“Don’t restock your business with 100% profit”
Women entrepreneurs, especially those in the SME sector across the country, have been advised not to restock their businesses with their entire profit. Such a decision is one of the challenges plaguing the growth of the SME sector in the country, it has been observed. The Director of Administration, Abubakar Bukola Saraki (ABS) Foundation, Mrs […]
Women entrepreneurs, especially those in the SME sector across the country, have been advised not to restock their businesses with their entire profit.
Such a decision is one of the challenges plaguing the growth of the SME sector in the country, it has been observed.
The Director of Administration, Abubakar Bukola Saraki (ABS) Foundation, Mrs Fatimah Malumfashi, gave the advice in Ilọrin during a one-day training for women entrepreneurs.
Over 106 women entrepreneurs attended the event.
She said, “When you are doing business, you have to take care of yourself. It is a very wrong business sense to restock with 100 percent of your profit which the majority of us do.
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“You see someone making millions looking tattered and yet one who is making just N2,000 is looking very presentable. So a wise entrepreneur will restock with 70 percent and use the 30 percent to take care of himself.”
A facilitator and founder/convener, Doing Business in Nigeria Conference, Linda Uneze, said the programme will empower women business owners with the right strategies, skills, and knowledge about how they can run a successful and sustainable business that can potentially outlive them.