How to build business strategies that work in today’s competitive environment – Ayo Bankole

In today’s changing business environment, developing a strategy that works has turned into a science as well as an art. Ayo Bankole Akintujoye, a seasoned expert who has 14 years of experience, leading transformative projects across various industries, sheds light on what it truly takes to build a strategy that not only survives but flourishes in today’s competitive environment. Excerpts:

With your experience in leading strategy and transformation projects across multiple industries, what do you believe are the key elements that make a strategy truly effective?

When crafting a truly effective strategy, it is first clarity of vision. A company’s vision is on the roof of its strategy house. An effective plan starts with a clear and compelling vision of what the organization aims to achieve, which should be well-defined and aligned with the organization’s core values and mission. It serves as the North Star, guiding every decision and action. Without a clear vision, a strategy can become fragmented, leading to misalignment and confusion within the organization.

Focus and prioritization. An effective strategy isn’t about doing everything; it’s about making deliberate choices and focusing on what matters most. This means identifying the key areas where the organization can achieve the greatest impact and concentrating resources, energy, and attention on those priorities. By setting clear priorities, the organization can avoid spreading itself too thin and ensure that efforts are directed towards initiatives that will drive the most significant results.

Strong leadership and communication. Leadership plays a key role in championing the strategy, setting the tone, and ensuring that the entire organization is aligned with its objectives; it brings strategy to life. CEOs in particular need to be highly proactive and quick decision makers, else, the organization’s strategy would drag and not yield the wanted results. Clear and consistent communication is necessary to ensure that everyone understands the strategy, their role in executing it, and how their efforts contribute to the overall goals. Effective leaders foster a culture of accountability, where progress is regularly monitored and adjustments are made as needed.

Ownership is highly crucial for the successful execution of a strategy. Each team member should have a clear understanding of their responsibilities and be held accountable for their performance. This involves assigning roles and tasks, setting expectations, and providing support and resources. By instilling a sense of ownership and accountability, organizations can ensure everyone is engaged and committed to achieving the strategic objectives.

Flexibility and adaptability are important in today’s rapidly changing business environment. While a strategy provides a roadmap, it should not be rigid. The most effective strategies allow for adjustments in response to new information, unexpected challenges, or changing market conditions. This requires a willingness to revisit and revise the strategy, ensuring it remains relevant and effective. Organizations that embrace adaptability are better equipped to navigate uncertainty and stay ahead of the competition.

Alignment of resources is another critical factor. A strategy can only be effective if the necessary resources, financial, human, or technological, are aligned and allocated to support it. This means ensuring the organization has the right talent, capabilities, and tools to execute the strategy successfully. It also involves making tough decisions about where to invest and where to cut back, to ensure that resources are used efficiently and effectively.

Regular monitoring and feedback are also essential for assessing the effectiveness of a strategy. This involves setting clear, measurable objectives and key performance indicators (KPIs) that allow the organization to track progress and evaluate success. Regularly reviewing these metrics and seeking feedback from stakeholders helps to identify areas for improvement and ensures that the strategy remains on course. Continuous monitoring and evaluation are crucial for making data-driven decisions and refining the strategy over time.

In your opinion, how has the strategy landscape evolved in Africa over the past decade, and what future trends do you foresee shaping the industry?

The strategy landscape in Africa has indeed evolved significantly over the past decade, driven by a combination of economic growth, technological advancements, and shifting market dynamics. As organizations across the continent have become more sophisticated and globalized, their approach to strategy has also matured, reflecting a deeper understanding of the complexities and opportunities unique to the African market.

One of the most notable shifts has been the increasing emphasis on innovation and technology. A decade ago, many African businesses were primarily focused on basic operational strategies and incremental growth. Today, however, there is a growing recognition that innovation is key to staying competitive in an increasingly digital world. Companies are now leveraging technology not only to streamline operations but also to create new business models, reach underserved markets, and drive customer engagement. This trend is particularly evident in sectors such as fintech, e-commerce, and mobile technology, where Africa has become a global leader in innovative solutions.

Sustainability and social impact have also become central to strategic thinking in Africa. As the continent grapples with climate change, resource scarcity, and social inequality, businesses are increasingly incorporating environmental, social, and governance (ESG) considerations into their strategies. This shift reflects a broader global trend, but it is particularly pronounced in Africa, where the need for inclusive growth and sustainable development is paramount. Organizations are now more focused on creating shared value, ensuring that their growth contributes to the well-being of the communities and environments in which they operate.

