The foundation of any successful small business is selling a product or service for a profit. However, that level of financial acumen is not enough to make a business successful. There are many additional ways to make money if you have the financial knowledge to do so.
On the 29th of June, we had our Ecosystem Hangout at Hub One and our guest speaker for the day was Rolayo Akhigbe, the founder of High Impact and the Divisional Head, Transactional Services, at FCMB.
The day was filled with insightful tips, tactics, and strategies entrepreneurs can be more financially tactic with their businesses.
The hangout started at approximately 12:00 PM, Ayobamigbe Teriba, the HR & Operations at Ingressive started the conversation by introducing himself and everybody present at the venue also introduced themselves, their businesses and what they planned to achieve from the event. This was followed by a giveaway announcement by the Ingressive communications lead, Wasulu Habib.
The guest speaker started by introducing herself and also explaining what she wants everyone to go home with.
She started by asking the attendees three questions:
1. What are your business goals –list 3
2. How do your current practices match your goals?
3. What do you need to change?
She further explained that every entrepreneur needs to have a clear goal on what they want to achieve, and what they need to change, by tracking and monitoring. Growth can not be measured without tracking and monitoring.
She touched down on the key factors to consider when choosing finance:
What is it for? Long vs Short term business goals
Repayment terms – from tight to flexible
Impact on Ownership
Impact on Control
Interest rate and Fee Structure
Internal v External finance
You can download the rest of the slides below
After the presentation, came the QnA. Rolayo answered questions and also gave resources that can help the ecosystem hangout attendees get better with the finance of their businesses.
The Ecosystem Hangout was rounded up with networking and refreshments.
The next ecosystem hangout would be happening on the 16th of July, which will be focused on collaboration and partnership, our partners will be giving up to 60% discounts on the deal day. You can read more and register here.
You should also join over 1000+ entrepreneurs, designers and developers on the EDG channel.