•Calls for data, information bank
Executive Director of Rely Supply Limited, Mrs. Morounfayo Williams, has said that the lack of critical knowledge required to navigate and soar above the troubled business environment in Nigeria is impeding micro, small, and medium enterprises (MSMEs) from survival.
She said this even as a significant number of operators in the informal sector among the MSMEs struggle to either break even, make profit, or expand their businesses in a volatile, uncertain, complex, and ambiguous economic environment in Nigeria.
Speaking during a webinar titled “Enabling Enterprise: Success Toolkit for MSMEs in Nigeria”, put together by the Nigerian Economic Summit Group (NESG), Williams, who is the Managing Consultant at Simply Exponential Consult Limited, called for the creation of a portal, which she described as a platform for MSMEs to access information and data they need to make sound decisions. The business coach, who pointed out Executive Order Five in the ease of doing business, advised MSMEs to explore extension services and urged the government at the federal and state levels to meet small business operators in their rural areas and communicate with them in their local dialects.
“We need to leverage networks and associations to have access to information, trainings, mentorship, endorsements, receive newsletters, and other benefits. The government works through co-operatives in disbursing funds. But government needs to meet people in their very rural areas — this could even be in national policy. We can leverage local technology tools, Internet of Things, audio podcasts, and whatever our small devices can help us achieve,” she counselled.
MSMEs were advised to dedicate a portion of their time to study new trends and concepts in their respective niches in order not to fizzle out of business for lack of current knowledge and understanding. “Always seek to know more about that business you do. Ask questions, make research, collaborate, network, always add value to your offering, and have a positive outlook as you strive to offer the best service to your customers,” MSMEs were advised.