As part of effort at promoting growth of Small and Medium Enterprises, Stanbic IBTC Bank has insisted that the importance of capacity building cannot be over emphasized.
To this end, the bank organised a Capacity Building Series for entrepreneurs in Lagos recently where business managers were taught importance of keeping business records, understanding the implication of the activities in growing balance sheets, developing keen eyes on managing cash flows among others.
The facilitators also explained how to determine required funds to enable business owners manage their cash flow, determine the required funds needed to enable them meet their growth strategy and understand the valuation of businesses and how to manage resources.
Business tips were also given such as financial discipline, setting sales prices right, keeping proper records, preparing annual budget, knowing the differences between profit and cash, manage cash flow properly, getting and reading accounting reports at least weekly, conducting Monthly Performance Review, (MPR), periodically reviewing internal controls and using professional accountant for independent audit, compliance and tax matters.
The entrepreneurs were also exposed to the correlation between brand sales and service. Factors influencing development of the global economy such as the development of e-business channels, greater mobility of labour force and skills, changing consumer demographics, increased importance of common trading areas such as ECOWAS and European Unions. According to the facilitator, going global will compensate falling sales in shrinking domestic markets, enhance and grow sales and profits, lengthen and broaden products life cycles, reduce the cost of production activity, gain better competitive status, improve the dimensions of quality and increase responsiveness to customer needs and satisfaction.
Other issues treated are challenges of running business in Nigeria such as political, economic, social, technological, environmental and legal.
According to Head, Enterprise Banking, Stanbic IBTC Bank, Mr. Babatunde Akindele, ‘the bank is committed to providing the right support and solutions for individuals and businesses to achieve their goals. Stanbic IBTC boasts of highly trained and motivated staff that have expertise in enterprise financing and support”, he stated.
He said the series will hold in seven other cities across Nigeria, namely Ibadan, Abuja, Kano, Port Harcourt, Aba, Onitsha and Enugu in the days ahead and enjoined enterprise operators to take advantage of the seminar to build capacity that can help them manage and grow their businesses successfully as the forum is open to both Stanbic IBTC customers and other interested enterprise operators.
Source: G Business