Invest in yourself, have a business structure — Female entrepreneurs advise SMEs

Successful female  business  entrepreneurs  have advised Small and Medium Scale Enterprises (SMEs) operators and would-be business owners to focus on meeting specific needs and self-development to create a path towards building prosperous brands in the short and long-term.

Speaking during the Women’s Day edition of the United Bank for Africa (UBA) Business Series hybrid event at the bank’s Head office in Lagos on Thursday, the entrepreneurs emphasised the need for SMEs to invest in themselves and have a proper working business structure as tips that will help build and grow their businesses.

The co-founder and CEO of Good Hair Ltd, Chioma Ikokwu; Founder of African Naturalistas, Atilola Moronfolu; Founder of Hello Perfect, a leading skin aesthetics and laser clinic in Nigeria, Onyeka Michael-Ugwu and Actress/Founder and Chief Executive Officer, NOUA Skin, a luxury boutique skin studio based in Lagos, Oshuwa Tunde-Imoyo, were panellists at the special women’s edition of this quarter’s UBA Business series who spoke on the theme: Herstory.

Chioma who emphasised the need for meaningful partnerships and collaborations in business said, “It is important to start by solving a problem, you have to separate your lifestyle from your business and ensure that you are intentional about what you put out there. Also, get straight to the point about what you are offering your customers, no need beating about the bush.”

Buttressing Chioma’s point, Onyeka told business owners and would-be entrepreneurs to surround themselves with the right people as these are the people that will help tend to the growth of the business.

“I always tell people, build a team that can give their best to your business. When you treat your team right, they will put their all into growing your business,” she said.

Atilola who was all about the advantage of a proper business structure to one’s business, said, “Get your structure right, you need to have a standard operating procedure that works whether you are physically present or not. Also, it is very important to separate your personal finances from your business finances, that way, your business learns to thrive on its own.”

On her part, Oshuwa spoke about education and investing in oneself, as she added that business owners need to hone their skills, and should not be afraid to ask for help when they need it. “I agree with Atilola and Onyeka about collaborations and I also subscribe to learning new things by investing in educating yourself, this will translate into better business decisions.”

UBA’s Group Head, Marketing and Corporate Communications, Alero Ladipo, who commended the panellists for taking time off their busy schedules to share their knowledge, said UBA organises these business series frequently as they go a long way towards equipping customers, especially the women with the strategies to help build successful businesses.

“We believe that SMEs, especially those run by the females, are the engine of growth in any economy, and so, at UBA, we invest in educating our customers and Small business owners on tips that will help them run successful businesses that can impact the world,” Ladipo said.

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees’ group wide and serving over 35 million customers globally. Operating in 20 African countries and in the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.