Promoting Winning Mindset to Upscale Revenue Across Africa
Precious Ugwuzor
Research-driven data from various organisations have indicated that the private sector has remained the core driver of both emerging and developed economies across the globe. This is made evident as the International Finance Corporation (IFC) revealed in a 2021 report that the private sector has been responsible for the generation of 90 percent of jobs while it also funds 60 percent of all investments in developing countries.
This data further reveals that the private sector plays a pivotal role in providing more than 80 percent of government revenues. As such, these statistical findings corroborate the research data of the World Bank which states that Small and Medium-sized Enterprises (SMEs), which are a critical part of the private sector, represent about 90 percent of businesses globally. This is because SMEs provide more than 50 percent of global employment while they contribute up to 40 percent of the national income of developing economies.
Contextualizing the contributions of the private sector to the Nigerian economy, findings, according to a publication on The Cable, reveal that the private sector accounts for 90% of Nigeria’s Gross Domestic Product (GDP). This reaffirms the fact that the private sector functions as the core engine room of business growth across the globe. Hence, business development experts posit that the private sector has continually proven to be a critical force in driving economic growth and development, mainly through the provision of goods and services that are of public benefit. This is, therefore, made evident as an SME survey from PricewaterhouseCoopers (PwC) reiterates the fact that SMEs, operating within the domains of the Nigerian economy, account for 96 percent of businesses and also 84 percent of employment respectively.
However, while diverse research works uphold the fact that the private sector drives economic growth on a global scale, it is integral to note that there are core elements that foster the growth of the private sector. One of such elements that enable the rapid upscaling of the private sector revolves around the ability to develop a winning mindset. This is considered to be a critical component within the global business terrain as it contributes to the economic viability of businesses irrespective of either their size or their global reach.
It is against this backdrop that business experts opine that entrepreneurs, including sales executives, need to develop a winning mindset in order to achieve profitable growth levels irrespective of the difficulties involved in either achieving or sustaining it. This is owing to the fact that research conducted by McKinsey & Company noted that about a quarter of companies across the globe do not achieve desirable growth levels because business leaders, including sales executives, tend to limit their quest to explore diverse growth opportunities. As such, it is on this premise that business experts opine that corporate executives should develop the capacity to focus on critical issues that would potentially increase the profitability of their business operations which will also help them develop viable coping strategies that would enable them to navigate through potential economic challenges that may stifle their overall business growth.
Consequently, it is on this premise Adekunle Adebiyi, the Chief Commercial Officer (CCO) for Itex Integrated Services, delivered a resounding presentation on the topic entitled “The Mindset that Wins” at the Africa Revenue Summit (AFRES) for 2022. The event, which was themed “Value Up,” focused on educating African entrepreneurs on the need to embrace an innovative mindset in order to contribute to the economic development of the African continent. This is, therefore, owing to the fact that the process of building sustainable systems that thrive on a positive mindset affords African-based entrepreneurs with the opportunity to scale up their value propositions which further increases the prospects of generating more revenue. It is on this foregoing that he stated, “Having the right mindset plays an essential role in delivering value to customers. This is because possessing the right mindset is central to achieving revenue leadership which invariably helps organisations to maintain a healthy profit margin.”
Hence, it is founded on this assumption that global business experts opine that there is a dire need for sales executives to comprehend the buying journeys of both existing and potential customers. This is regarded to be a necessary component in upscaling the profitability of businesses because it contributes to the sales growth of organisations. It is on this basis that business growth specialists further claim that there are certain attitudinal attributes business leaders, particularly sales specialists, should adopt in order to grow the profitability margins of their organisations. These attitudinal qualities, which were further emphasized by Adebiyi in his presentation, revolve around developing service excellence, self-leadership, emotional intelligence, the ability to take ownership, a strong-value communication system, and transactional agility.
Having explored the possibilities of how embracing an innovative mindset could positively change the economic outlook of African-based businesses, it is essential to note that the private sector has owned its space as an inextricable stakeholder in driving global economic growth and development. It is predicated on this positive trajectory that critical players within the private sector, particularly across the African continent, are admonished to create cutting-edge business solutions that would create a long-standing impact on the lives of people and communities within emerging economies across the African continent.
