Nigeria’s leading business solution provider, The Business Hub, has reaffirmed its commitment to providing small businesses with practical and actionable insights to help them scale their businesses.
The maiden edition of the Start to Scale Summit with the theme titled, “From startup to scale-up: Strategies for explosive business growth’, held in Lagos.
According to the Head of SME Products, Mrs Bolanle Tyson, The Business Hub was passionate about SMEs because it provided about 96 percent of employment, and contributed about 48 percent to the GDP.
She added that it was disheartening to note that many of them did not survive the first five years, and TBH was working to change this.
“Research showed that challenges encountered by SMEs in their early years are lack of infrastructure, access to finance, and lumping financial transactions with personal accounts, making it difficult for financial institutions to know their turnover, capability, and how much they need to scale up their operations,” Tyson said.
The company, she noted, was positioned to assist SMEs in registering their businesses, providing post-incorporation support, and setting them up with business banking accounts that attract zero account maintenance fees for the first three years, among other benefits.
In her keynote address, Co-founder of Roving Heights, Miss Tobi Eyinade, advised entrepreneurs on factors for scaling.
She noted that this included re-assessing cash flow, using accounting software for inventories and financial statements, setting realistic milestones with forecasts and projections, developing standard operating procedures, outsourcing operations, and hiring exceptional talents to complement their competencies.
Eyinade also advised entrepreneurs to invest in automation and tools, be truthful to themselves, dilute their equities, or seek help to grow, adopt sustainable management practices, and explore grants and angel investors.