The UBA Business Series, themed “Built to Last: Profit with Purpose, Business Continuity,” which held on the 21st of November 2024, offered transformative insights for Small and Medium Enterprises (SMEs) striving for success and sustainability. The panellist offered insights on how to thrive in an ever-changing world. Here are 10 essential lessons from the series that every SME can adopt.
1. Stay Focused
Your business needs a guide. Craft a vision and mission that encapsulate your long-term goals. Shut out the noise and focus on what you want to achieve.
2. Prioritise Financial Discipline
Success requires control over your finances. For Princess Tekenah, this was what she did. She was able to use the $5000 grant from the Tony Elumelu Foundation to build a thriving business. Track your cash flow, separate business and personal funds, and reinvest wisely to ensure sustained growth.
3. Leverage Technology and Innovation
Digital tools can revolutionise your operations. Bolanle Austen Peters was able to leverage technology to change the face of her stage production after the failure of doing it manually.
4. Cultivate Persistence and Tenacity
Every SME faces obstacles, but the key to success lies in perseverance. Commit to your goals, remain adaptable in the face of setbacks, and maintain a long-term outlook even during challenging times.
5. Embrace Healthy Competition
Competition fuels growth and innovation. Monitor your competitors, learn from their successes and failures, and continuously refine your offerings to stay relevant and appealing to your target audience.
6. Seek Knowledge and Expertise
The business landscape is constantly evolving. Stay informed by seeking mentorship and tapping into resources to keep your knowledge and skills sharp. The emergence of social media did not threaten Frank Edoho. Instead, he leveraged it and became an even bigger brand.
7. Build Strong Relationships
Success is rarely a solo journey. Foster meaningful relationships with your team because you cannot do it all by yourself. According to Toke Makinwa, you should be open to learning all the time to achieve business longevity.
8. Adopt a Customer-Centric Approach
Customers are the backbone of any business. Regularly gather feedback, address their needs, and strive to deliver exceptional experiences that inspire loyalty.
9. Stay Agile and Adaptable
The ability to pivot is crucial in a dynamic market. Anticipate changes, embrace innovation, and adjust your strategies to seize emerging opportunities and mitigate risks.
10. Do Not be Afraid of Challenges
Challenges are inevitable in business, especially for one that is just starting, as was the case of Dr. James-Asare-Adjei’s microbusiness. Your ability to be innovative in the face of those challenges and overcome them will determine whether your business will stand the test of time.
By adopting these tips, you can strengthen your enterprise and ensure it is “Built to Last.”
Take the next step today. Explore how UBA’s SME solutions and financial products can support your business journey!
