TBH Reaffirms Commitment to Small Businesses

Nume Ekeghe

Amidst the evolving economic landscape, The Business Hub (TBH), a business solution provider, has reaffirmed its commitment to fostering and empowering small businesses, recognising their vital role in driving innovation, economic growth, and job creation.

TBH gave this assurance at the maiden edition of the Start to Scale Summit, an event that was specially curated to provide small businesses with practical and actionable insights to help them scale their businesses, where stakeholders gathered to discuss, “From Startup to Scale-Up: Strategies for Explosive Business Growth”.

In a statement, the Head of SME Products, Mrs Bolanle Tyson noted that TBH is passionate about SMEs because they provide about 96 percent of employment and contribute about 48 percent to the GDP. She added that it is disheartening to note that many of them do not survive the first five years, and TBH is working to change this.

Tyson explained that research showed that challenges encountered by SMEs in their early years are lack of infrastructure, access to finance, and lumping financial transactions with personal accounts, making it difficult for financial institutions to know their turnover, capability, and how much they need to scale up their operations.

In her keynote address, Co-founder of Roving Heights, Miss Tobi Eyinade advised entrepreneurs on factors for scaling.

They include re-assessing cash flow, using accounting software for inventories and financial statements, setting realistic milestones with forecasts and projections, developing standard operating procedures, outsourcing operations, and hiring exceptional talents to complement their competencies.