Every great business starts with an idea, a vision waiting for the right moment to take flight. Some entrepreneurs dive in immediately, while others wait, caught between the security of a steady job and the pull of their true calling. For many, it takes a defining moment, a push, to turn that vision into reality.
For Daramola Babalola, that moment came unexpecteAdly. He had always envisioned running his own tax and accounting firm, a place where businesses could find financial clarity and compliance without the usual hassle. But like many professionals, he put the idea on hold, choosing the comfort of a stable career over the uncertainties of entrepreneurship.
Then came the turning point- he was laid off. What could have been a setback became the push he needed to finally act on his long-standing vision. Armed with years of experience, industry expertise, and an unwavering belief in the need for quality financial services, he took the leap and founded Smart Allegiance Professionals (previously known as Taurus Accounting and Tax Professionals Limited).
What started as a bold move in an uncertain time soon evolved into a thriving tax and accounting firm, trusted by businesses and entrepreneurs navigating the complexities of finance. Through resilience, strategic thinking, and a deep passion for his craft, Daramola built more than just a firm, he built a legacy.
Entrepreneurs.ng had the privilege of sitting down with Daramola B. Babalola, and what we got was more than just a conversation, it was a masterclass in resilience, vision, and entrepreneurial grit.
His journey reminded us that every brand has a story, a defining moment that sets it apart. What’s yours? Let’s share your journey with the world on Entrepreneurs.ng through our brand story feature. Your story could be the spark that inspires the next generation of entrepreneurs.
Who is Daramola Babalola beyond the business? Can you tell us about your background?
I am Babajide Daramola, FCA, ACTI, CIP, a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), and the Associate of the Chartered Institute of Taxation of Nigeria (CITN). I am a seasoned professional with over 25 years of experience in financial reporting, IFRS conversion, taxation, and tax management.
My journey in the field of accounting has been guided by a commitment to excellence, integrity, and ethical conduct. I hold a Post-Graduate Diploma in Data Science and Business Analytics (PGP-DSBA) from The University of Texas at Austin’s McCombs School of Business. This has equipped me with cutting-edge skills to complement my extensive accounting expertise.
Throughout my career, I have attended numerous training programs in auditing, accounting, IFRS conversion, taxation, and business re-engineering, further solidifying my foundation in the profession. My mission has always been to provide strategic financial guidance, ensure the fiscal health of organizations, and foster financial stability.
With your experience and background, what was the key moment that made you decide to build something of your own?
My entrepreneurial journey began in 2011, following a significant turning point in my career. At the time, I was working at Forte Oil Plc, which underwent a reorganisation that resulted in the layoff of all its workers.
Fortunately, I had already been planning to start an accounting firm and a side business selling lubricating oils. This foresight led to the registration of two companies: Taurus Accounting and Tax Professionals and Summersmiles Trading Company.
After the layoff, I decided to invest my gratuity into these ventures. Taurus Accounting and Tax Professionals was officially registered in 2010, followed shortly by Summersmiles Trading Company. These early steps marked the beginning of my journey as an entrepreneur.
By March 2018, I established Smart Allegiance Professionals Limited, replacing Taurus Accounting and Tax Professionals. This new entity was borne out of a desire to create a lasting business legacy and provide exceptional financial and accounting services to clients.
We know expertise is one thing, but vision is another. What was the bigger picture that pushed you to start your own business?
My entrepreneurial journey has been driven by a deep desire to make a difference in the world of accounting and finance. I recognized that many businesses, especially small and medium-sized enterprises (SMEs), struggle with financial management, compliance, and access to affordable, high-quality accounting services. I saw an opportunity to fill this gap and empower businesses to succeed.
With such a strong vision for your business, what made you decide to rebrand? And what does the new name represent?
The name of a business often carries a deeper meaning, reflecting its values, mission, and the story behind its creation. For me, the evolution of my business name from Taurus Accounting and Tax Professionals to Smart Allegiance Professionals Limited holds a special significance and tells the story of my entrepreneurial journey and growth.
When I first started my entrepreneurial journey, I named my firm Taurus Accounting and Tax Professionals. This name was inspired by my birth date, May 17, and my zodiac sign, Taurus. As a Taurus, I’ve always identified with the traits associated with the sign—reliability, determination, and a strong work ethic.
These qualities resonated with the kind of firm I wanted to build: one that was dependable, hardworking, and committed to delivering excellence. At the time, the name felt personal and meaningful, reflecting my identity and the values I wanted to bring to my work. It marked the beginning of my journey as an entrepreneur and symbolised my commitment to building a firm rooted in integrity and professionalism.
