A tech entrepreneur, Mrs Vivian Chigozie-Nmonwu, on Tuesday advised Micro, Small and Medium Enterprises (MSMEs)a>), to henceforth build their businesses around people’s needs rather than wants.
Chigozie-Nmonwu of VI-M professional solutions gave the advice on a webinar while discussing the topic “COVID-19 and Entrepreneur: “How to navigate the impact of COVID-19 on our businesses, particularly MSME”.
She said that MSMEs were the worst hit during the economic lockdown because of their poor structure which hindered their sales.
“Therefore, to navigate, MSMEs need to sell what will keep them in business in the future, no matter what disruption or recession that will come.
“Over the last few months, there is a clear definition between essential and non essential commodity.
“So, this means that for us to do better and for our businesses to grow better, you will need do build the business around what people need and not what they want.
“There is a different between customer needs and wants.
“So, part of the lessons learnt and part of the things we can do is to build our businesses around the needs,” she said.
The tax and financial consultant also urged business owners to be agile and flexible in their strategy so that if in the future anything happens again they will be sure to still stay in business.
According to her, you must check the value of network to know what they are bringing to the table.
Chigozie-Nmonwu advised those selling on the streets in particular to find a way to automate their businesses so that even in their physical absence the business could still go on.
She urged them to come up with a business plan that showed milestone for the business among others.