Bukonla Adebakin is a seasoned people, strategy, and growth executive with over a decade of experience in management consulting, operations, business development, non-profit management consulting, and financial management. She is respected for her ability to streamline operations, deliver measurable growth, and foster strong stakeholder relationships.
As Chief Operating Officer at Intense Group, a growth marketing agency in the UK and Nigeria, Bukonla has transformed the organisation by creating and implementing standard operating procedures (SOPs) for cross functional roles, developing processes for seamless commercial operations and compliance, Leadership and People management across cross-functional teams, culture optimization and onboarding. Within a short time, her leadership created a high-performing culture positioning the company for sustainable growth.
Before her time at Intense Group, Bukonla served as Chief Operating Officer at RED, overseeing a 65-person team across multiple divisions. Her leadership was marked by a remarkable 70% year-on-year growth driven by streamlined operations, innovative customer satisfaction strategies, and successful market expansion. Her efforts enhanced a results-driven culture with an impressive 70% staff retention rate over three years, and her customer-first approach consistently garnered 90% positive feedback from clients. Her experience in P & L management and ownership, cost management, project management and execution, fundraising, deploying finance for non-finance managers, product innovation, partnership & Relationship Management (Customer success) and Objective Key Results (OKRs) has made her excel in the role. Her introduction of practical project management tools has improved time management and enhanced visibility across teams, leading to stronger client satisfaction.
Over her career at The Future Project(TFP)/The Future Awards Africa (TFAA), she has raised over $780,000 from global organisations like the Ford Foundation, UNDP, and Microsoft YouthSpark, supporting impactful initiatives. Her work with The Future Project included leading youth empowerment programs across Africa and managing The Future Awards Africa for eight years, showcasing the continent’s brightest young talents. Her efforts have also contributed to large-scale social projects, including partnerships with the African Union to promote youth development in 13 African countries.
Bukonla’s expertise extends beyond operations into business development and partnerships. As an advisory to the Executive Director and the team for the Nigeria Fencing Federation, she identified strategic alliances to publicize the fencing sport presence in Nigeria.
Bukonla holds an MBA from Warwick Business School, University of Warwick, where her research focused on the impact of social media on Nigeria’s ENDSARS movement. Also bagged an Executive Program in Social Sector Management from the Enterprise Development Center at Pan-Atlantic University in Lagos, a Diploma in Project Cycle Management from Geneva, Switzerland, and a B.Sc. in Science and Technology from the University of Lagos. In our conversation with her, Bukonla Adebakin shares insights into her journey, her approach to leadership, and the vision that fuels her work.
Tell us a little bit about your career background.
I’ve built my career at the intersection of media, operational management, technology, and development. Prior to my current role as the Chief Operating Officer in a growth marketing agency, I led in several capacities, including being a senior advisor at The Future Project/The Future Awards Africa, developing and executing the organization’s programs towards achieving its mission. I achieved a 70% year-on-year growth. During my time at TFP, I raised over $780,000 for youth initiatives and maintained recurring funding for the organization’s program. My expertise includes fundraising, project management, impact storytelling, finance & strategic planning, and fostering cross-functional collaboration to drive sustainable growth.
What inspired you to write “The Profit of Purpose: Mastering Financial Accounting and Reporting for Social Entrepreneurs,” and why did you choose to focus specifically on empowering entrepreneurs to master financial accounting and reporting?
What inspired me to write this book was that I had received several consulting engagements to assist with financial reporting and advisory, managing under-budgeting, obtaining donor approval to move one line item to another, and so on.
I’ve seen many social entrepreneurs and nonprofit leaders struggle with financial management. My goal was to create a simple, easy-to-understand guide that would help them gain control of their finances without feeling overwhelmed. Money is an important part of running any organization, and knowing how to manage it effectively can make all the difference. This book simplifies complex financial topics for non-financial entrepreneurs, empowering them to make data-driven business decisions, grow without stress, and/or simply help to understand what your accountant is advising per time.
In Chapter 1, you discuss fundraising through fiscal responsibility. What specific transparency practices have you seen unlock doors to previously inaccessible funding?
Maintain clear and accurate financial records. Regular and honest financial reporting—continuously sharing financial updates with stakeholders demonstrates accountability. Transparency, whether in the form of quarterly reports, budget breakdowns, or annual financial statements, assures funders that their money is being used for its intended purpose.
Proper budgeting and expense tracking demonstrate financial discipline.
Open Communication on Financial Decisions.
Compliance with tax and regulatory requirements.
Organizations not only gain access to funding but also build long-term relationships with investors, donors, and other financial partners by being compliant.
Many social entrepreneurs struggle with the conflict between their passion for impact and financial stability/sustainability. How does your book address this?