However, as my business grew and evolved, I realized the need for a name that better reflected the firm’s mission, values, and the needs of our clients. In March 2018, I rebranded the firm as Smart Allegiance Professionals Limited. This new name was carefully chosen to convey two key pillars of our business.
Smart represents our commitment to providing innovative, intelligent, and efficient solutions. Allegiance reflects our unwavering loyalty and dedication to our clients.
There’s something unique about your new name, “Smart Allegiance Professionals”. Was there a deeper meaning or inspiration behind choosing it?
For me, Smart Allegiance Professionals Limited is more than just a name—it’s a promise. It’s a promise to our clients that we will always provide smart, innovative solutions with unwavering loyalty and dedication. It’s a promise to ourselves that we will continue to grow, adapt, and strive for excellence in everything we do.
The name also holds a personal meaning for me. It represents the lessons I’ve learned, the challenges I’ve overcome, and the vision I have for the future. It’s a reminder of why I started this journey and the impact I hope to make through my work.
They say no one succeeds alone. Do you believe in mentorship? And who are some of the mentors that have played a big role in your journey?
Absolutely, I believe in mentorship. Throughout my career, I have been fortunate to have several incredible mentors who have played pivotal roles in my professional growth and development.
I have been fortunate to have access to the likes of Mr. Olugbenga Ogunmekan FCA, Mrs. Apensinola Deborah FCA, Mr. Rufai Alade FCA, Mr. Julius Owotuga FCA, Mr. Tunji Rabiu FCA, Mr. Killian Khanoba FCA of PEDABO, Mrs. Ezeudemba Susan, and Mr. Falola Olakunle, my former boss at Island Power Limited.
Each of these mentors has played a significant role in my career, and I am truly grateful for their wisdom, encouragement, and unwavering support. Their guidance has not only helped me grow professionally but has also shaped me into a more confident and capable individual.
Mentorship has been a cornerstone of my journey, providing me with the tools, insights, and inspiration needed to navigate challenges and achieve my goals.
Entrepreneurship is a continuous learning journey. As someone who has built a business from the ground up, do you see value in taking business training programs to refine your skills and scale further?
Absolutely! I am open to taking business training programs. I am always eager to learn and grow, both as an entrepreneur and as a professional. Business training programs like the Entrepreneurs Success Blueprint Program offer a unique opportunity to gain new skills, insights, and inspiration that can propel my business forward.
I believe that investing in such programs is not just an investment in my business but also in myself and my team. By continuously improving and adapting, I can ensure that my business remains innovative, competitive, and aligned with my vision of creating a lasting legacy.
Clearly, you’ve put in the work to ensure your business thrives. But beyond expertise and experience, what’s the unique factor that sets your brand apart?
Let me take you behind the scenes of Smart Allegiance Professionals Limited to give you a glimpse of what makes our business unique in terms of structure, culture, and branding.
At Smart Allegiance Professionals Limited, we are more than just an accounting firm—we are trusted partners who are committed to our clients’ success. Our unique structure, culture, and branding reflect our dedication to excellence, innovation, and client-centricity.
By combining traditional expertise with modern technology, we deliver exceptional value and set ourselves apart in the industry. Our behind-the-scenes approach ensures that every client receives the attention, expertise, and support they need to thrive.
We all know entrepreneurship isn’t as glamorous as it sometimes looks. What have been some of the biggest hurdles in your journey, and how did you handle them?
In my entrepreneurial journey, I’ve faced several significant challenges, each of which has shaped me into the professional I am today. My first challenge was adapting to technological disruption.
The accounting industry has undergone a massive transformation with the rise of cloud accounting, artificial intelligence (AI), data analytics, and automation. Staying ahead of these changes while maintaining high standards of service delivery was a daunting task.
Another challenge I faced was competing with the Big 4 Firms. Competing with larger, well-established firms like the Big 4 was intimidating due to their vast resources, global networks, and brand recognition.
Lastly, I had to deal with the issue of getting and hiring quality staff. Attracting and retaining top talent was difficult, especially when competing with larger firms that could offer higher salaries and extensive benefits.
These experiences have taught me the importance of resilience, innovation, and staying true to my values, and they continue to guide me on this entrepreneurial journey.
Seeing how far you’ve come is truly inspiring. But if you had to rewind to the early days, what’s one thing you might have done differently?
Reflecting on my business journey, there are a few decisions I would approach differently today. One of the most significant was not investing early enough in technology and digital transformation. Another was poor pricing strategies that undervalued my services and impacted the sustainability of my business.
Early in my career, I underestimated the pace at which technology would revolutionise the accounting and finance industry. While I eventually embraced modern tools and platforms, delaying this shift meant missing out on opportunities to enhance efficiency, improve client service, and stay ahead of competitors.
