Business owners urged to be innovative

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Business owners have being urged to navigate the unpredictable market dynamics through innovation to boost their competitive edge.

Financial experts gave the advice while speaking at Citadel Global Community Church empowerment team programme titled, ‘Strategies for creative turnaround in uncertain times – Identifying opportunities and seasons’, in Lagos on Saturday.

The Managing Director, Accion Microfinance Bank, Taiwo Joda, while delivering a keynote speech on the importance of innovation in businesses, he called on business owners to seek out opportunities amid challenges posed by the harsh business climate.

He said, “Every business experiences cycles with its share of ups and downs. Even during the COVID-19 pandemic, while some businesses thrived, others faltered. The key lies in finding innovative approaches to position for opportunities.”

Joda stressed the significance of establishing clear targets and baselines as fundamental guiding principles.

“To flourish, business owners must foster a growth mindset and uphold an unwavering standard,” he said.

He encouraged business owners to transcend immediate challenges and explore new avenues for growth and enhancement.

During the panel session, the Managing Director of Decagon Institute, Chika Nwobi, provided valuable insights, and advocated for prudent use of technology.

He said, “Technology should not just exist but should enhance the profitability of your business. If you are unsure of how to leverage it for improvement, it is best not to rush into it.”

Nwobi also underscored the effectiveness of video technology in promoting products and services.

In a digital era dominated by visual content, he urged businesses to harness the potential of video for marketing and engagement.

He said, “One of my team members recently resigned. I plan for her to create a video sharing her insights and contributions to our projects.

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