A business development expert, , has stressed the need for small and medium-sized enterprises (SMEs) in Nigeria to embrace proper planning, financial discipline and sustainable business practices to remain profitable and competitive.
Speaking on Trade FM, Olaosebikan explained that a sustainable business is one that consistently makes profit over time while maintaining a strong financial foundation.
She said sustainability has become increasingly important for Nigerian businesses due to growing competition, limited opportunities and rising operational challenges.
According to her, many SMEs fail within their first few years because they lack proper planning, clear structures and good customer service systems.
She noted that every business, whether run by a team or a single entrepreneur, requires a structure that defines responsibilities and ensures smooth operations.
Olaosebikan explained that even solopreneurs can create structure by clearly defining different roles within their businesses, such as marketing, customer service and finance, or by outsourcing specialised tasks when necessary.
She advised entrepreneurs to set clear goals, understand their businesses, identify their target markets and build a strong niche rather than trying to serve everyone.
The business expert also urged SMEs to invest in continuous learning, stressing that entrepreneurs must keep improving their skills because business trends and technologies are constantly changing.
On financial management, she warned business owners against poor record keeping, excessive borrowing, mixing personal funds with business money and underpricing their products or services.
She encouraged entrepreneurs to separate their personal finances from business accounts, understand cash flow management and develop proper budgeting and pricing strategies.
Olaosebikan also highlighted the importance of branding for SMEs, noting that branding goes beyond logos and colours.
She said a strong brand helps businesses gain visibility, build trust and stand out in a competitive market.
She encouraged SMEs to take advantage of digital tools, including social media platforms, online payment systems, customer relationship management tools, e-commerce platforms and artificial intelligence solutions.
According to her, technology is changing the way businesses operate and entrepreneurs who embrace innovation will be better positioned to grow.
Speaking on funding challenges, she advised SMEs to explore alternatives beyond traditional loans, including grants, crowdfunding, angel investors, cooperatives, supplier credit and bootstrapping.
She cautioned entrepreneurs against taking unnecessary loans and spending borrowed funds on non-business activities.
Olaosebikan further stressed the importance of mentorship and entrepreneurial development, saying experienced mentors can help business owners avoid costly mistakes and make better decisions.
She concluded by advising entrepreneurs to build businesses around solving real problems, maintain integrity, manage finances responsibly and continue learning in order to create resilient, profitable and sustainable businesses.
