Traction, a financial management platform for Micro, Small and Medium-sized Enterprises in Nigeria, recently hosted culinary and fashion entrepreneurs to discuss trends in their industries and solutions to prevalent socio-economic challenges.
The forum, the second in the series by Traction, had its focus on the theme: “Riding the wave: how businesses are leveraging innovation to navigate socio-economic headwinds today.”
Owners and managers in the food and fashion industries had the chance to talk about problems and trends that have an impact on Nigerian businesses at the event, which took place at the Capital Club in Victoria Island, Lagos.
Mo Agusto, the founder of M.O.T., Karen Ubani-Alli, the founder of Karen Ubani Apparels, and Rukayat Momoh, the president of the Culinary Arts Practitioners Association, were among the speakers at the event (CAPA) while Tannaz Bahnam, the founder of Lost in a City, moderated the discussion.
The business owners were enlightened from the strides and experiences of other entrepreneurs, discussing the changing economic landscape and its impact on customer engagement; behaviour, business financing, financial technology and supply chain. Participants discussed solutions and methods for gaining access to chances for finance, advice, product quality, wealth preservation, and appropriate business coverage.
Dolapo Adejuyigbe, co-founder of Traction, said during the forum; “Although our key business focus is to provide payment solutions and business tools to support the growth of businesses in Africa, we are also passionate about grooming a community of thriving MSMEs in Nigeria, where ideas and solutions are exchanged amongst business owners.
There’s a need for that and we will continue to organise more forums and sessions like this.”
Although the seminar concentrated on the food and fashion industries, other business categories benefited from the suggestions made.
Rukayat Momoh, popularly known as Chef Giggles, gave a talk where she urged business owners to use social media to engage and attract more clients.
Additionally, Karen Ubani, CEO of Karen Ubani Apparels, emphasized the significance of continuous learning and business evolution to match and manage the rising cost of business operations against rising inflation rate. Mo Agusto also discussed the need to create a quality brand that is affordable for different income brackets.
This year, Traction has held a number of different programs, including pop-up events, webinars, and online forums aimed at promoting business growth.