Women entrepreneurs tasked on new business strategies

Women entrepreneurs have been advised to adopt new strategies to overcome the new business challenges occasioned by COVID-19. Speaking at the Annual General Meeting of the Africa Women Entrepreneurship Program (AWEP), the keynote speaker, Dr. Steve Ogidan, maintained that business owners need to rethink their business strategy to attract customers and cash flow to their […]

Women entrepreneurs have been advised to adopt new strategies to overcome the new business challenges occasioned by COVID-19.

Speaking at the Annual General Meeting of the Africa Women Entrepreneurship Program (AWEP), the keynote speaker, Dr. Steve Ogidan, maintained that business owners need to rethink their business strategy to attract customers and cash flow to their businesses.

Ogidan noted that managing growth has been a major challenge for, Micro Small Medium Enterprises (MSMEs) to expand their reach but the effect of the virus has led to innovative ways products can get to customers.

He pointed that despite women being the majority in the MSMEs sector, gender parity is a major challenge affecting cash flow, sales and revenue.

He stated that operation management used in 2019 would not work in 2020 and they need to “rethink business strategy, future income, re-plan expenditure; rethink debt management as well as restructuring, asset, investment and risk analysis.

“Our risk landscape is not static, no one would have budgeted for facemask and hand sanitisers in 2019 but in 2021, it should be a major item in the budget but if you do not do it, then you will have a lot of challenge.”

He added that they should ensure that their business environment is opened to competition to decide on the product portfolios to put out while studying the corporate culture.

Earlier, the President of AWEP, Dr Angela Ajala urged women to be resilient in the face of the economic downturn by a change in ideas.