Female entrepreneurs have advised small and medium scale enterprises (SMEs) operators and would-be business owners to focus more on acquiring requisite skills and invest in self-development to enable them to build prosperous brands that would stand the test of time.
Speaking during the Women’s Day edition of the United Bank for Africa (UBA) Business Series hybrid event at the bank’s Head office in Lagos at the weekend, the entrepreneurs emphasised the need for SMEs to invest in themselves and have a proper structure will help build their businesses and enhance sustainability.
At a panel session, the Co-founder and Chief Executive Officer of Good Hair Ltd, Chioma Ikokwu, emphasised the need for meaningful partnerships and collaborations in business.
“You have to separate your lifestyle from your business and ensure that you are intentional about what you put out there. Also, get straight to the point about what you are offering your customers, no need beating about the bush,” she stated.
Founder of Hello Perfect, Onyeka Michael-Ugwu, urged business owners and would-be entrepreneurs to surround themselves with the right people.
“SME managers must build a team that can give their best to their business. When you treat your team right, they will put their strength to the growth of the business,” she said.
Atilola, who spoke on the benefits of a proper business structure to one’s business, said, “Get your structure right, you need to have a standard operating procedure that works whether you are physically present or not. Also, it is very important to separate your finances from your business finances, that way, your business learns to thrive on its own,” she explained.
On her part, Actress/Founder and Chief Executive Officer, NOUA Skin, a luxury boutique skin studio based in Lagos, Oshuwa Tunde-Imoyo, spoke about education and investing in themselves, adding that business owners need to upgrade their skills, and should not be afraid to ask for assistance when needed.
“I agree with Atilola and Onyeka about collaborations and I also subscribe to learning new things by investing in education. This will translate into better business decisions,” she said.
UBA’s Group Head, Marketing and Corporate Communications, Alero Ladipo, who commended the panellists for taking time off their busy schedules to share their knowledge, said the bank organises the business series frequently to equip customers, especially women with strategies to build successful businesses.
“We believe that SMEs, especially those managed by females, are the engine of growth in any economy, and so, at UBA, we invest in educating our customers and small business owners on tips that will help them operate successfully in their businesses so that they can impact the world,” Ladipo said.