Another key evolution in the strategy landscape has been the move toward regional integration and collaboration. Over the past decade, there has been a growing recognition that Africa’s fragmented markets can benefit from greater cooperation and integration. Initiatives such as the African Continental Free Trade Area (AfCFTA) are paving the way for increased intra-African trade, investment, and collaboration. As a result, businesses are beginning to adopt regional strategies beyond national borders, allowing them to tap into larger markets and achieve economies of scale. This trend is likely to accelerate in the coming years, as infrastructure and policy frameworks continue to improve.

Data-driven decision-making has also gained prominence across the continent. As access to data and analytics tools has expanded, African businesses are increasingly using data to inform their strategies and drive performance. This shift towards data-driven decision-making allows organizations to be more agile, make better predictions, and respond more effectively to changing market conditions. It also enables them to personalize customer experiences, optimize supply chains, and identify new growth opportunities.

Looking ahead, I foresee several key trends that will shape the strategy landscape in Africa over the next decade.

First, digital transformation will continue to be a dominant force. As internet penetration increases and digital infrastructure improves, more businesses will adopt digital-first strategies, leveraging technology to innovate, scale, and compete globally. This will be particularly important in sectors such as agriculture, education, and healthcare, where digital solutions can address critical challenges and unlock new opportunities.

Sustainability and resilience will remain central to strategic planning. As businesses across Africa become more attuned to the risks posed by climate change, economic volatility, and geopolitical instability, there will be a greater focus on building resilient and sustainable operations. This will involve not only mitigating risks but also seizing opportunities in areas such as renewable energy, circular economy models, and sustainable agriculture.

The rise of the African consumer is another trend to watch. With a growing middle class and increasing urbanization, consumer spending in Africa is set to rise significantly. Businesses will need to adapt their strategies to cater to the evolving needs and preferences of African consumers, focusing on cultural sentiments, affordability, convenience, and quality. Companies that can effectively tap into this burgeoning consumer market will be well-positioned for growth.

Finally, talent development and retention will become increasingly critical. As competition for skilled talent intensifies, businesses will need to invest more in developing and retaining their workforce. This will involve not only providing competitive compensation and benefits but also creating supportive work environments, offering opportunities for professional growth, and fostering a culture of innovation and inclusion.

Can you share a particularly challenging transformation project you led, and how you navigated the complexities to achieve success?

One particularly challenging transformation project I led was with a client in the Engineering industry, a company that had been in existence for years but struggled with internal inefficiencies and an unsustainable organizational structure. Despite track record of successful projects, their internal systems had become a bottleneck, limiting their potential for further growth.

Our approach began with a comprehensive diagnostic phase, where we uncovered deep-rooted cultural issues within the organization. The culture was marked by a resistance to change and a generally complacent attitude. Recognizing that successful transformation required buy-in from the entire organization, we made it a priority to involve all staff members in the strategy ideation process. This was designed to make the new initiatives more relatable and align them with the employees’ aspirations for the company.

Despite these efforts, resistance persisted. Some staff members remained reactive rather than proactive, clinging to outdated practices and hindering progress. The company also faced a significant skills gap; many employees had minimal capacity to implement the new strategic initiatives effectively. This combination of cultural and capability challenges posed a serious threat to the success of the transformation.

To address these issues, we first revamped the performance management and reward systems. We introduced a transparent system that linked effort to reward and provided a clear pathway for career progression. This shift in perception was crucial, as it motivated employees to engage more fully with their work and align with the company’s goals.

Next, we tackled the skills gap by introducing a Knowledge Sharing System and an annual training plan to standardize enterprise knowledge. We also conducted a thorough competency assessment to identify and appoint top-performing engineers to lead various work streams, reporting directly to the Managing Director. These individuals served as change agents who helped to drive cultural transformation by influencing their peers and demonstrating the benefits of the new ways of working. This was also important for those who had been with the company for a long time but had not seen significant career growth or earnings.

In addition, we realized that the onboarding process needed an overhaul. New employees were not being adequately introduced to the company’s values or expectations, which perpetuated the existing cultural issues. We implemented a more robust and closely overseen onboarding process that emphasized the company’s goals, the importance of adaptability, and the role each employee would play in the transformation. This helped set the right tone from the start and ensured that new hires were aligned with the desired cultural shift.

