Serial entrepreneur and HR professional, Tosin Udo, has urged small and growing business owners to diversify their income sources, invest in people and develop clear structures that can sustain their businesses.
Speaking on Trade FM’s Breakfast Business Briefing, Udo, who is the CEO of Tani’s Event Solutions and Tani’s Travels and Tours Limited, as well as co-founder of Sisters Essence, said entrepreneurs should not rely solely on businesses driven by passion, especially where income may be seasonal.
She explained that her experience in event planning and rentals has shown that businesses can experience periods of high and low patronage. Udo therefore advised entrepreneurs to develop multiple income streams, with some businesses providing regular cash flow while others may generate income periodically.
According to her, customer retention is also essential for business growth. She said entrepreneurs should provide quality service, communicate effectively with clients, think creatively and go the extra mile within reasonable boundaries to encourage repeat patronage and referrals.
Udo further identified people as key assets in business, urging entrepreneurs to build and maintain relationships with clients, vendors and other professionals. She stressed the importance of mentorship and collaboration, noting that business owners can learn from people who have already gained experience in their chosen fields.
On building sustainable businesses, Udo advised entrepreneurs to have a clear vision, document their goals, define staff responsibilities and establish standard operating procedures. She also encouraged business owners to understand the strengths and weaknesses of their employees, invest in training and delegate responsibilities to capable team members.
The entrepreneur also emphasised the need for businesses to maintain a consistent online presence, noting that visibility is increasingly important for attracting customers and securing opportunities.
Udo’s key advice to aspiring entrepreneurs is to understand their purpose, identify gaps in the market, continuously improve their skills and avoid following trends blindly.
She says a successful business requires more than passion, stressing that purpose, structure, people, visibility, collaboration and continuous learning are essential for building a profitable and scalable enterprise.
