UBA Summit: Experts stress importance of innovation for business growth

Experts at the quarterly Business Series of United Bank for Africa on Thursday highlighted innovation, persistence and regular assessment as key factors in building a business that lasts.

The special edition of the Business Series, which is part of activities to commemorate the 75th anniversary of UBA, was held at the bank’s headquarters in Lagos.

The UBA Business Series is aimed at boosting business sustainability, especially for its customers who run medium- and small-scale enterprises.

Themed ‘Built to Last: Building Generational Businesses’, the event saw, veteran businessmen and Chief Executive Officers from various fields of business share insights on how SMEs could run profitable ventures that would stand the test of time.

Professionals who have run businesses for several years, including veteran stand-up comedian/Chief Executive Officer, XQZMOI Television, Atunyota Akpobome (Ali Baba); photographer, Kelechi Amadi-Obi; CEO, Diaryofakitchenlover, Omotolani Tayo-Osikoya (Chef T); and CEO, Melvin Marsh International Ltd from Kenya, Flora Mutahi, took time to explain how passion, creativity and evolution are important for building lasting businesses.

“As a business owner, you need to come up with ways to ensure that you stay on top of your game and remain relevant, this is where creativity comes in, you need to study the sector where you operate and come up with ways to bring dynamism to your business,” Ali Baba said.

On her part, Chef T advised SMEs to continue to look for ways to stand out in their businesses.

“You need to figure out your differentiating factor, it is about knowing what your customers expect of you and finding a way to achieve that,” she stated.

Kelechi Amadi-Obi, said, “My goal has always been to make an impact, first for myself and then for the client, because, I believe that your product is a function of your creativity, therefore you need to evolve.”

According to Flora Mutahi, who joined virtually from Kenya, Africa has great potential to harness the entrepreneurial spirit that has become a revolution, emphasising the need for persistence in growing a brand that lasts.

UBA’s Group Head, Retail and Digital Banking, Shamsideen Fashola, remarked that as a thriving global financial institution with operations across 20 African countries and four business nerve centres, including the US, UK, France and UAE, UBA, focused on empowering other business owners to build sustainable businesses.

“At UBA, it is not just about banking, we are also passionate about helping our customers to grow thriving businesses, and that is why we do this on a regular basis. I, therefore, commend these professionals who have taken the time to come and share insights on building sustainable businesses. I know we have learnt a lot, and this will go a long way for all of us,” he explained.