SMEs: Don’t restock your business with 100% profit, women entrepreneurs advised

Women entrepreneurs, especially those in the SMEs sector across the country, have been advised not to restock their businesses with their entire profit. Such a decision, it has been identified, is one of the challenges, plaguing the growth of the SME sector in the country. The Director of Administration, Abubakar Bukola Saraki (ABS) Foundation, Mrs […]

Women entrepreneurs, especially those in the SMEs sector across the country, have been advised not to restock their businesses with their entire profit.

Such a decision, it has been identified, is one of the challenges, plaguing the growth of the SME sector in the country.
The Director of Administration, Abubakar Bukola Saraki (ABS) Foundation, Mrs Fatimah Malumfashi, gave the advice in Ilọrin on Thursday during a one-day training for women entrepreneurs.

Over 106 women entrepreneurs attended the event which featured speakers and facilitators from across the country.
According to her, “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.

“You see someone making millions looking tattered and yet one who is making just N2,000 is looking very presentable. So a wise entrepreneur restock with 70 percent and use the 30 percent to take care of yourself. This will positively rob off on the business at the end of the day”, she added.

She said the objective of the training is to address the common issues with women entrepreneurs globally.

“Women entrepreneurs have certain blockages irrespective of where they operate all over the world preventing you from reaching your highest potential. What we are trying to do is even the playing field for them to achieve that as the backbones of our community and economy”, she noted.

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.

She said this will increase Nigeria’s GDP at the end of the day “because SMEs contribute the largest when it comes to our GDP. And giving these people a chance to build their businesses no matter how small, is a lifetime opportunity for global networking and collaboration”.

Some of the participants, Babaita Bilqess Olajumoke, a lingerie and underwear seller and Bello Oluwabunmi, said the programme has taught them how to upscale and stay profitable in business.