Experts task entrepreneurs on marketing, financial intelligence for business growth

A group of communication and financial experts in Abuja have tasked entrepreneurs to acquire good marketing communication skills and financial intelligence to survive the teething challenges associated with micro, small and medium-sized (MSMEs) businesses in Nigeria.

Speaking at the event tagged ‘Heart of Your Business,’ Chris Tion, a co-founder of the Heart of your Business initiative and co-convener of the event, said some people are already self-defeated on business management by assuming they lack the skills to successfully run any business.

“When we envisaged this seminar, we did a research that showed that in the last five years, nine out of 10 SMEs die yearly. And the reason, as discovered by us, is lack of marketing communication and financial intelligence, which was very glaring. They don’t patronize professionals for those services they ought to use for their business to grow. Also, they are not fiscally disciplined,” Tion said.

Another speaker, Edmund Oshioke, in his paper, “Financial intelligence for small businesses,” added that most businesses die because the owners refused to pay themselves onthly salaries. “It will surprise you to know that most businesses in Nigeria today die because business owners believe they don’t need to earn salary from their businesses. They’ve forgotten that they also have financial responsibilities at home or towards their loved ones. They have to pay children’s school fees, house rent, etc. So, when there is a need at home, they just go to the business account or bank to withdraw some money, with a belief that, after all, it is their personal business and they are entitled to its profit, without considering the implications that such may endanger or limit the business growth,” Oshioke said.

He also advised that entrepreneurs should avoid starting their businesses with borrowed funds.

“There are times in your business when you need loans, but it should not be at the beginning,” Oshioke cautioned.

Also speaking at the event, Hassan Abdul, a communication expert advised entrepreneurs to always strive to be the leader in whatever area of business they have chosen.

Abdul offered, “Your first danger is when people know that they have alternatives to what you do. People will always listen to the loudest voices. Let your voices be heard on television, radio, via the social media etc.

Communicate regularly with your customers and the general public, as communication as a way of making us larger than life.”

Another communication expert, Dr Lanre Phillips remarked that entrepreneurs should consider choosing value proposition for the emerging markets.

“As entrepreneurs, you should begin to imagine what the world would be like in year 2020. That will enable you to come up with strategies that will make your businesses thrive several years to come. While projecting your brand (or business), develop strategies on how best you can serve your customers, brand that will still be relevant in the next 20 years, as you grow your business with the science of persuasion,” Dr Phillips urged.