Financial experts have advised Small and Medium Scale Enterprises (SMEs) owners and operators on essential tips that will help them create and manage their wealth successfully especially in the tough economy and business climate.
Speaking during the United Bank for Africa (UBA) Business Series hybrid event at the bank’s Head office in Lagos on Thursday, the financial experts and entrepreneurs noted that discipline, consistency and diversification are key requirements for wealth management.
The Chief Executive Officer and Executive Editor, Frontier Africa Reports and eminent television host, Boason Omofaye; Managing Director/CEO, United Capital Asset Management Plc, Odiri Oginni and Recording Artist and CEO/Founder of Mover Networks, Akitoye ‘Ajebutter22’ Balogun, were panellists at the event who spoke on the topic: ‘Personal Finance: Wealth Management in Today’s Economy’.
“As business owners, we need to see money as a tool rather than a goal. Money is a moving target, and we need to ensure discipline in our spending habits. Savings is a culture that should be imbibed, as your little savings today could help to do something big tomorrow,” Omofaye stated, as he also emphasised the need for diversification in making financial decisions.
On her part, Oginni advised customers and business owners at the event to ensure financial independence, as she explained that building personal wealth means investing in the future. “The best way to master discipline is just start. Do not wait till you have all the funds you need because that time may never come. Just start small, and be consistent in doing this,” she said.
Akitoye, advised business owners on the need to set goals, and ensure that they stick to the goals as much as possible. “Even if you do not have adequate funding for your business, make sure you have a plan, having a good business plan could very well attract investors into your business,” he noted.
Together, all the speakers at the event noted that keeping abreast with current and correct information is vital for small business owners, as they pointed out that the knowledge could help business owners to guard against financial recklessness which can be a huge problem for the SMEs if not avoided.
Earlier, while welcoming the panellists and participants to the event, Head, Transaction Banking, Osilama Idokogi, explained that the UBA Business Series is a regular capacity building initiative organised by the bank where business leaders and entrepreneurs gather to share insights on best business practices and how entrepreneurs can build a sustainable business empire especially in Africa’s challenging business environment.
He added that in line with its promise of putting Customers’ First, the bank has consistently supported businesses with essential tips to re-examine their models and strategies as well as ensure they stay afloat and remain thriving.
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees’ group wide and serving over 35 million customers globally. Operating in 20 African countries and in the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology