The BusinessDay Top 100 Fastest Growing SMEs in Nigeria organized a second panel session to discuss “Resources to Run a Profitable Business”, providing insights into the challenges and strategies that have contributed to the success of businesses.
Featuring experts in the business world, the panel session was moderated by Adaoha Njemanze, with Akintunde Marinho, CEO, Utopia Media Group; Debola Ajayi, COO, Circo; Ireayomide Oladunjoye, MD & CEO, Endeavor Nigeria; Joshua Chibueze, Co-Founder/CMO, Piggytech; Olasubomi Hassan, Executive Director of Operations; Oluwatoyin Inumidun Bakare, Executive Director, SAS Textiles Limited; and Dr. Oyinlola ‘Yetty’ Ogunnubi, CEO, The YD Company, as the panellists at the BusinessDay Top 100 Fastest Growing SMEs.
Dr. Oyinlola ‘Yetty’ Ogunnubi, CEO, The YD Company, with over 19 years of experience, emphasized the significance of strategy and partnerships in achieving sustainable growth. “For us, it’s more about strategy and partnerships. We work with lots of SMEs and look for partnerships that could make their dreams come to reality,” she explained.
Akintunde Marinho, CEO, Utopia Media Group, stressed the importance of human capital as the most critical resource. He highlighted the dedication required from individuals within the company, stating, “Human beings make the company not to fail. There are people that do not sleep to ensure a company doesn’t fail.”
Emphasizing the importance of understanding the Nigerian business context, Debola Ajayi, COO, Circo, said “Nigeria is one of the most unique places to do business. In dealing with human capital, understanding the context of your environment is very important for the success of a business”.
Oluwatoyin Inumidun Bakare, Executive Director, SAS Textile Limited, added insights into the significance of skilled manpower and financial management. “The most critical resource is skilled manpower. Your people must be passionate, and you must have excellent customer service. Also, financial management is crucial. Every receipt that you don’t record is not a transaction.”
The BusinessDay Top 100 Fastest Growing SMEs panel discussed the necessity of creativity, innovation, and thinking outside the box to succeed in Nigeria. “You will have to learn to be creative, innovative, and think out of the box. You have to have such an excellent spirit. Because you have to do that thing that will make you have such a unique value proposition,” shared Dr. Oyinlola ‘Yetty’ Ogunnubi.
“We learn to adapt. We’ve learned not to compromise and learn to maintain that excellent spirit and make sure we are adding value that they will not forget,” added Debola Ajayi, COO, Circo.
The panellists further highlighted the role of technology in optimizing business processes, explaining that technology helps optimize businesses, ensuring that customers feel the impact. ‘Technology just helps you optimize processes and improve delivery speed.’
“When you think about technology, it’s about looking at each functional area of your business and finding out how can I use technology to further control and better deploy the resources I’m using in this area of my business,” added Akintunde.
Addressing the challenge of ever-evolving regulations, the panellists, emphasized the importance of staying informed. “The first answer is to stay informed. Adequate knowledge of the regulatory framework in your business sector is important. Also, you cannot afford to be cheap about dealing with regulatory frameworks; it requires specialized knowledge”.
On retaining top talent in a competitive labor market, Debola Ajayi shared a unique approach. “I see them as valuable team members. So essentially, they don’t work full-time. But now we’ve retained them as part-time, once a week delivering this, and we’re good to go.”
“How you treat them is how they will go the extra mile. That expressive change is very, very important for us as an organization,” emphasized Dr. Oyinlola ‘Yetty’ Ogunnubi.
“Culture is very important. You have to have a culture as an organization. Quarterly engagements, treating staff as family, and doing something to make them feel like family, not just work, are crucial,” highlighted Oluwatoyin Inumidun Bakare, Executive Director, SAS Textile Limited.
The Panellists at the BusinessDay Top 100 Fastest Growing SMEs acknowledged that challenges differ across sectors, reiterating the need for adequate knowledge of the regulatory framework, while pointing out physical challenges related to Forex and tax in their industry.
“In this modern age of technology, realize that you can do your business over borders. Diversify into other portfolios, focus on personal development, and upgrade yourself constantly,” advised Ajayi.
“Personal development is essential. Upgrade yourself, focus on your core competence, provide excellent customer service, and make a positive impact on your community,” added Oluwatoyin Inumidun Bakare.
