Lagos, August 30, 2024 — Experts at the United Bank for Africa’s (UBA) quarterly Business Series have emphasized that innovation, persistence, and regular assessment are crucial for building businesses that stand the test of time. This insight was shared during a special edition of the Business Series held on Thursday at UBA’s headquarters in Lagos, as part of the bank’s 75th-anniversary celebrations.
The event, themed “Built to Last: Building Generational Businesses,” brought together veteran businessmen and Chief Executive Officers from various sectors to share their experiences and strategies with small and medium-sized enterprise (SME) owners on how to run profitable and enduring ventures.
Prominent figures such as veteran stand-up comedian and CEO of XQZMOI Television, Atunyota Akpobome (popularly known as Ali Baba); renowned photographer Kelechi Amadi-Obi; CEO of Diaryofakitchenlover, Omotolani Tayo-Osikoya (Chef T); and CEO of Melvin Marsh International Ltd from Kenya, Flora Mutahi, provided valuable insights during the session.
Ali Baba emphasized the importance of creativity in maintaining a competitive edge. “As a business owner, you need to come up with ways to ensure that you stay on top of your game and remain relevant. This is where creativity comes in. You need to study the sector where you operate and come up with ways to bring dynamism to your business,” he advised.
Chef T encouraged SMEs to focus on differentiation, stating, “You need to figure out your differentiating factor. It is about knowing what your customers expect of you and finding a way to achieve that.”
Kelechi Amadi-Obi highlighted the significance of evolving one’s creative output to maintain impact. “My goal has always been to make an impact, first for myself and then for the client, because I believe that your product is a function of your creativity. Therefore, you need to evolve,” he said.
Joining the event virtually from Kenya, Flora Mutahi emphasized Africa’s potential in harnessing the entrepreneurial spirit and the importance of persistence in building a brand that endures. She noted that the continent is ripe for an entrepreneurial revolution and that staying committed to one’s goals is essential for long-term success.
UBA’s Group Head of Retail and Digital Banking, Shamsideen Fashola, reiterated the bank’s commitment to empowering businesses across Africa. “At UBA, it is not just about banking; we are also passionate about helping our customers grow thriving businesses. That is why we do this on a regular basis. I commend these professionals who have taken the time to share insights on building sustainable businesses. I know we have learned a lot, and this will go a long way for all of us,” he said.
The UBA Business Series, an initiative aimed at boosting business sustainability, especially for its customers running medium- and small-scale enterprises, continues to be a platform where business owners can gain valuable knowledge and tools to enhance their operations and ensure longevity in their respective industries.