Improving internal communication was another key focus. We ensured that all staff were fully informed about the company’s direction, plans, and policies, fostering a stronger sense of belonging and alignment with the organization’s objectives. Also, by engaging employees early in the process, we built a sense of ownership and commitment to the change, which further reduced resistance.

Today, the company has seen a marked improvement. Employees are more flexible, adaptable, and responsive to change. The performance management system is now more effective and rewarding, leading to increased engagement and career growth opportunities.

Given your advocacy for MSMEs as a means to unlock Africa’s economic potential, what do you see as the most significant barriers MSMEs face today?

Given my strong advocacy for MSMEs as a vital engine for unlocking Africa’s economic potential, I see several significant barriers that these enterprises face today, which must be addressed to enable their full contribution to the continent’s growth.

Most crucial barrier is that many MSME owners do not have the managerial, technical, and strategic skills needed to effectively run and grow their businesses. This includes everything from financial management to marketing, from understanding legal requirements to adopting new technologies. Addressing these gaps requires a robust support system, including mentorship programs, business incubators, and continuous professional development opportunities. By equipping MSME owners with the necessary skills, we can empower them to overcome challenges and seize new opportunities. This is the primary goal of the Caladium Lagos SME Bootcamp and Caladium SME Fellowship Programme.

Another most pressing barrier is access to finance. Despite being the backbone of many African economies, MSMEs often struggle to secure the funding to start, sustain, and scale their operations. Traditional financial institutions frequently view these businesses as high-risk due to their limited credit history, lack of collateral, and informal nature. This results in prohibitively high interest rates or outright denial of credit. To overcome this, there needs to be a concerted effort to develop alternative financing models, such as microfinance, crowdfunding, and venture capital that are tailored to the unique needs of MSMEs. Also, financial literacy programs should be expanded to help entrepreneurs better manage their finances and present more compelling cases to potential investors.

In terms of regulations, many MSMEs are hindered by complex and often inconsistent regulations, which vary not only from country to country but even within regions. The cost and time required to comply with these regulations can be overwhelming for small businesses, leading to delays in launching or scaling operations. Moreover, the informal nature of many MSMEs means that they often operate outside the legal framework, further complicating their ability to grow and access formal financial services. Governments across Africa need to streamline regulations, reduce bureaucratic red tape, and create more supportive environments for MSMEs to thrive. Simplifying business registration processes and ensuring consistent, fair enforcement of regulations are crucial steps in this direction.

Another evident barrier is inadequate infrastructure. In many parts of Africa, MSMEs struggle with unreliable electricity, poor transportation networks, and limited access to digital infrastructure. These challenges increase operational costs and limit the ability of businesses to reach broader markets. For MSMEs to fully unlock their potential, there must be significant investments in infrastructure development, particularly in energy, roads, and digital connectivity. Public-private partnerships can play a key role in addressing these gaps, creating the conditions necessary for MSMEs to operate efficiently and competitively.

Access to markets is also a critical issue. Many MSMEs find it difficult to penetrate larger markets due to low visibility, limited distribution channels, and competition from larger, more established companies. This is compounded by the fact that many MSMEs are confined to local or regional markets, missing out on the opportunities that come with regional and global trade. To break through this barrier, MSMEs need greater support in terms of access to market information, trade facilitation, and platforms that connect them with buyers both within Africa and internationally. Governments and industry bodies should work together to create more inclusive supply chains and promote MSMEs as valuable drivers of the economy.

As a serial entrepreneur, what advice would you give to aspiring entrepreneurs in navigating the challenges of building and sustaining a business in Nigeria?

My advice to aspiring entrepreneurs navigating the challenges of building and sustaining a business in Nigeria is rooted in resilience, adaptability, and strategic thinking. The business landscape in Nigeria presents unique opportunities and obstacles, and success requires a combination of practical strategies and a strong mindset.

First, resilience is key. The entrepreneurial journey is filled with ups and downs. In Nigeria, this is amplified by factors like economic instability, regulatory uncertainties, and unfavorable infrastructure. My advice is to stay committed to your vision and be prepared to face setbacks head-on. Developing a thick skin and learning from failures is crucial. Each challenge is an opportunity to refine your approach and strengthen your business.

