NNEW summit harps on business sustainability
To ensure that the businesses of today live long enough to fulfil their part as catalysts to the nation, the NECA Network of Entrepreneurial Women (NNEW) at its first annual summit explored issues of sustainability, structure and succession. It came to the fore at this summit which held weekend in Lagos that business owners with businesses that have stood the test of time have consciously planned to achieve that from the early days of the business. Also x-rayed at this forum is how women entrepreneurs can act as catalysts to the nation, business ideas generation and conceptualisation, repositioning a business, and deploying technology to nurture and grow an enterprise for productivity and profitability.
Nadu Denloye, co-founder, Tellnet, a leading ICT company that has handed over the baton of leadership to a new generation of leaders after the exit of the two owners, dissected how business owners can ensure their businesses outlive them. Denloye spoke insightfully on sustainability, structure and succession. This was after the welcome address by Lola Okanlawon, the NNEW president and opening remarks by Segun Oshinowo, director-general, Nigeria Employers Consultative Association (NECA) and first keynote speech on women entrepreneurs as catalysts to nation building by Lanre Olusola, chief catalyst.
Denloye who retired from her business in 2006 stated that the co-founder has also passed on but the business is still thriving. She said the business was incorporated in 1985 and started in 1986. She noted that some businesses and brands have died and explained that though human beings are born, grow and die, and that some businesses also die, a business owner can resolve that their own businesses would not die even after they have exited and would continue to create jobs and contribute to the nation’s economy.
She then explained that for businesses to continue to thrive, they must embrace change and cited the example of Kodak, and the camera film which has been overrun by digital technology (cameras and phones).
She also said, that sometimes the competitor a business can completely change and so businesses have to be alert so that a competitor they never thought of would kick them out of business. Giving an example, she said, “You now have people doing mobile money that are not bankers, things are changing rapidly, you have to be aware that something ultimately new can come from nowhere and destroy your business.” She said her business of 30 years old been in business almost 30 years old is still constantly evolving.
Also pinpointing another good thing in the economy which could pose threat to businesses, she said that Nigeria is an emerging market with good potentials because of its population and foreigners are keenly interested in it. She said the entry of these foreign businesses could lead to changes that discerning entrepreneurs need to be aware of and plan towards. She said certain global issues such as terrorism are also could also affect businesses so these businesses must be ready for a change if they want to continue to exist.
“Sustainability is not just about being profitable it also has social and environmental dynamics,” said Denloye. She explained that there are people that want to know if the business is environmentally and socially friendly before patronising it. Citing veteran business people, she said business owners should also aske themselves, ’If I continue to do what I do today, will I exist tomorrow? Is what I am doing sustainable?
Speaking on profitable growth, she said, “Meeting the needs of the customers, that is why you are in business, this undergirds your internal processes, your people and your resources. Structure ties into that internal process, how are your activities organised to meet business objectives. Succession comes with your people, ensure continuity for key position.”
Speaking further, she said, “Structure supports the strategy that you put in place. What you don’t see is critical.” She said these critical things are leadership, capacity for change, values and the culture. Quoting another veteran, she said, “Innovation- change is what guarantees longevity.”She then cited the example of the Sony established in 1946, but its capacity for change has helped the company to stand the test of time. She said Sony started with transistor radio and then the walkman but all these have been replaced by more hi-tech entertainment devices.
Denloye also spoke on succession planning and stressed the need to entrench values and culture starting with the owners. She said while products can change, these values and culture must not change and would pass on to the generation of leaders if they know the owners of the business imbibed these values. Quoting from the book, ‘Built to last, she said, “Companies that enjoy enduring success have core purpose and values that do not change.”
During the syndicate session at the summit Aderoju Odunsi, chief executive, Experimental Consult x-rayed ideas generation and conceptualisation. Noruwa Edokpolor of Mindplus, a facilitation company highlighted on ‘Repositioning Your business, Chukwuemeka Fred Agbata, an ICT Consultant beamed light on ‘Deploying technology to nurture and grow an enterprise for productivity and profitability.’