Business analyst, researcher, and writer Ebunoluwa Ashley-Dejo has emphasized the critical importance of financial literacy in helping small and medium-scale enterprises (SMEs) survive difficult economic conditions, sustain growth, and attract funding.
Ashley-Dejo made the remarks during the SME Hangout programme organized by BusinessDay Newspapers under the theme: “Financial Literacy for SMEs.” Other speakers at the event included Success Ajilore, Ubong Ita, and Bidemi Adebayo.
Speaking during the session, Ashley-Dejo explained that many SMEs struggle during economic downturns not necessarily because they lack customers or strong products, but because they lack operational visibility and financial understanding.
“I think cash flow becomes even more important during difficult economic periods because a business can survive temporary slow sales, but once cash flow breaks down, operations become difficult,” she stated.
According to her, one of the first steps SMEs must take during uncertain economic periods is gaining clearer visibility into how money moves within
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