85% of SMEs collapse within three years, says FGBMFI

The Full Gospel Business Men’s Fellowship International says 85 percent of small businesses fail within the first three to five years.

Following this trend, the organisation has concluded efforts to organise a 2-day seminar to empower business owners with modern-day skills.

The essence of the seminar is to bring global innovations to the notice of Nigerian entrepreneurs to enable them stay afloat and compete better in both local and international markets.

According to Fola Aguda, district coordinator, FGBMFI South West 3, said at a press briefing that the organisatio would contribute its quota to reduce the rate at which business collapses.

“Research has shown that about 85 percent of small businesses globally collapse within three to five years of their establishment. With Nigerian economy being vulnerable with slow growth and the business environment increasingly hostile, small businesses need to build resilience to overcome unexpected setbacks. These have prompted us to organise a 2 day business seminar,” Aguda said.

“Seeing where the need of the populace lies, we have centred our seminars on two themes for the business seminar. The Business Seminar 1 is themed, ‘Building Resilient Small Businesses’. This will take place at the NECA House Event Centre. The Business Seminar 2 is themed, ‘Transiting from Recession to Growth’ and it will take place at Lagos Sheraton & Towers between the 9th and 10th of June 2017,” he explained.

Charles Aladewolu , an engineer and CEO of Teco Group, said: “Over the years we have had several lives impacted, we have helped businesses to grow by linking them with the right contact people, introduced them to businesses that are low cost, especially agriculture, and created sustainability among these SMEs.”

Aladewolu said that there would be more to gain at this year’s seminar in terms of developing viable business strategies and managing self as well as learning commercial vegetable farming, critical negotiation skills, solid mineral mining for local consumption. He added that topics such as talents, teams, collaboration, productivity, surviving recession and staying ready to grow markets after the recession, would be treated.

According to Eddy Eworo, chairman of annual business seminar at FGBMFI, experienced experts and practitioners had been selected to handle sessions in the seminar.

“We have selected very experienced experts and practitioners to examine various strategies and skills essential to building resilient small businesses as well as examine some viable low-cost business start-up options for the discerning entrepreneur,” Eworo said.

Speaking also during the event, Farmer Mogaji, lead coach at the African Farmer Coaching Centre said, “Some of the issues to be handled at the seminar will also be on how businesses can leverage on critical talents, team and collaboration to bridge skill gaps and enhance productivity; how large-scale cultivation of fruits, vegetables and cereals or exports of minerals and agricultural product holds a promising future for the country, and how low-cost funding can be accessed by SMEs for ventures.”