Focus on specific needs, female entrepreneurs advise SMEs at UBA Business Series

Focusing on meeting specific needs of the people will grow a small business fast, successful female entrepreneurs have advised Small and Medium Enterprises (SMEs) operators and would-be business owners.

They spoke at the Women’s Day edition of the United Bank for Africa (UBA) Business Series hybrid event tagged ‘Her Story’ held on Thursday at the bank’s head office in Lagos.

The entrepreneurs also emphasised the need for the SMEs to invest in themselves and have a proper working business structure as tips to build and grow their businesses.

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.

Ikokwu spoke on the need for meaningful partnerships and collaborations in business saying, “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.”

Michael-Ugwu corroborating the point told business owners and would-be entrepreneurs to surround themselves with the right people who could help grow 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.

Moronfolu underlined the advantage of a proper business structure to one’s business. She 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, Tunde-Imoyo 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,” she said.

UBA’s Group Head, Marketing and Corporate Communications, Alero Ladipo, commended the panellists for taking time off their busy schedules to share their knowledge.

According to her, UBA organises the 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.