The Lift Above Poverty Organisation Micro Finance Bank (LAPO MFB) has said that building resilience was a tactic to grow businesses during crises.
Mr Remi Akande, Head, Corporate Communications and Branding and Mrs Dorcas Thorpe, Head, Corporate Planning, both of LAPO MFB, disclosed this during a financial literacy Webinar organised by the bank, on Thursday.
It was reported that the webinar was organised in commemoration of the 2021 Global Money week which has the theme: “Take care of yourself, Take care of your money.”
Akande said business resilience was important to enable entrepreneurs recover quickly from unexpected disruptions and shock, such as the one caused by the COVID-19 pandemic.
He, therefore. urged business operators to leverage on technology as a way to build resilience during the pandemic.
”The social media platform could be a veritable sales channel and engagement channel for individuals,” he noted.
He said business resilience could also be built by reducing costs across all cost headings, operating a lean and flexible work structure and being wary of bullish investing.
Meanwhile, Thorpe said financial independence was key to ensuring that people took care of themselves as well as their money during crises.
Individuals could achieve financial freedom by setting life goals, making a budget, paying off debts and creating automatic savings accounts,” she said.
She listed investing, living below one’s means, avoiding impulse buying and continuous education on money and career matters, as ways to also achieve financial independence.
“People should learn, plan, earn, save, invest and give back to the society. You need a vision, determination, patience and contention to build a solid financial future,” Thorpe also said.
It was reported that the LAPO MFB financial literacy webinar was tagged Building a Solid Financial Future: Your Path to Success.