I also often undervalued my services, setting prices that were too low to sustain the quality and growth of the firm. This was partly due to a desire to attract clients and remain competitive, but it ultimately led to challenges in profitability and resource allocation.
While I regret not embracing technology sooner and undervaluing my services early on, these experiences taught me invaluable lessons about the importance of adaptability, innovation, and proactive decision-making.
They have shaped me into a more forward-thinking professional who is committed to staying at the forefront of industry trends and delivering exceptional value to clients. These challenges ultimately became turning points in my career, reinforcing my belief in the power of resilience and continuous improvement.
It’s great to see how your business has grown and the impact it’s making. You must work with a variety of clients—who are they, and how does “Smart Allegiance Professionals” ensure they get the best services?
Our customers are primarily small and medium-sized enterprises (SMEs), startups, and established businesses across various industries who require accounting advisory services, financial consulting, and support with modern cloud-based accounting solutions. We also cater to individuals seeking personalised financial planning and tax advisory services.
Our clients are at the heart of everything we do, and we are committed to providing them with an unforgettable experience. By combining personalised service, cutting-edge technology, proactive communication, and a focus on building trust, we strive to exceed their expectations at every touchpoint.
Our goal is not just to meet their needs but to empower them to achieve their financial and business aspirations, making us a trusted partner in their journey.
You’ve worked with so many clients over the years, and I’m sure there have been some memorable moments. On a lighter note, can you share a funny experience you’ve had with a client?
One unforgettable interaction that still makes me smile involved a client who was new to cloud accounting and had a rather amusing misunderstanding about how it worked. During a training session to onboard him to the new system, he asked, “So, if my data is in the cloud, does that mean it’s literally floating around in the sky? What happens if it rains? Will my financial records get wet?”
At first, I thought he was joking, but he was completely serious. He had a genuine concern about the safety of his data, imagining it stored in some kind of digital “cloud” floating above us. It was such a wholesome and funny moment that I couldn’t help but smile.
You know how we Nigerians like to spice things up with creative slangs. If “Smart Allegiance Professionals” was a naija slang, what would it be?
If my brand were a Nigerian slang, it would be “No Shaking!” because it reflects the confidence and reliability my brand brings to clients. No matter how complex their accounting or financial challenges may seem, they can trust us to handle it seamlessly—no shaking!
That slang is legendary! Nigerians really have a way with words. But beyond the fun and the hard work, every entrepreneur has a bigger picture in mind. What’s your ultimate dream for “Smart Allegiance Professionals?”
The biggest dream I have for my business is to become a globally recognised leader in accounting and financial advisory services, known for innovation, excellence, and client-centric solutions.
I envision a future where my firm is not only a trusted partner for businesses in Nigeria but also a benchmark for professionalism and innovation in the global accounting industry. This dream is not just about building a successful business; it’s about leaving a lasting legacy of excellence and positive impact.
That’s a powerful vision! And seeing how far you’ve come, I know you’re just getting started. You’ve proven that stepping into entrepreneurship can be life-changing. But so many people hesitate out of fear or uncertainty. What’s your advice to someone standing at that crossroads?
To those who are scared to take the leap into entrepreneurship, I completely understand your fears. Starting a business can feel overwhelming, uncertain, and even risky. But let me assure you, the journey of entrepreneurship is also one of the most rewarding and transformative experiences you can ever undertake.
Entrepreneurship is not just about building a business; it’s about building yourself. It’s a journey of self-discovery, growth, and empowerment. Yes, there will be challenges, but there will also be moments of joy, pride, and fulfillment that make it all worthwhile. Believe in your vision, trust in your abilities, and take that first step. The world needs your ideas, your passion, and your unique perspective. So, go ahead—take the leap. Your future self will thank you for it. No shaking!
Well, That Was Quite a Journey, Right? And With That, We’ve Come to the End of an Inspiring Chat.
Daramola Babalola’s journey is nothing short of inspiring. From a defining moment that pushed him into entrepreneurship to building Smart Allegiance Professionals into a trusted name in tax and accounting, his story is one of resilience, vision, and relentless pursuit of excellence.
What stands out the most isn’t just his success—it’s his unwavering commitment to delivering real value, ensuring that businesses don’t just survive but thrive. His passion, sharp business acumen, and dedication to growth make it clear: this is just the beginning for Smart Allegiance Professionals.
As we wrapped up our conversation, one thing was certain- Daramola B. Babalola is not just building a business; he’s creating a legacy. And if his journey so far is any indication, the best is yet to come.
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