Financial experts have advised Small and Medium Scale Enterprises (SMEs) owners and operators on essential tips that will help them create and manage their wealth successfully especially in the tough economy and business climate.
Speaking during the United Bank for Africa (UBA) Business Series hybrid event at the bank’s Head office in Lagos on Thursday, the financial experts and entrepreneurs noted that discipline, consistency and diversification are key requirements for wealth management.
The Chief Executive Officer and Executive Editor, Frontier Africa Reports and eminent television host, Boason Omofaye; Managing Director/CEO, United Capital Asset Management Plc, Odiri Oginni and Recording Artist and CEO/Founder of Mover Networks, Akitoye ‘Ajebutter22’ Balogun, were panelists at the event who spoke on the topic: ‘Personal Finance: Wealth Management in Today’s Economy’.
“As business owners, we need to see money as a tool rather than a goal. Money is a moving target, and we need to ensure discipline in our spending habits. Savings is a culture that should be imbibed, as your little savings today could help to do something big tomorrow,” Omofaye stated, as he also emphasised the need for diversification in making financial decisions.
On her part, Oginni advised customers and business owners at the event to ensure financial independence, as she explained that building personal wealth means investing in the future.
The best way to master discipline is just to start. Do not wait till you have all the funds you need because that time may never come. Just start small, and be consistent in doing this,” she said.
Akitoye, advised business owners on the need to set goals, and ensure that they stick to the goals as much as possible. “Even if you do not have adequate funding for your business, make sure you have a plan, having a good business plan could very well attract investors into your business,” he noted.
