Traction has reiterated its commitment to boost and reposition Small and Medium Enterprises (SMEs) for growth in 2023.
The firm identified innovative strategies to explore in the New Year to overcome the challenges facing business owners.
The company stated this during its quarterly business forum for business owners with the theme ‘Positioning Your Business For Growth in 2023’, in Lagos.
The forum is part of quarterly merchant gatherings focused on fostering knowledge sharing and networking opportunities among business owners in the country.
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 data through one-on-one conversations that can generate insights and help in increasing value, as well as developing better products and services that are more beneficial to the customer.
Addressing the impact of government policies on the business environment, 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 the company is seeking ways to meet the needs of businesses, entrepreneurs and encourage their expansion, in addition to lending, business tools and payment solutions.
