• Sunday, July 21, 2024
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BusinessDay

Administrators proffer business performance solutions for SMEs

Digitisation: Tackling access to finance for SMEs

MTN Nigeria’s Chief Operating Officer, Mazen Mroue, and other executives during an engagement session at the Revv Program addressed business concerns for Small and Medium Enterprises (SMEs). The virtual session tagged, Y’ello Clinic, featured discussions around funding and finance, getting and retaining customers, business management processes, and the integrated method of running a profitable and sustainable business.

The Chief Operating Officer shared insight for evaluating business performance saying, “We can evaluate our business performance in four dimensions- comparison to the target we have set for ourselves; current growth versus previous months; current growth versus last year’s period to take the season into account; and benchmark against the competition or the industry.”

Read also: Impact Hub Lagos is providing much needed support to Nigerian SMEs in the COVID era

According to Mazen, this is essential because SMEs must “Ensure regular review of their businesses to identify weaknesses and develop improvement plans, then measure the effect and impact to confirm if the results are positive.”
Speaking on the initiative behind the Revv Program, Mroue said, “We believe in SMEs and the role they play in our communities. It’s therefore a privilege to support them while driving the Federal Government’s national development agenda.”