Lack of structures, competency, bane of Nigerian businesses

Lack of structures, competency and harmonious relationship have been identified as the cankerworms that have eaten deep into most businesses in Nigeria.

These were the unanimous views of speakers at the second annual general meeting of the University of Liverpool Nigeria Alumni Network held in Lagos recently.

Speaking on the topic, ‘‘Strong Foundations: Keys to building Strong Institutions and Businesses”, Lambert Ofoegbu, the head of research and development at PSM attributed the cause of business failures to lack of sustainable structures. He was of the opinion that entrepreneurs should employ persons with requisite skills to manage their businesses.

‘‘Entrepreneurs need to hire people who share the vision of the business and understand the core values and objectives of the company,’’ he said.

Valentine Ozigbo, managing director and chief executive officer of Transcorp Hotels Plc. said competency should be the watchword when recruiting employees.

‘‘Employers must hire for the right reasons. In a family business, only members that are competent and have the requisite qualifications should be allowed to take up positions in the business,’’ he said.

For a business to be sustainable, Ozigbo adds, ‘Apart from the people, the right process must be in place. There must be commitment to good governance and structures that will enable the business to thrive’’

He also urged employers to treat their employees fairly adding that the role maintaining good working relationship and building trust among co-workers plays in every business endeavour cannot be overemphasized.

Israel Ohirih, chief executive officer of Banklink Africa, said entrepreneurs should anticipate failure in their businesses adding that failure is a pathway to success.

‘‘Entrepreneurship success story is directly proportional to their staying power and ability to stay on when everything is not looking good. The difference between a courageous man and a coward is perseverance,’’Ohirih said.

Kevin Abaka, an entrepreneur and business coach said that the best way to grow a business is to talk to customers.

‘Business owners should make it easy for their customers to refer their products to potential customers,’’ he said.

According to Faith Osiobe, University of Liverpool Nigeria Alumni Network, the aim of the annual conference is for members to strategize and come up with fresh ideas to move the association to greater heights.

CHINWE AGBEZE