The reality today is that the number of micro, small and medium scale enterprises (MSMEs) may be rising, but their chances of surviving tough times and business environment like in Nigeria is slim due to legacy challenges such as poor funding, infrastructure deficit, high production cost and so on.
The major problem MSMEs have in Nigeria is the poor access to the right information that can help them grow their business and scale plus slow response to and willingness to changes and the reality of globalisation. Many entrepreneurs are not aware of the adequate structure they need to put in place as well as the importance of technology. Entrepreneurs need an “A- team” to survive, including competent accountants to file their books, seasoned lawyers to help them make major decisions and documentations, a board of advisors or personnel manager to help source best-fit employees.
Innovation and Digitalisation continue to be major determinants for growth and sustainability of businesses and every successful business needed a team of professionals in order to avoid wrong decisions. Innovative solutions must be the core of strategy for businesses to remain relevant and competitive in the today’s globalised business environment.