• Wednesday, December 06, 2023
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Tech key to MSMEs market access

Alternative financing models to bridge MSMEs funding concerns – study

Experts say technology and good branding are keys to market access for micro, small and medium enterprises (MSMEs) in Nigeria.

The experts who spoke at the 8th FATE Alumni conference held in Lagos recently said technology can help improve efficiency while helping small businesses expand their reach.

“Technology is a great equaliser,” said Toyosi Etim Effiong, founder and CEO, That Good Media. “It can give small businesses and entrepreneurs the opportunity to compete on a global scale.”

Digital media is a tool to reach a global audience. The platforms and market are available. However, the same content cannot fly on all platforms, Effiong said. “Adjust. Don’t advertise the same way on all platforms.”

Also, Olutosin Oni, CEO, Gokada, spoke about how MSMEs can leverage AI tools to create and adjust their business’ content for the varying platforms.

Read also: Proparco invests $1bn to support Nigeria’s MSMEs

“It can be the same copy, but simply asking chat GPT or Google’s Bard to summarise your copy for LinkedIn, Instagram, TikTok, and any such platform will go a long way channeling your content to meet the different custom demands of the social platforms.”

He also encouraged businesses to employ the use of aggregators (businesses or organisations that collect and consolidate information or products from a variety of sources into a single marketplace).

“They make it easier for your customers or new customers to find you.”

The panelists also touched on good corporate governance as a joker for increased profitability. According to them, good corporate governance will always pull in investors, leading to increased sales and profits which can be both beneficial to the business and the investors.

Opeyemi Oduwole, associate director & head family office & private clients, KPMG also spoke on the need to embed flexibility and adaptability in business’ strategies for investors to invest.

“The market is volatile, and the investor must see that there’s a provision for adaptability in your business strategy. Think about your business from an investors’ perspective,” she said.

The FATE annual alumni conference is a platform for the FATE Foundation community built to learn from entrepreneurial leaders and influencers; share knowledge about critical topical areas to grow and thrive while also giving them an opportunity to network and connect with one another.