Finance and business experts have strongly urged Nigerian Small and Medium Enterprises to enhance their understanding of financial reporting and tax compliance in light of the recently enacted tax reforms, emphasising that effective collaboration and stringent financial discipline are now absolutely critical for business survival.

These discussions took place at the 2025 Business Financial Conference, which was convened by the CEO of Xtrathinktank Solutions, Mr. Oladimeji Oke.

According to Vanguard, the conference centered on how the incoming 2026 Finance Tax Act will impact entrepreneurs and the best strategies for businesses to position themselves for growth through smarter financial management practices.

Mr. Oke delivered a keynote address titled “The VUCA Economy,” in which he described the current business environment as volatile, uncertain, complex, and ambiguous, noting that only entrepreneurs who actively collaborate and adapt quickly will be able to maintain competitiveness.

He asserted, “The environment is complex, and that is why the only thing that can help you in a complex society is collaboration.” Oke stressed the need for intentionality, adding, “If you run a small or medium enterprise in Nigeria, you must become more intentional about financial intelligence, transparency, and partnership to stay compliant and competitive in our changing fiscal landscape.”

Dr. Sunday Olorunsheyi, Co-founder of Pertinence Group, presented his views on “Healthy Collaboration: The Proven Strategy for Business Growth and Expansion,” where he detailed the four foundational pillars that build strong organizations: trust, alignment, clarity, and mutual value. Dr. Olorunsheyi insisted that “in the new economy, those who collaborate will outlast those who compete.”

He elaborated on the distinction between isolated effort and partnership, explaining that running with a vision without collaboration is like doing a sprint, while running with a vision alongside collaboration is akin to a marathon, concluding, “Collaboration turns competitors into co-creators.” Additionally, leadership consultant Niyi Adesanya highlighted that collaboration should be treated as a strategic asset in business, advising, “Sometimes it is not money that grows a business. Use money to build collaboration because money will always bow to power.”

The conference, which carried the theme “Bridging Bridges – the power of collaboration,” was hosted in partnership with Arry Properties Ltd and featured the launch of a new book authored by Oke, titled, The Complete SME Guide II.

The publication reinforces the importance of understanding financial reporting by explaining the five key elements of financial statements—assets, liabilities, equity, income, and expenses—and detailing their implications under the new tax framework scheduled to take effect in Nigeria from January 2026.

The event concluded with a vibrant panel discussion moderated by character coach Bosede Olusola-Obasa, featuring Dr. Oseni Olalekan and television host Tope Mark-Odigie, who collectively explored the human and character dimensions essential for effective business collaboration.

Mark-Odigie strongly stated that “Collaboration isn’t a choice; it is mandatory to growth,” while Dr. Olalekan complemented this view by adding, “The only way to stay afloat is to collaborate with the right people.”

Other speakers, including fashion guru Prudent Okopi, underscored the necessity of structure, vision, and generosity, all continually reinforcing the central message that collaboration, sound financial literacy, and strong governance form the bedrock of business resilience in Nigeria’s constantly evolving economy.