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IWD: Partnerships for SME Growth: Lessons from Nigerian Women in Wellness.
IWD: Partnerships for SME Growth: Lessons from Nigerian Women in Wellness.
Nigerian female entrepreneurs in the wellness sector illuminated the critical role partnerships and collaborations play in propelling profitability and expansion for small and medium enterprises (SMEs) during a stimulating panel discussion at the United Bank for Africa’s event on Thursday, March 7, 2024, in honor of International Women’s Day, with the theme “Her Story.”
The discussion brought to the forefront the challenges and solutions that business owners, particularly women, encounter as they strive for growth and success in the competitive SME sector.
Atilola Moronfolu, the visionary founder of the renowned hair care clinic African Naturalista, shared profound insights into how strategic partnerships across diverse industries have been instrumental in shaping her business model and enhancing service delivery in Nigeria’s dynamic market landscape.
Moronfolu emphasized the core ethos of African Naturalista, which is deeply rooted in fostering collaborations with professionals ranging from doctors, surgeons, hairstylists, and dermatologists. By prioritizing education and hair care literacy, the clinic effectively addresses real-time hair care challenges. She exemplified instances where collaborations with hair salons have been instrumental in tackling issues like alopecia, underscoring the value of working closely with distributors and vendors to ensure a holistic service experience.
Highlighting the essence of a robust business structure, Moronfolu recounted her humble beginnings with a modest initial investment of N3,000. She underscored the importance of impeccable customer service and well-crafted marketing strategies as key pillars for sustainable business development.
Onyeka Michael Ugwu, the dynamic CEO and founder of Hello Perfect, a prominent beauty care clinic, delved into the transformative impact of partnerships in assembling a competent team dedicated to realizing the company’s mission. Ugwu stressed the significance of prioritizing customer service excellence and nurturing a high-performing team, emphasizing that investing in a structured system that prioritizes employee welfare translates into positive client interactions.
Chioma Ikokwu, the esteemed CEO and co-founder of the renowned hair care brand Good Hair, reflected on the uncertainties inherent in the business landscape, particularly during challenging times such as the COVID-19 lockdown. Despite the adversities faced, Ikokwu highlighted the resilience and adaptability demonstrated by her team in pivoting strategies to navigate the crisis. She shared a poignant account of how strategic partnerships played a pivotal role in the company’s successful relocation during the pandemic, underscoring the strength derived from collaborative efforts.
Ikokwu’s narrative resonated with the sentiments echoed by her fellow female entrepreneurs at the event, emphasizing the transformative power of partnerships in fostering business growth and resilience. She urged entrepreneurs, especially women, to embrace collaboration over competition, recognizing the immense strength derived from collective efforts.
In conclusion, the collective wisdom shared by these visionary female entrepreneurs underscores the indispensable role of partnerships, along with a well-structured business model and an unwavering commitment to exceptional customer service, in navigating the intricate terrain of the SME sector. Their experiences serve as a testament to the transformative potential of collaboration in driving sustainable growth and prosperity for businesses in the wellness industry and beyond.
