Entrepreneurs, particularly startups, have been charged to acquire knowledge and the right competencies, if they must stand the test of time in a rapidly changing business environment.
Twelve celebrated business leaders and experts made this call in Season 2 of the First City Monument Bank (FCMB) knowledge sharing and capacity building series, Top-5-in-5.
The series was designed to give Small and Medium-sized Enterprises (SMEs) practical insight into different business areas to inspire them to achieve optimal results.
Offering tips on a wide range of topics, the business leaders noted that no entrepreneur could stand the test of time without the right competencies and offerings aligned with market needs. They added that businesses must have a broad view and offer solutions that exceed expectations to achieve optimum performance and sustainable growth.
Speaking on ‘How to Grow a Local Startup with Global Appeal’, the Chief Executive Officer of Interswitch Limited, Mitchell Elegbe, said entrepreneurs must have a unique business model and be clear on the products or services they offer to the public.
His words: “Customers patronise you because they have a challenge, and you have created a solution to fix that challenge. A clear idea of the problem you solve translates directly to the success of your business, particularly when it comes to monetising your solutions to hit the bottom line.”
On her part, Business Manager, Africa Development Centre, Nkechi Wigwe, said given the challenges posed by COVID-19, which has led to remote working by employees, entrepreneurs should provide the necessary tools for their staff to work effectively.
She urged them to also adopt the right technology, policies and processes to remain relevant and competitive.
The CEO of X3M Group, Steve Babaeko, speaking on ‘How to build top of mind awareness on a budget’, advised entrepreneurs to build a strong network of partners and customers.
“Networking presents you with the opportunity to find others who are either in similar circumstances or can buy into your business. When you network appropriately, doors start to open, and your brand is top of mind. Building professional relationships can help you get new customers, retain current customers and manage your reputation. Your network is your net worth,” he said.
In his presentation on ‘How to navigate tax issues as a small business owner’, the Fiscal Policy Partner and Africa Tax Leader at PriceWaterhouse Coopers, Mr. Taiwo Oyedele, highlighted the importance of professionalism, best business practices and record-keeping.
He stated: “Cutting corners will not last; it won’t take you far, especially if you plan to grow your business, scale and become a large organisation. Ensure you commit to doing the right thing, including compliance with laws, regulations and paying taxes. It is a lot more affordable to do the right thing. Though tax compliance can be complicated, having the right knowledge can help you.”
The Group Technology Programme Manager at FCMB Group Plc, Mr. Emeka Eboegbune, equally offered tips on ‘How to harness technology in transforming your business’. He advised entrepreneurs to leverage digital platforms to market their products and services.
“To succeed in the digital space, you need to focus on people who work with you. First, consider the skills of your employees. The more digital-minded employees you have, the easier it is for your organisation to grow and succeed. You need to continually refresh your product and respond very quickly to the change in the market. Keep your finger on the pulse of your business; know where customers are going to, why they go there and what they need. Data will help you with that.”
