Stakeholders in the nation’s financial Industry have urged Nigerian entrepreneur to set out new strategies that will enable them sustained profitability in 2022 as the country is expected to witness a lot of challenges and increase in cost of doing business.
Experts who spoke at a webinar organised by First Bank of Nigeria FirstConnect tagged “2022 Is Your Business Ready” said that 2022 being an election year is full of uncertainty.
Chief Executive Officer, Streetnomics, Mr Gospel Obele while speaking on Scaling Business Growth in Pre-election Year” said there would be increase in the cost of doing business in 2022, not because entrepreneurs are making higher profits but as result of increase in overhead cost, including NEPA bills.
He said that entrepreneurship is fairly strong in Nigeria and this was supported mainly by the agility and aspiration of Nigerian business.
He listed limited access to finance, inadequate infrastructure and insecurity as the major obstacles facing enterpreneurs in Nigeria.
Also speaking, Founder, Pundit Bookkeeping Services, Jovita Madojemu, said that business owners must know how to crack the profit code which centred on the survival budget irritation, profit cash flow correlation and performance tracking adoption.
She encouraged business owners to always do budget in whatever they are doing, stressing that budgeting is not an indication of poverty but part of responsibility.
She said in terms of budgeting, Nigeria entrepreneurs need to make budget for themselves, for their business and stick to that budget for the period to avoid pitfalls.
She said business owners budget is necessary to ensure that they will not dip hands into company fund for personal use, adding that delayed gratification is key to business expansion while compensate generously based on result.
Head, Strategy and Corporate Development FirstBank, Mr Chike Uzoma while speaking on Building Business Resilience said to survive and remain profitable enterpreneur and business owners need to build resilience into their businesses.
He said business resilience helps an organization to minimize the downside while maintaining the ability to act on opportunities that max be present themselves.
He said to build and maintain resiliency every business needs to focus on four things that will be critical to success . They include culture, leadership, change and discipline
