Small and Medium Scale Enterprises ( SMEs) have been urged to leverage technology as well imbibe good financial planning to survive the economic downturns of Covid-19 pandemic.
Mabel George, vice president, Business Development (West), Sigma Pensions said this at the Connectnigeria Virtual business fair where thousands of SMEs converged to learn, connect and showcase their business.
She also urged businesses present to reevaluate their business propositions to adapt to the changing business environment and practices in order to survive the pandemic and its aftermath.
George said “You need to rethink the way you do business; you need to take a back seat to review the economy and sectors and see how you can add a positive stint to what is going on in the economy. That is the only way you show that you are resilient and that is the only way you can transit from what you were doing before to what you are going to be doing now.”
SEE ALSO: SMEs: Alleviating financing constraints
“You need to look at your business and how it has been and then build a business that would last, not just a business you are building for efficiency but a business that is designed for resilience and is able to take whatever shocks coming.”
On the need to adapt to technology, she noted that businesses need to adapt to technology, and this cannot be overemphasised as technology is king at this point in time. “People are now doing businesses from home and transacting from home so you need to adapt to technology, take advantage of it and let your businesses move forward because this is what is going to drive the world.
Furthermore, she said SMEs should learn to gather and use data as well have a diligent financial planning
“Data is king, with the right data we are able to predict, make simulations and are able to plan how we are going to work and how we are going to function during and post-pandemic era. Data gathering puts you in a better standing compared to people who do not work with data.”
Most importantly financial planning is the key tool every business owner, young professional or any individual at all must imbibe. Put your finances together.”
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