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Lagos SMEBootCamp Season 4 Explores How MSMEs Could Improve Branding and Access to Finance

Nov 16, 2021   •   by   •   Source: Proshare   •   eye-icon 2229 views

Tuesday, November 16, 2021 / 8:50 AM / Ottoabasi Abasiekong forWebTV / Header Image Credit: Lagos SME Bootcamp

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As Micro, Small, Medium, and Large enterprises seek to achieve scale inNigeria and support the nation's economic activities, the need to improvebranding, networking, and access to finance has been emphasized by industryleaders.


This was brought to the fore at the Season four (4) edition of the LagosSME Bootcamp, which was held at the prestigious Oriental Hotel, Lekki, which broughttogether young entrepreneurs in the country.


Convener of the Lagos SMEBootCamp Mr. Ayo-Bankole Akintujoye, in hisopening remarks, said since 2018,  the initiative, which is self-funded,has supported thousands of small businesses in the area of building capacity,achieving scale, and improving the quality of service delivery.


He was delighted to inform the entrepreneurs that the Season 4 editionwas unique because it featured a government parastatal in the Federal Ministryof Industry, Trade, and Investments for the first time.


Dr. Adewale Bakare, a Director, Industrial Development in the FederalMinistry of Industries, Trade and Investments, believed that businesses need toengage policymakers to support the economy and thrive. He described the MSMEsas the engine room of any economy in the globe.


According to him, over 41m MSMEs in Nigeria, while 95%   are at themicro-level. He added that the NMSMEs constitute 74% of Nigeria's  LabourForce.


Speaking on the National Policy on MSMEs developed by the ministry, heoutlined the following key features, which include;

  • Accelerate the growth of MSMEs
  • Identify and address the challenges of MSMEs
  • Build capacities for MSMEs
  • Provide early promotion of the Culture of business and ethics for MSME
  • Production of Raw materials and provision of inputs for the African Market
  • Stimulate innovation and technology transfer of MSMEs

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Speakingon "Financial Management and Capital Raising for SMEs", Dolapo Adeosun Partner,Deal Advisory, KPMG stressed that financial management is vital for businessesto thrive and achieve sustainability.


Sheemphasized the need for entrepreneurs to take out time to understand theirbusinesses and the dynamics involved. The financial expert added that businessowners should plan their budgets to help them identify new challenges beforethey surface.


TheKPMG official also charged entrepreneurs to build relationships with clientsand take contingency planning issues seriously.


Inher virtual presentation, co-Founder of Piggyvest Odunayo Eweniyi identified aneffective distribution strategy and payments that unlock access to funding ascritical areas that would aid the growth of small businesses in Nigeria.


Shetasked the businesses with developing a social media customer base with a goodstrategy. She cited the example of Piggyvest that grew its base exponentiallythrough the social media platform.


OdunayoEweniyi also pointed out that human capital was the most significant resourcefor growth and expansion in starting a business. She also called on businessesto take their content strategy seriously and provide clarity to their brandgoals.


Mr.Temitope Runsewe, CEO, DUTUM Construction, who lightened up the event withstories of his journey in entrepreneurship in the building and constructionindustry, noted that his growth in the business as a result of intentionalnetworking.


Hesaid social media had democratized networking, and MSMEs should leverage theplatform to showcase their products. Temitope Runsewe also advised theentrepreneurs to attend seminars to build capacity.


Inhis brief presentation, Odion Aleobua, the CEO, Modion Communications, taskedentrepreneurs with creating and winning customer trust. He said businessesbuilt on integrity and values would endure.


Aleobuasaid entrepreneurs should have a healthy ego to work with people and constantlyinnovate to stay relevant in their business.


Forserial entrepreneur Mr. Adebola Williams, Co-Founder Red Media businessesshould learn from the "Brand Jesus" model to make an impact with the followingstrategies;

  • Having a clear vision
  • Understanding the mass market
  • Clarity on the brand value proposition
  • Starting early
  • Having a brand proof
  • Understanding brand engagement
  • Understanding brand positioning
  • Understanding brand innovation


LolaEsan, the Workforce Advisory Services Leader of Ernst & Young (EY), in herpresentation on "How MSMEs Can Effectively Leverage and Manage People forWork", said entrepreneurs should understand the dynamics of employee engagementand capacity building.

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Shecalled on businesses to be strategic and address the issue of "PreviouslyUnidentified Recruitment Error (P.U.R.E) and called on MSMEs to place morevalue on their employees in areas like prompt payment of salaries, compensation, and work culture.


Theevent featured a business pitch session for MSMEs with "SARI Foods" emerging asthe competition's winner. At the same time "Pure Neutral Cereals" and "P.I.BGlobal Services" came second and third, respectively.

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