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The SME Mall has urged Nigerian entrepreneurs to assess their business operations and address internal weaknesses that could hinder growth and sustainability.
The Managing Director of the organisation, Muyiwa Femi-Pearse, said poor financial management, inadequate business structures, poor record-keeping and ineffective marketing strategies were among the challenges affecting small and medium-sized enterprises (SMEs).
Femi-Pearse stressed the need for business owners to understand their operational challenges before seeking funding or expanding their businesses.
“Many small businesses are not held back by a lack of ambition or good ideas. In many cases, the challenge is that the systems, structures and processes needed to support growth have not developed alongside the business,” he said.
He added that entrepreneurs needed to identify what was working, recognise existing weaknesses and determine the changes required to improve their businesses.
The organisation identified six areas for business assessment: legal and regulatory compliance, technology, human resources, business strategy, marketing and branding, and finance and accounting.
According to the SME Mall, reviewing these areas can help business owners identify operational gaps affecting profitability, customer acquisition and overall performance.
Femi-Pearse also noted that access to finance alone might not resolve the challenges facing businesses without proper financial records, clear strategies and effective operational systems.
“Funding is important, but money alone cannot fix a business that lacks proper financial records, a clear strategy or effective operational systems,” he said.
He said entrepreneurs needed to identify weaknesses in their operations and consider appropriate interventions, including improved financial management, the adoption of suitable digital tools and clearer business processes.
The organisation also cited its Women in Business Competition (WIBC), which featured ₦3 million in business support for selected participants.
The programme incorporated business assessments to help participating women entrepreneurs identify areas requiring improvement and determine their business development needs.
Small and medium-sized enterprises play a significant role in employment generation and economic activity.
However, many businesses face challenges relating to access to finance, market opportunities, technology adoption and regulatory compliance.
The SME Mall said continued business assessment and targeted interventions were necessary to help entrepreneurs respond to changing market conditions and improve their operations.
