By Tare Youdeowei
RESEARCH has shown that only about three percent of businesses scale past the fifth year due to non-accessibility and inadequate online persence. In this light, entrepreneurs have said that the application of digital technology will successfully drive businesses and make positive impact on return on investments.
They made this known at the June edition of CFA’s Startups Hangout, which saw Deepankar Rustagi, Co-Founder of VConnect declare, “There are tonnes of softwares and digital tools you can use to simplify your business operations. With digital tools it would be easy for businesses to track and measure their marketing goals, while achieving results.
“We live in an age where technology thrives and for businesses to cope with that pressure, they must start using digital tools. As it stands, 97 percent of businesses do not exceed the fifth year in operations and that’s cause for concern,” Rustagi said.
Charging entrepreneurs to have accessible online presence and build a realistic digital strategy, Rustagi added; “When you build strong visibility and make your business accessible, you are making it easy for new customers to patronise you. You need to make your product or service positively different from what is conventionally available. There should always be a reason for a customer to patronise any business.”
Co-Founder, Telnet, Dr. Nadu Denloye, said the current technology disruption has changed business model and those keeping up with the pace by adopting digital technology will be afloat.
”Individuals or people are critical factors to running a successful business. When you have people around you, discuss and be open to ideas from them, they are the ones to help you move your business forward. I wasn’t a creative person in my early days of running business; I understood my weaknesses and strength. When you discover yourself it becomes easier for you in business,” Denloye advised.