FirstBank of Nigeria Limited has advised Small and Medium Enterprises (SMEs) to build sustainable revenue base in naira and foreign currencies for their businesses.
The bank, which disclosed this during a webinar under the SMEConnect initiative with theme: ”The Power of Resilience: Building a Strong Business in Times of Uncertainty”, said solid revenue and cash positions prepare SMEs against unexpected business occurrences.
The bank’s Group Head of Retail Banking (South), Oludolapo Adigun, said SMEConnect is central to FirstBank’s commitment to SME development. The programme is focused on empowering businesses through capacity-building initiatives, and strengthening their operational resilience in the business environment.
Adigun reiterated the opportunities in Nigeria’s business with over 200 million population, which remains a great mileage for businesses within the economy.
She acknowledged some of the challenges faced by SMEs like inadequate infrastructure and tough regulatory environments, volatility in exchange rates, high inflation rate, among others.
Despite these challenges, she advised SMEs to be resilient, and hardworking to overcome them.
She emphasised FirstBank’s role as an SME-focused institution, boasting a diverse portfolio of over 1,000 Micro, Small, and Medium Enterprises (MSMEs).
She highlighted the benefits of FirstBank’s business diagnostic tool to their businesses. The tools is a resource utilised by the bank to analyse businesses and provide valuable advice on areas of strength and improvement.
Also, Chief Growth Officer of WhoGohost, Damilola Aransiola, said cash is the lifeblood of every business. He said businesses should think of creative ways to make money.
“Nigerians have money, we just choose what to spend the money on. Make people to have use for your products, and you will make money. Have a good mix of your revenue stream in local and foreign currencies,” he said.
He advised SMEs to find other innovative means and creative partnership to that will enable them to earn more money and boost their revenue streams.
He shared his company’s strategy and commitment to excellence.
He also called for SMEs to find creative ways to add value to their operations through innovation, adaptation, and creative partnerships.
According to him, multiple revenue streams help SMEs to keep standing in period of uncertainty.
There were question and answer sessions during which participants across several sectors of the economy expressed their satisfaction with the prohgrmmme and lauded FirstBank for its commitment to SMEs development.
Credit: thenationonlineng.net
