Traction repositions SMEs for growth in 2023 

Traction has reiterated its commitment to boost and reposition Small and Medium Enterprises (SMEs) for growth in 2023
They emphasised on innovative strategies to explore in 2023 in overcoming the challenges lurking for business owners.

This was at Traction’s quarterly business forum for business owners, themed “Positioning Your Business For Growth in 2023”, in Lagos. The forum is part of their quarterly merchant gatherings focused on fostering knowledge sharing and networking opportunities amongst business owners in Nigeria.

Founder, Oriki Group, Joycee Awosika urged business owners to stay open-minded, adding, “Keep experimenting with strategies, take advantage of collaborations, be better at what you do and the value you provide, and also be intentional about your customers/consumers and be kind to your workers.”

General Manager, EbonyLife Place, Michael Williams, emphasised the need for business owners to know and understand their customers by gathering organic data through one-on-one conversations that can generate insights and help in increasing value and developing better products and services that are more beneficial to the customer.

On addressing the impact of government policies on the business environment such as the recent policy on cash withdrawals; Associate Dean, Lagos Business School, Professor Olayinka David-West, reiterated the need for adaptability and taking advantage of economic changes and policies by creating solutions that align with them.

She stated, “How can small businesses, private sector and fintechs start to think about digitising the informal sectors? How do people pay for buses, Danfo and other commercial necessities? We need to create something that’s quick, convenient, reliable and accessible”.

Co-founder, Traction, Dolapo Adejuyigbe, said that Traction actively seeks ways to meet the needs of businesses, entrepreneurs and encourage their expansion, in addition to lending, business tools, and payment solutions.

“Traction’s mission is to provide resources and opportunities to help businesses expand across the country. We believe that networking and knowledge sharing platforms such as this can power the growth opportunities for new and existing businesses,” she said.