Forum highlights growth, scaling, sustainability as major business challenges

Business growth, scaling and long-term sustainability were some of the critical issues highlighted at a one-day forum held in Lagos.

Speaking at the forum which held under the theme, ‘GAH Elite Series: Business Growth and Scaling’, the organiser, Kelechi Oghene, described the event as a transformative platform for entrepreneurs, professionals and aspiring business leaders seeking to scale their income and broaden their influence.

According to Oghene who is the CEO of GMYT Fashion Academy, growing, scaling and sustaining business remain major challenges for entrepreneurs in Nigeria.

Explaining further, she said: “Most people know how to start a business, the challenges is how to grow, scale and sustain a business”.

To overcome such challenges, she stressed the need for entrepreneurs to pursue leadership development to grow their knowledge of the business world.

She also stressed the need for entrepreneurs to build strategic partnerships and networks; create sustainable revenue streams and transition from entrepreneur to institution builder.

Read also: FRC calls on business leaders to make sustainability reporting a boardroom priority

Speaking on, ‘Building scalable business systems for sustainable growth’, Creative Director/CEO, Chomzx Group, Chioma Oliver, defined building a scalable business as the ability of an organisation to grow and serve an increasing number of customers, without creating additional operational problems.

This approach, she said, was critical for accelerating business growth, saving time and money, reducing mistakes, maintaining customer satisfaction, and simplifying overall business management.

While identifying over-reliance on the business owner as a core challenge for many organisations, she said: “When the owner is absent, work often slows down, customer complaints increase, and sales decline.

“To address these challenges and ensure long-term success, businesses must establish robust systems defined as the consistent, documented ways in which essential tasks such as receiving orders, serving customers, managing payments, and delivering products or services are performed.”

Michael Nwabufo, who spoke on ‘Leveraging technology’, presented a strategic framework for achieving sustainable wealth which involves transitioning from a survival-based approach to a growth-oriented mindset.

According to him: “The core premise is that personal income is a direct reflection of one’s knowledge and value; therefore, to earn a six-figure income, one must fundamentally evolve into a six-figure person.”

Emmanuel Osoteku, who spoke on, ‘The power of networking: Leveraging relationships for career and business growth’, said that networking was a vital catalyst for both individual career advancement and sustained business success.

“Rather than viewing connections as mere transactions, professionals who cultivate authentic, mutually beneficial relationships gain unique access to hidden opportunities, valuable industry insights, strategic mentorship, and powerful advocacy”, he added.

Adeyemi Adeniyi, CEO, Dealclinchers Homes Limited, noted that “The ultimate objective of an entrepreneur is not merely to manage a profitable operation, but to build an enduring institution that thrives beyond their lifetime.”