SMALL BUSINESS REVIEW : KEEPING A BUSINESS RELEVANT NOW AND IN FUTURE

SMALL BUSINESS REVIEW: KEEPING A BUSINESS RELEVANT NOW AND IN FUTURE

Things happen in the external business environment that are capable of making a business that was thriving to become irrelevant, sick and probably die in the near future. But, according to Augustine Edet, executive director, Nextzon Business Services Limited, an enterprise building firm, a strategic analysis of a business, which also involves thinking of one, two, five or more years into the future could help the business owners/managers prepare ahead of time and prevent these external factors from snuffing life out of their businesses.
  

Categorizing the problems and growth patterns of small businesses in a systematic way that is useful to entrepreneurs seems at first glance a hopeless task. Small businesses vary widely in size and capacity for growth. They are characterized by independence of action, differing organizational structures, and varied management styles.
Speakers at the event,include Adedotun Sulaiman, chairman of Accenture Nigeria and Nextzon, who will be the keynote speaker, and will address the topic “Institutionalisation - A process for sustainable growth and access to funds by SMEs,’’ while Akin Oyebode, head, SME banking, Stanbic IBTC Bank, will be presenting a paper titled “Why would a bank or financial institution be interested in providing funding support to my SME Business?”

In my submission, strategic planning, creative thinking and staying ahead of competitors will ensure that a small business continues to be a going concern 3-5 years down the line.
Taiwo Ashaolu wrote in from Lagos , Nigeria. He is an healthcare / insurance practitioner.

Sources : Business Day Online & Harvard Business Review