Monday, July, 27, 2020 / 4.13PM /Ottoabasi Abasiekong for WebTV / Header Image Credit: WebTV

Effective Processes, Financial Records,Communications/Brand positioning and Governance are areas that Micro, Small andMedium Enterprises, MSME must give priority if they are to achieved sustainedgrowth.

This was part of the key resolutions ofanalysts at the just concluded 3^rd edition of the Lagos SME Bootcampwhich was conducted by way of a virtual webinar.

Giving the keynote address the CEO of theFederal Competition and Consumer Protection Council (FCCPC) Mr. BabatundeIrukera said a robust & anti-trust regulatory environment is key toensuring fair competition for businesses in Nigeria.

He enjoined the MSMEs to focus on thesolid processes and structures than their products, to achieve scale and becomeglobally competitive.

The FCCPC boss noted that the regulatorybody had a mandate to address issues like multiple standards and advocate forcustomers, taking action where necessary.

On his part, Mr. Yinka Ogunnubi, the Group Treasurer of CFAO, in his remarkscalled on MSMEs to take their financials more seriously to achievesustainability and profitability.

He emphasized the need for basicbook-keeping and effective budgeting processes that will enable the businessesto analyze their expenditure & the impact of macroeconomic factors likeinflation and foreign exchange.

Ogunnubi also highlighted Cash flowmanagement for businesses as they track cash inflows & outflows and revenueprojections.

According to him if MSMEs cannot secureaccounting tools, they can use Microsoft Excel for their financial records andoperations.

Mr. Tunde Omotoye,Co-Founder, The Human Squad, in his contributioncalled on MSMEs to adopt communication with customers and take proactive stepsin prompt decision-making as best business practices.

In her remarks, Nkiru Olumide-Ojo, Founder of the Lighthouse Women Network,challenged small businesses in the country to align their brand promise withdelivery, which is a veritable tool for marketing.

She also advised the MSMEs to engageindependent researchers and take the concept of "Go To Market" to boost theirbrand visibility.

For Damilare Zaccheus, Founder OGZ Foundation, small businesses mustintegrate social capital in their services, repositioning their brand andconnecting with customers.

In the area of Governance, Kitan Babalola ofthe Convention on Business Integrity (CBi) encouraged businesses to takeadvantage of the #MSMEStandards to get the support they need in the area ofgovernance and standards, which is important to attract investments and accessfunding.

Babalola,The Engagement Coordinator, CBi advised smallbusinesses to be strategic about their leadership approach, stating that wherea board is lacking, executive management can be set in place.

AdesuwaOpedun  Regional Business DevelopmentLead,  Systemspecs, decried the fact that therehas been the issue of low adoption of technology by MSMEs, which could be achallenge in the era of the fourth industrial revolution (4IR).

She said that MSMEs need affordable andinnovative tools to improve customer experience, like the "Paylink" developedby SystemSpecs.

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