By Laja Thomas

Nigerian industrialists, sole proprietors and businessmen have been advised that unless they set their business on a path to growth, there may be no way out but down. These were the submissions of two experts, Engr. Peju Adebanjo, Managing Director, Mouka Ltd and Engr. Femi Okunade, Executive Director, Xerox HS Nig. Ltd respectively at the Tom Associates Talking Business seminar held at the Tom Associates Management Development Centre, Anthony Village, Lagos Wednesday.

Speaking separately on the topic: How we transform our businesses and turn our people to champions using their organisations as case studies, both Adebanjo and Okunade harped on salient questions every businessman often ponders on such as: I want to grow, but I need new funds, ideas, new blood – How can we get it right? How can we ensure that the company succeeds after I am gone? How can we move to the next level? etc.

For every business to grow, according to Engr. Adebanjo, it has to be institutionalized, which means to transform a business into a company that has sound corporate governance, professional management, systems procedures, culture among others. Her words: “Nigeria is on the verge of transformational change and there are so many opportunities for business in post-transition Nigeria. How we access these opportunities and turn them into success for our organisation is very important.

“In the Mouka foam experience, organisational transformation has resulted into clearly communicated vision and strategy, financial control and reporting, effective organisation structure and talent management, performance-driven incentive system and practice corporate governance beyond regulations,” adding that “change is not easy because as a result, corporate behaviour will be affected, tools, techniques and technology will be revamped and it will affect consumer/customer intimacy. “Certainly, these changes and the new modules have helped us to achieve better organisational efficiency and institutionalized corporate governance at Mouka Ltd.”