Last week, The Business Hub (TBH), Nigeria’s top business solution provider, hosted the inaugural Start to develop Summit, an event designed to give small entrepreneurs with practical and actionable insights to help them develop their enterprises.
“From Startup to Scale-Up: Strategies for Explosive Business Growth” was the summit’s theme. Mrs Bolanle Tyson, the Head of SME Products, stated that
The Business Hub is passionate about SMEs since they employ around 96% of the workforce and contribute approximately 48% of GDP. It is unfortunate, she adds since many of them do not survive the first five years, and The Business Hub is attempting to alter this.
According to Mrs. Bolanle Tyson, research has shown that challenges faced by SMEs in their early years include a lack of infrastructure, access to finance, and lumping financial transactions with personal accounts, which makes it difficult for financial institutions to know their turnover, capability, and how much they need to scale up their operations.
As a result, The Business Hub is well-positioned to assist SMEs with registering their enterprises, offering post-incorporation support, and opening business banking accounts with no account maintenance costs for the first three years, among other advantages.
Miss Tobi Eyinade, Co-founder of Roving Heights, educated companies on scaling considerations in her keynote talk. They include re-evaluating cash flow, utilizing accounting software for inventories and financial statements, establishing realistic milestones with forecasts and predictions, implementing standard operating procedures, outsourcing processes, and acquiring great personnel to supplement their competencies.
Miss Eyinade also recommended entrepreneurs invest in automation and tools, be honest with themselves, dilute their equities or seek assistance to grow, use sustainable management techniques, and look into grants and angel investors.
She also stated that businesses that want to scale must overcome fear and small-mindedness because when nothing is explored, nothing is achieved.
The Product Marketing Manager, Emmanuela Tijani, conducted a fireside discussion titled “The Right Way to Start a Business,” which featured Mrs Abimbola Bamigboye, CEO of Audeo, and Mrs Chioma Ifeanyi-Eze, Founder of Accountinghub.
Several topics were highlighted during the discussion, including the significance of entrepreneurs selecting a problem-solving idea, studying it, comprehending the risks, and analyzing the venture’s viability before embarking on it.
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Entrepreneurs were also advised to consider establishing a correct structure, recruiting the right expertise, stocking higher-margin products, focusing on the metrics, and having enough capital to run the business.
Some of the new solutions unveiled at the event will be available on the new TBH platform, such as cheap access to business resources and services such as transportation, HR, accounting and finance, wireless data, and so on, as well as a redesigned website for simple business registration.
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