SMEs urged on planning to survive COVID-19

The Vice President, Business Development (West), Sigma Pensions, Mrs. Mabel George has urged Small and Medium Scale Businesses (SMEs) to leverage technology as well as imbibe good financial planning to survive the economic downturns of COVID-19 pandemic.

George said this over the weekend at the ConnectNigeria Virtual business fair where thousands of SMEs converged to learn, connect and showcase their business.

She also urged businesses present to re-evaluate their business propositions to adapt to the changing business environment and practices in order to survive the pandemic and its aftermath.

She said: “You need to rethink the way you do business, you need to take a back seat to review the economy and sectors and see how you can add a positive stint to what is going on in the economy.

“Most importantly financial planning is the key tool every business owner, young professional or any individual at all must imbibe. Put your finances together,” she said.

George further advocated the need to adapt to technology and leverage on to move forward.

She also on SMEs to learn how to gather and use data as well has a diligent financial planning

“Data is king, with the right data we are able to predict, make simulations and are able to plan how we are going to work and how we are going to function during and post the pandemic. Data gathering puts you in a better standing compared to people who do not work with data.”