An understanding of your market is also critical. Nigeria is a diverse and dynamic market, with varying consumer behaviors across regions. First, know and own your niche. Secondly, understand your target audience, their needs, and their pain points, then tailor your products or services to meet those needs effectively. Being customer-centric and flexible in your approach will give you a competitive edge.

Build a strong network. In business, relationships matter. Belong to a community, seek the right partnerships, and surround yourself with mentors, industry peers, and other entrepreneurs who can offer guidance, support, and opportunities for collaboration. Networking isn’t just about who you know, it’s about who knows you. Engage in industry events, join relevant associations or fellowships, and actively seek partnerships that can help you scale your business.

Stay informed. The regulatory environment in Nigeria can be complex and sometimes unpredictable. Stay abreast of legal requirements, tax obligations, and industry-specific regulations. Where possible, seek professional advice to ensure compliance and avoid costly mistakes. On the financial side, securing funding can be challenging, especially for early-stage businesses. My advice is to explore all available options; personal savings, angel investors, venture capital, and government grants. Be diligent in managing your finances, maintaining transparency, and planning for short-term and long-term needs.

Leverage technology. Technology is a game-changer, and in a rapidly evolving digital world, technology can help you streamline operations, reach a broader audience, and remain competitive. Whether it’s through website optimization, e-commerce platforms, digital marketing, or automation tools, integrating technology into your business model is crucial. It allows you to scale faster and operate more efficiently, even in a challenging environment like Nigeria.

Focus on sustainability is also increasingly important. While pursuing growth, it’s vital to build a business that can endure in the long run. This means being mindful of your environmental impact, creating value for your community, and ensuring that your business practices are ethical. Sustainable businesses are more likely to attract loyal customers, committed employees, and long-term investors.

Finally, patience and persistence cannot be overemphasized. Building a successful business takes time, and the road can be long and unpredictable. Stay patient, keep your goals in sight, and maintain your passion for what you’re doing. Persistence will see you through the toughest times: with the right strategies, you will turn challenges into opportunities.

Your career spans roles in strategy consulting, finance, Oil and Gas; and entrepreneurship. How do you balance these diverse responsibilities, and what drives your continued success in these fields?

I’ve often been asked how I achieve balance, and my response is always the same: I don’t. The idea of balance is a myth. Life requires that we constantly deal with multiple priorities at the same time—work, family, volunteering, academics, and many more. The key is not in trying to balance everything but to master the art of effective prioritization – such that the most important things at every point in time don’t suffer in the long run.

Mentorship is a significant part of your work. What are the most common challenges you see young professionals facing, and how do you help them overcome these obstacles?

Mentorship is indeed a crucial part of my work, and through it, I’ve observed several common challenges that young professionals often face. These challenges range from navigating career uncertainty to developing essential soft skills, and overcoming these obstacles requires a tailored, strategic approach. This was why we launched the annual Caladium Internship Programme. The programme has been running since 2018 and we are in the 6th cohort.

Many young professionals struggle with identifying the right career path or making decisions that align with their long-term goals. To help them overcome this, I focus on guiding them through self-assessment exercises, where they can identify their strengths, interests, and values. I also encourage them to explore their career options through internships, networking, and informational interviews. This hands-on approach helps them gain clarity and confidence in their career choices.

Another significant challenge is the inadequacy of relevant skill sets like communication, ownership, self-application, and rigor. These skills are often overlooked in formal education but are crucial for career success and advancement. I work closely with mentees to develop these competencies through regular reminders and constructive feedback. By creating opportunities to practice and refine these skills in real-world settings, I help them enhance the confidence needed to excel in their careers.

Imposter syndrome is another common challenge among young professionals, particularly among high-achieving young professionals. Many feel inadequate despite their accomplishments, which can hinder their professional growth. To address this, I emphasize the importance of recognizing and celebrating their successes (little wins), no matter how small. I also encourage them to focus on continuous learning and personal growth, reminding them that everyone experiences self-doubt at times, but it shouldn’t define their worth or potential.

Networking and relationship-building can also be daunting for young professionals, especially those just starting their careers. Many struggle with establishing meaningful connections in their industry. I help them understand the value of building and nurturing professional relationships, encourage them to attend relevant events, and leverage social media platforms like LinkedIn. By doing these, I enable them to create networks that support their career growth.