By Etop Ekanem

A business development expert, Patricia Okonkwo, has called on government to do everything within its powers to facilitate the growth of businesses in the country by ensuring the creation of an enabling environment for businesses to thrive.

Okonkwo said hundreds of businesses are closing shop daily as a result of factors such as erratic power supply, lack of access to funds, unfavourable policies that are unbearable.

Okonkwo stated these recently in Lagos in a media briefing while sharing thoughts on ways SMEs businesses can grow sustainably. 

She noted that having been operating as a business development expert for close to 10 years and have consulted for quite a number of SMEs in Nigeria, she knows some of their pain points. 

Speaking on ways government can assist SMEs to thrive, she said: “Small businesses are the backbones of world economies because they play the biggest roles to social and business demands. The truth remains that small businesses in Nigeria and beyond bring a great deal of innovation to any field. They are closer and usually in more direct contact with consumers and the general populace.

“Government should ensure that small businesses have access to loanable funds to scale. Second, power supply, should be constant to sustain the growth of these categories of business enterprises.

Government should ensure that agencies of the state that can offer free advisory services to these categories of business owners are well equipped to perform their function. 

“Sustainable business models for SMEs businesses are becoming increasingly important in today’s economy, when we consider the rapid spate of change and complexity of the global market. I believe businesses must focus on creating a strategy and framework for success that will ensure their profitability and viability into the future.” 

She stated that certain components, such as reducing costs and waste, developing effective marketing strategies, using new technology to efficiently manage resources, and building relationships with customers and other businesses in the industry are ways SMEs can thrive. 

The business development expert also stated that the biggest decisions many small business owners in Africa face is whether to borrow money to keep their business going or cut their losses. 

“Many banks are skeptical about lending to SMEs without stringent conditions that are too difficult for business owners to meet. Those that do otherwise rarely consider SMEs that are less than five years old for credit facility extension,” she  noted.