Entrepreneurs Encouraged to Embrace Business Growth Models
Dr. Oluremi Olukoya, a business leader, has highlighted the importance of adopting the Business Growth Modulation (BGM) Model for micro, small, and medium-sized enterprises (MSMEs) to grow and succeed.
Business Growth Modulation Model for MSMEs
Speaking at the Success Circle Africa conference in Lagos, themed ‘Innovation and Collaboration as Catalysts for Growth in African Businesses,’ Dr. Olukoya explained that the BGM Model is a proven method to help MSMEs navigate challenges and achieve sustainability. He emphasized that Nigerian entrepreneurs could boost their businesses and contribute to the country’s economic recovery. As Nigeria seeks economic recovery, the BGM Model provides hope for MSMEs. By using this approach, entrepreneurs can overcome barriers, achieve growth, and help drive the economy forward,” he said.
Strategic Planning and Decision-Making for Growth
Audrey Joe-Ezeigbo, Co-founder and Executive Director of Falcon Group, also highlighted the importance of strategic planning and effective decision-making. She advised entrepreneurs to create strong business models to access government intervention funds, such as those from the Bank of Industry (BOI) or the Central Bank of Nigeria (CBN). You need to have a solid business profile to attract investors and secure government support,” Joe-Ezeigbo noted.
By embracing the Business Growth Modulation Model, entrepreneurs can navigate obstacles, achieve sustainability, and drive national growth.” — Dr. Oluremi Olukoya
Government and Private Sector Collaboration
Joe-Ezeigbo also emphasized the role of the government in providing welfare and infrastructure, while urging the private sector to focus on profit-making. She explained that supporting local industries and SMEs is key to economic growth. The private sector plays a critical role in Nigeria’s economic development. We need more knowledge-sharing, capacity-building, and innovative approaches to business structuring,” she said. She further stressed that there are several government interventions available for SMEs, but many lack the necessary documentation and records to benefit from them. “Investors want to put money into businesses with a clear plan for profit, not ones where the investment will be lost,” she added.
In conclusion, adopting strategic growth models like the Business Growth Modulation Model is essential for MSMEs in Nigeria to thrive. With proper planning, documentation, and collaboration between the private sector and the government, entrepreneurs can access crucial support and funding, ensuring sustainable business success and contributing to the nation’s economic recovery.
