capacity to potential funders, manage daily operations and sustain growth as their enterprises expand.
These and more formed the focus of the fourth edition of the Rose of Sharon Foundation’s Business Clinic, held in partnership with Bosworth Marketing Consulting. The programme brought together facilitators to address business structure, resource mobilisation, sustainable financing, strategic direction, governance and risk management.
Chief Executive Officer (CEO), Nimfate Global Services, Fatai Olayemi, said the absence of proper records is a major weakness among small businesses, particularly when they seek financing. He stressed that strategic direction is necessary for businesses to set priorities and track performance, while governance helps establish responsibilities, controls and accountability.
He said business owners also need to identify potential risks, assess their possible effects and prepare measures to address them.
On financing, Gender and Social Inclusion Expert, Ibukun Omololu, said money is only one of the resources available to a business, alongside people, skills, networks, assets and credibility.
In her presentation on resource mobilisation and sustainable financing, she urged entrepreneurs to make use of resources within their businesses and from customers, suppliers, partners and their communities before relying on external funding.
She also outlined the importance of separating personal and business finances, keeping records of income and expenses, collecting outstanding payments and building repeat revenue.
Also speaking, Founder of Simply Exponential Consult Limited, Fayo Williams, said growing businesses need to move gradually beyond depending entirely on their founders. She said as the business grows, entrepreneurs should delegate responsibilities such as record-keeping, operations, marketing and sales, either through outsourcing or by engaging additional staff; whilst maintaining a pipeline of potential customers that can be converted into revenue.
The foundation’s Coordinator, Oloruntosin Taiwo, said the Business Clinic emerged from its youth empowerment programme, which initially focused on undergraduates, young graduates and people who recently started working.
She said they identified a need to address the challenges facing young entrepreneurs and began the clinic four years ago and feedback gathered through post-programme monitoring of previous participants helped them identify emerging business challenges and determine the focus of subsequent editions.
Also speaking, Managing Director, Bosworth Marketing Consulting, Bukola Majekodunmi, said the partnership was established to move beyond sharing business knowledge and help entrepreneurs address practical challenges in their businesses.
She said the clinic targets entrepreneurs whose businesses have been in operation for at least two years and have either reached a growth stage or become stuck.
She said participants were expected to leave with one or more practical actions to implement, while the programme also provided mentorship and accountability support for two months after the clinic.
