Head of Learning and Development, MacTay, Awele Ojogwu, has attributed the limited growth of small and medium-scale enterprises (SMEs) in the country to the country’s structural defects.
SMEs are the backbone of Nigeria’s economy, contributing 48 per cent of GDP and 50 per cent of industrial employment in the past five years. Yet, the odds seem stacked against them as 80 per cent fail before their fifth anniversary, according to reports by the Small and Medium Scale Enterprises Development Agency of Nigeria (SMEDAN).
Also, rising inflation, limited access to capital and difficulty acquiring technology continue to challenge the operators.
“Based on our over four decades of experience transforming business processes, we find that the suboptimal alignment of organisational processes to meet the evolving and dynamic business environment has the most direct impact on growth, competitiveness and sustainability.
“Of course, external factors like economic volatility and multiple taxation play a role too. However, building workforce adaptability and cohesive business processes provides ultimate competitive strength regardless,” Ojogwu said.
Ojogwu understands first-hand from working with leading organisations that most business visionaries lack specialised HR expertise and solutions in-house to optimise human capital input.
Management skills gaps around goal setting, coaching teams, change management and digital transformation prove particularly challenging for SMEs looking to implement change and scale-up, she said.
“Too often, leaders are outwardly focus – on revenue goals, shareholder expectations and beating competitors. But real, lasting gains require looking inward first to assess whether your business processes can adapt to the competitive landscape,” said Ojogwu.
This internally-focused approach has established MacTay as a trusted partner for SMEs across diverse industries aiming to strategically realign their HR processes to drive growth and profitability.
“MacTay has been at the forefront, assisting SMEs to create professional workplace structures and develop and streamline business processes to meet evolving business needs for sustainable growth. With strategic structures and cultures in place, SMEs can better respond to market dynamics and capture growth opportunities,” she added.
On the prospect of SMEs defying daunting failure statistics through business process transformation, she said: “With the right partner, implementing robust HR process transformation is achievable regardless of company size. Our strategies at MacTay can empower SME leaders to confidently steer their organisations not just to survive, but to thrive over the long-term.”