Drawing from my experience and the contributing authors’ practical experiences leading their organizations, the book addresses the struggle social entrepreneurs face, which is balancing their passion for impact with financial sustainability. As entrepreneurs, we are driven by a mission to create change but often find it challenging to raise funds, manage finances, and ensure long-term growth.
The book has seven (7) chapters that address these pain points of social entrepreneurs and non-profit leaders, providing the knowledge and tools to thrive from a financial standpoint.
I simplified financial management in the best way possible by providing practical strategies covering Understanding Financial Accounting and Management (Chapter one), Accounting International Financial Reporting Standards (Chapter two), Effective Tax Management, Compliance and Audits (Chapter three), Financial Management for Non-profit Organizations (Chapter four), Reporting Style and Methodology/Monitoring & Evaluation (Chapter five), Account Management and Control (Chapter six), and Fundraising (Chapter seven).
Thank you to my contributing authors, Mariam Decoco, Samuele Tini, Raquel Santiago, and Simisoluwa Abraham, who also bring their wealth of experience leading and managing social enterprises, which makes the book a valuable resource for individuals seeking to navigate the complex aspects of financial management with confidence.
Based on your experience raising significant funding, what financial reporting mistakes do you see social entrepreneurs making repeatedly?
One of the biggest financial reporting mistakes I see social entrepreneurs making is poor record-keeping. Many founders are passionate about their mission but fail to track or put systems in place to properly track expenses.
Another is underbudgeting for project deployment line items. There is also a lack of clear plan for managing the money when grants or income are received, which leads project managers to overspending or misallocating funds. Without a structured budget, it’s easy to run out of money before achieving key business goals. Another issue is a lack of proper documentation, which makes it difficult to demonstrate financial health to donors, investors, and grant providers. This lack of transparency can hurt future funding opportunities.
Finally, not understanding financial compliance and reporting requirements presents a significant challenge. Some social entrepreneurs don’t keep up with tax obligations, audit requirements, or donor reporting guidelines, which can lead to penalties or loss of trust from funders.
The good news is that all these mistakes can be avoided with proper financial education and discipline. Check chapter five (5) to learn more on financial reporting. That’s one of the main reasons I wrote The Profit of Purpose—to help entrepreneurs build strong financial habits that will sustain their businesses and attract more funding.
Tax management is a struggle for many social entrepreneurs. What common tax mistakes have you observed that put businesses at risk and how can they be mitigated?
There are a couple of common mistakes. Chapter three (3) addresses this, and I encourage that taking the tax compliance exercise at the end of the chapter will be a good starting point.
Social entrepreneurs can manage their taxes better, reduce financial stress, and focus on growing their businesses.
Common mistakes are;
- Ignoring Tax Deadlines—Missing tax filing deadlines leads to unnecessary penalties and interest charges. Some business owners forget or delay filing, which can create bigger financial problems later. Solution: Set reminders for due dates or hire a tax professional to handle filings on time.
- Not Keeping Proper Records—Poor record-keeping makes tax filing stressful and increases the risk of mistakes. Without clear records, businesses may overpay, underpay, or miss out on deductions. Solution: Use accounting software, keep detailed records of all transactions, and organize receipts properly.
- Mixing Personal and Business Finances—Many entrepreneurs make the mistake of using one account for both personal and business expenses. This makes it difficult to track taxable income, claim deductions, and stay compliant with tax laws. Solution: Open a dedicated business account to separate finances and keep records clean.
For businesses currently in financial distress, which chapter would you suggest they read first?
For businesses that are currently in financial distress, I recommend beginning with Chapter four (4), Financial Management for Non-Governmental Organizations. In this chapter, I go over key financial management practices like budgeting, forecasting, cash management, surplus allocation, and financial documentation. These strategies are essential for any business experiencing financial difficulties because they help track expenses, plan for the future, and make informed financial decisions. This allows you to practically regain control of their finances, improve cash flow management, and create a solid financial recovery strategy.
Chapter six (6), which covers account management and control, will also be useful.
What does ‘Accelerate Action’ mean to you (drawn from your professional journey)?
Throughout my professional journey, I have found that getting things done as quickly as possible has helped me avoid procrastination or overthinking certain decisions to be made, as well as building resilience in getting this done in the face of challenges. Additionally, being proactive by anticipating challenges and adjusting strategies while driving impact and ensuring that every effort contributes to the tangible results set from the start.
For social entrepreneurs reading your book, what’s the single most important financial practice they should implement immediately?
The book contains a number of chapter practices at the end of each chapter that the reader can immediately implement. Depending on the reader’s current financial and business decision-making needs, I believe those exercises will be a good place to start.
Finally, as you prepare for your book launch on the 27th of March, 2025, how can people pre-order your book?
The Profit of Purpose: Mastering Financial Accounting and Reporting for Social Entrepreneurs is now available for purchase on Amazon and Selar. Trust me, you’ll be amazed by the valuable resources and insights you find inside.
