BusinessDay held its monthly SME Clinic on June 25, 2026, and the event once again lived up to the reputation that has established it as one of Nigeria’s leading platforms for business conversations, thought leadership, and enterprise development.
- +Budgeting, Investing and Funding: The lifeline of SME growth
The theme of this edition, “Budgeting, Investing and Funding for SMEs,” addressed one of the most critical issues confronting businesses across different sectors.
The theme of this edition, “Budgeting, Investing and Funding for SMEs,” addressed one of the most critical issues confronting businesses across different sectors. For small and medium-sized enterprises (SMEs), these three pillars remain at the heart of sustainability, growth, and long-term success. Beyond having innovative ideas and market opportunities, businesses require effective financial planning, strategic investment decisions, and access to appropriate funding channels to thrive.
The session featured a distinguished panel of business leaders and entrepreneurs, including Mr Damilare Davola, a seasoned Business Analyst; Doyin Abiola-Tobun, Chief Executive Officer and Founder of ARK; Eyitayo Ogunmola, Chief Executive Officer of Utiva; Mayowa Adeosun, Founder and Chief Executive Officer of Assetrica; and Ayeni Ekundayo, Co-founder of BusinessPlus Agency. The speakers shared practical insights drawn from their experiences building and scaling businesses in Nigeria.
Opening the conversation, Mr Damilare Davola emphasised the importance of self-awareness and clarity as the foundation for entrepreneurial success. According to him, understanding one’s strengths, weaknesses, environment, and the problem a business seeks to solve is essential for making sound financial and strategic decisions.
“The world is changing faster than anyone can cope with, so any business owner that wants to thrive needs to identify certain basics: who you are, where you are, and what problem you are trying to solve. When it comes to budgeting, investing, and funding your SME, these truths remain just as important,” Davola stated.
He noted that entrepreneurs must first understand themselves and their businesses before seeking external resources, adding that personal awareness helps business owners identify areas where collaboration and partnerships can provide additional value.
Drawing from her expertise in data management, Doyin Abiola-Tobun stressed the importance of proper record-keeping as a fundamental requirement for business growth and access to funding. She cautioned entrepreneurs against relying solely on personal relationships or informal networks when seeking investment.
“Relationships may open the door, but at some point, you will have to prove to people that you are worthy of the investment or funding,” she said. She explained that accurate financial records, transparency, and accountability help businesses build credibility with investors, lenders, and strategic partners.
Similarly, Ayeni Ekundayo highlighted the importance of trust and proven business performance in attracting funding. He explained that entrepreneurs should explore different funding models and not limit themselves to traditional financing options.
Ekundayo pointed out that some innovative business models allow customers to serve as financial enablers through pre-payments, while service providers can leverage institutional support to deliver value. He also encouraged entrepreneurs to begin their funding journey by exploring close networks such as family and friends, using these early opportunities to build credibility and demonstrate growth potential.
Other speakers at the event, including Eyitayo Ogunmola and Mayowa Adeosun, provided additional perspectives on alternative financing and business sustainability.
Ogunmola encouraged entrepreneurs to look beyond conventional funding sources, highlighting opportunities such as grants, trade credit, customer pre-payments, and revenue-based financing. He noted that these alternatives could provide businesses with the capital required to grow without necessarily depending entirely on traditional loans or equity investments.
Mayowa Adeosun, while concluding the panel discussions, reiterated the importance of accountability, proper documentation, and financial discipline in building businesses capable of attracting investment and scaling successfully.
The discussions at the BusinessDay SME Clinic reinforced a critical message: successful businesses are not built on ideas alone but on disciplined execution, strategic financial management, and the ability to inspire confidence among stakeholders. For SMEs seeking sustainable growth, budgeting wisely, investing strategically, maintaining accurate records, and exploring diverse funding opportunities remain essential steps toward building resilient enterprises that can compete in an increasingly dynamic business environment.
