With a beautiful combination of effortless grace and muted seriousness, Bunmi Lawson, the CEO of Accion Microfinance Bank spoke to the #MotherlandMoguls at SheHive Lagos.
Her advice on growing a business was practical and actionable —it felt more like talking to a very logical, knowledgeable and completely objective friend.
The secrets for growth
When we think of growth, we often think of it in terms of money. Bunmi defines growth as knowing your passion, how to drive it and what sector you would be most required in.
What that boils down to is, to have a vision.
– Stake almost everything
At some point, if you’re really serious about growing that business, you have to stake it all and make a decision. No one can predict what the “right” decision is, we know.
What Bunmi learned in business is that waiting for everything to fall in place does nothing but prolong the inevitable. Eventually, you have to call the shots.
– No option of going back
The best growth decisions are made with knowledge, skills, and intelligence. These decisions should be solid enough and touch your core values.
The moment you know what is most important and you are clear about your priorities, you know there is no turning back.
– Get a great team
A great team may consist of staff, directors, mentors and shareholders. Whatever you do, be sure to surround yourself with the right supporters.
Partnerships are good and never compromise on the quality of staff.
Bunmi also shared information on some big breaks, particularly on going to banks for funding, seeking help for your business and making money.
– Capital call
It may seem crazy to you but banks shouldn’t be your first point of call in raising funds for your small business. Funding a business is always very challenging, but personal savings and support from family and friends should come first.
You’ll learn as you go, that this is definitely a lot stronger than getting a bank loan you may never be able to pay back!
– Technical Assistance
Before you can achieve the perfect business, you absolutely must get the right ”help”. The key to maximizing the effectiveness of any venture is to know how things work.
A well-planned business can also instantly move from drab to fab. Don’t underestimate the power of really knowing what to do.
– Economic growth
At the end of the day, you’re in business to make money, right?
Then, start making some, no matter how little or scarce your resources are.
Bunmi’s final words to young #MotherlandMoguls was this. Your business may be growing super fast but if you don’t manage growth well, you’d spread yourself too thin and burn out. Always keep this in mind as you continue on your way to business success.
If you enjoyed reading this article then the next best thing is to be there in person for #SheHive Joburg!