HOYB Seminar To Be Hosted In Makurdi Soon

Posted: September 13, 2015 in Business and Commerce

By Terlumun Dzege-Iyo

Starting up and running Micro, Small and Medium-sized (MSMEs) businesses in Nigeria comes with so many challenges that many die soon after they commence operations. However all that is about to change thanks to “Heart Of Your Business” (HOYB).

HOYB is a free business knowledge sharing initiative of four agencies – BohoMedia Ltd, Media Range Ltd, Muse Media Ltd and Finedge Consults Ltd with the sole aim of helping as many Nigerian businesses build strong business structures that will see them stand the test of time, as possible.

HOYB’s maiden free business seminar which held in Abuja on Wednesday 9th September 2015 saw many MSMEs owners in attendance. Topics discussed at the event were in the areas of finance, communication and management.

Speaking at the event, the managing partner BohoMedia Ltd and co-founder HOYB, Chris Tion said “Most small business owners do not patronize professionals for the services they need to grow their businesses. Our initiative stemmed from a research we carried out which showed that in Nigeria nine out of ten MSMEs die before they are five years old.We also discovered that apart from lack of

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affordable finance and poor or non-existent infrastructure which stifles business in Nigeria, most small businesses do not avail themselves of professional marketing communications and financial intelligence solutions, so they seem to be groping in the dark, resulting in imminent failure. It is so alarming,”

HOYB brings professionals together from different fields of endeavor to share knowledge on how small businesses can overcome these challenges.

Edmund Oshioke while presenting a paper on the topic ‘Financial intelligence for small businesses,’ stated that most businesses die because the owners refuse to put in place sound business structures, such as even paying themselves monthly salaries.
“It will surprise you to know that most businesses in Nigeria today die because business owners believe they don’t need to earn salary from their businesses. They have forgotten that they also have financial responsibilities at home or towards their loved ones like paying children’s school fees, house rents etc. So, when there is a need at home, they just go to the business account or bank to withdraw some money, with a belief that after all, it is their personal business and they are entitled to its profit without considering the implications that such may endanger or limit the business growth,” Oshioke said.
He added that entrepreneurs should avoid starting their businesses with borrowed funds.
“There are times in your business when you need loans…and it is not at the beginning,” Oshioke advised.
Also speaking to entrepreneurs at the event, Hassan Abdul, a communication expert advised “always strive to be the leaders in your industry, be it property, entertainment or whatever business you’re into.”

He opined that, communication has a way of making us bigger than life.
“Your first danger is when people know that they have alternatives to what you do. People will always listen to the loudest voices. Let your voices be heard on television, radio, via the social media etc. Communicate regularly with your customers and the general public.”
In his remarks, Dr. Lanre Phillips a Marketing expert during his presentation on the topic “Getting Your Sales and Marketing of the Mark” stressed the need for entrepreneurs to consider choosing value proposition for the emerging markets.
“As entrepreneurs, you should begin to imagine what the world would be like in year 2020. That will enable you to come up with strategies that will make your businesses thrive for several years to come. “While projecting your brand (or business), develop strategies on how best you can serve your customers that will still be relevant in 20 years’ time, as you grow your business with the science of persuasion,” Dr. Phillips urged.
Kolo Kenneth Kadiri @kolokennethk a social media influencer also spoke at the event on “Optimizing Social Media In Small Businesses” stressing the need for the evolution of small businesses into the social media world.  “Social media has taken over traditional media which means businesses too have to evolve to meet up and interact with their audience.” he opined.

Tion, who is from Benue State, announced on the HOYB website http://www.heartofyourbusiness.com.ng that the next free seminar will take place in Makurdi before the end of the year.

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