Here are 10 long-term thriving sustainability steps for SMEs

Small and medium enterprises (SMEs) are indispensable to Nigeria’s economy, contributing about 48 percent to GDP growth, 84 percent of the country’s workforce, and economic stability.

In Nigeria, SMEs make up about 96 percent of businesses, hence, it can rightly be said to be the fulcrum to its economic development. Experts argue that one of the challenges many entrepreneurs face in Nigeria is inadequate knowledge and lack of creativity.

According to Adesola Jimmy Eboma, “Understanding one’s market or business space is crucial to business survival. Sometimes many people go into business without validating their business. Everything we have done starts from validating the idea and understanding our product, target market, and consumer.”

Obviously, this means that knowledge of one’s business space, put in another way, capacity building is vital to achieving the needed success in business.

Studies have shown that if any entrepreneur can continuously and cautiously master his or her business ecosystem, before he or she gets into the market, there is no way such an SME is going to die as a small business because the entrepreneur will know how to give to the customers or clients what they want, and understands the environment.

“As a small business owner, investing in security infrastructure is crucial to prevent losses and ensure the sustainability of one’s business,” experts say.

This cuts across marketing, human resources, and digital communications, among others, it is borne out of understanding and analysing the market.

Ignoring security measures can have devastating consequences, including business closure.

Find listed 10 security tips for SMEs to protect their assets and thrive in their business ecosystems.

Access control

As an entrepreneur, you need to put in place a state-of-the-art security locks and ensure proper installation of doors and locks. Conduct regular security assessments to identify vulnerabilities and invite others to help.
Pay attention to details

One other step to ensuring ideal security measure is to pay attention to details. That means to always be security-conscious and ensure all assets are properly secured and locked.

Besides, you must adopt a system of regularly reviewing your security protocols and change locks intermittently if necessary.
Effective communication

Experts believe that many entrepreneurs do not know how to manage information, especially, the ones touching their business success. As an entrepreneur, you must avoid open discussions with clients or customers in the presence of staff or strangers.

Such an act can expose a business-owner to his or her enemies by carelessly revealing vital information to them.

Read also: Why African SMEs need tailored funding to drive growth

Systematic inventory control

Systematic inventory control of an entrepreneur business assets is vital to maximising his or her business space. Taking regular record of one’s assets or stock will help the business owner to determine quantity of goods or products and be able to detect any discrepancies.

It is ideal for an entrepreneur to systematise the inventory of his/her products on daily or weekly basis depending on one’s business needs.

Background monitoring exercise

It is vital that business owners know where their staff live, if not all the staff, at least the key staff. This will go a long way in helping them conduct regular background monitoring exercise on the employees and their guarantors.

Keep constant eye on clients/customers

To thrive in any business, the entrepreneur must learn to keep an eye on staff, customers, and clients without being suspicious. This involves paying attention to their behaviour and body language per time, and monitoring without necessarily being suspicious.

Risk assessment

Identify potential vulnerabilities in your security protocols and develop an eagle eye to detect loopholes or breaches. Implement systems to correct any vulnerabilities or near misses.

Training and retraining

Create security awareness in your business space through regular training and post security tips on your business platform.

Embrace community network system

Join and participate in community meetings, pay taxes or dues on time, and establish relationships with community leaders.

Reporting and investigation

Know the contact information of security agencies around you and establish relationships with them. Ensure timely reporting and documentation of any incidents.

In summary, business owners must bear in mind that security is an investment, not an expense, hence, it is a vital component of a successful business strategy.