Facebook is ramping up its efforts and tools to support small businesses.

Facebook CEO Mark Zuckerberg announced the launch of Facebook Shops. According to Zuckerberg, Shops will make it easier for small businesses to sell their products on Facebook and Instagram. In the future, Facebook Shops will also allow businesses to sell products to customers through the chat features of WhatsApp, Messenger and Instagram Direct.

Facebook has previously let businesses list products on Facebook and Instagram. Facebook Shops will let them upload their catalogs once to make them accessible across Facebook’s various apps.

“It’s one simple and consistent experience across this family of apps, which means it is easier for people,” Zuckerberg said in a live stream on Facebook. “That, of course, means there’ll be higher conversions and more sales for small businesses.”

Zuckerberg indicated that Facebook is ramping up its efforts to support small businesses during the coronavirus pandemic. He also said that he personally was involved with the development of the feature.

Since the beginning of the pandemic, the company has announced a $100 million program to support small businesses through grants and a way for small businesses to sell gift cards directly to consumers through Facebook.

The upside to this is, lots of local small businesses already have a presence on Facebook. And except for advertising, much of the services are free to use.

There are also downsides, if you ever have a dispute with a giant online company, you could lose the ability to access the site. It’s your business.

Mark Zuckerberg said small businesses make up the vast majority of Facebook’s more than eight million advertisers.

In the past weeks, other major online social and eCommerce giants have announced initiatives and tools aimed at small businesses. In addition to direct contributions to Coronavirus relief programs.

Continue reading at...https://www.sme360.ng/2020/06/12/facebook-set-to-expand-services-tools-for-local-small-business/

We all have a dream of becoming financially independent. One way to do this is by starting a successful business. This is more than just having an interesting business idea or registering with the Corporate Affairs Commission.

There are several ingredients that you must bring together to start a small business in Nigeria. Just so you have a clear picture, a small business is one with less than 500 employees. In this post, we will share 10 key steps to help you start a small business in Nigeria.

Steps to help you start your small business in Nigeria

Find your idea
As they say, ideas run the world. If you ever doubted that phrase, you better start believing it now. Your business idea is the starting point for your new business. What this means is that every business starts with an idea.

It is not strange for aspiring entrepreneurs to ask the question, “What is the perfect business idea?” While it is only logical to ask this question, what should be on your mind is “how do you find the right idea?”

There is no such thing as a perfect business idea. A great idea in the UK might be crap in Nigeria and vice versa. This is an indication that business ideas are relative to location.

Fine-tuning your business idea is very important. Here’s a list of questions to help you fine-tune your idea:

a. Where does your passion lie?

b. What needs will your idea meet?

c. What will be different about your product/service?

d. Who are your likely customers?

e. Who is the competition?

f. What are your capabilities (strengths and weaknesses)?

Answering these questions will lead you to other questions you must answer to improve that idea.

Get Prepared
Many entrepreneurs take this step for granted. Don’t ever believe that you have it all together. There is always room for more, you can always get better. Preparing yourself for your new business means you need to acquire the knowledge required to be an authority in that field.

In some cases, you’d need to get extra training, and sometimes, you need to speak to someone experienced in that business. Scouring through webpages is also a great way to learn more about your new business.

Running a business you know about in Nigeria is very difficult, let alone one that you have the least idea about. Learn all that you can to become the best you can be.

Conduct a feasibility study
This step will give you a clear picture of your business idea. You’ll get to know if the business is viable or not through a feasibility study. A feasibility study also shows you the opportunities that abound and the pitfalls you are likely to face.

There are tons of reasons why you need a feasibility study. Rather than just take mental notes, put together an actual document. In some cases, you’ll need to reach out to professionals to handle this process on your behalf. Most of all, a feasibility study gives you a broad perspective of the sector you are about to involve yourself in.

Write a detailed business plan
Even though most aspiring entrepreneurs overlook business plans, this is one of the most important documents for your business. A business plan is a document containing details about your business idea, specific goals, and a clear path to achieving these goals. It acts as the road map for your business as it helps you chart a clear course towards achieving your business goals.

In simple terms, a business plan brings your business idea to life. Statistics show that up to 85% of Nigerian SMEs run without a detailed business plan. Don’t fall into that bracket. Whether it is highly detailed or just a page, have a business plan. A business plan helps you to:

a. Run your business.

b. Attract investors.

c. Get loans from banks.

Gain more understanding about the market
Each sector has secrets to success. Finding these secrets means that you increase your chances of attaining success. Don’t remain a novice in the sector.
It is important that in understanding the market, you are not building your skills. What you are doing is understanding the market matrixes. This step helps you understand who your customers are likely to be and what they expect of you.

It also helps you know the competition and their keys to success. With this knowledge, you can figure out how to stand out and beat the competition.

Find your location
Every business has a location. It is either physical or virtual. Regardless of which applies to your business, several factors will help you guide your choice of a business location.

Among all the factors you should consider, you must consider your target market and your products or services. Each location has its challenges. Discover them and find ways to beat them.

Register the business
Building a successful business requires you to register with the appropriate authorities. Again, many SMEs in Nigeria operate without registering with the CAC. It is important that you do to unlock the amazing benefits of this process.

Your registration is based on the magnitude of the business. Click here to learn more about registering with the CAC.

Find Capital
Financing a business can be a headache, especially for a sole proprietor. There are several ways of finding capital for your business. Capital is the fuel upon which your business runs.

One way to raise capital for your business is personal savings and another is gifts from friends. You can also raise money through equity from investors and loans. Check out our guide to get business loans.

Grow your team
Growing your team is a very important component of your business. The kind of individuals you work with will determine how successful your business will be.

There are two ways of recruiting talent. You can either choose the best hands in that industry or find suitable hands that you can groom. Most businesses go for the second because the first is rather too costly. Find people that are self-motivated and able to learn quickly on the job.

Continue reading at... https://www.sme360.ng/2020/06/03/10-steps-to-starting-a-small-business-in-nigeria/

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thanks

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kizwid:
Good one op

Thanks

“Lazy Nigerian youths”, this phrase was taken in very bad taste by the youths in Nigeria last year. They argued vehemently insisting that it was the lack of job opportunities, lack of empowerment, corruption etc. I am a Nigerian youth as well and I empathize with you on the situation of our country. However, we must look for alternatives before referring to Nigeria as a dream-stealer and dream-killer. Before you make these bitter statements first consider if there is a possibility to start on your own, if yes, you can then begin to source for capital. When capital is not forthcoming, you will then read this article very attentively and see that there are so many businesses you can start with little or no CAPITAL!!!

Here are some businesses you can start with little capital:

1. GRAPHIC DESIGNING: These days graphic designing has become a very lucrative skill as all businesses are seeking to have their space on social media. Therefore needing graphic designers to come up with concepts that pass a firm message and represent their brand appropriately. With a good eye for aesthetics and an android phone, you are good to go. Apps such as Canva, adobe spark post, infinite design, sketchbook, adobe photoshop etc. can be of benefit to you to get started.

2. YOUTUBE VLOGGING OR VIDEO PRODUCTION: Under this, you could both start your own Youtube channel or become a video editor. Equipping you with the necessary tools to edit vlogs, create music videos or adverts. Either of this can be done with little or no capital and is in very high demand today.

3. DAYCARE CENTRE: This business requires a spacious house and a passion for children. With a little advertisement, you should have some customers in no time. Working-class could offer a B2B business where you can handle various tasks for clients online as a virtual assistant.

5. EBOOK AUTHOR: This I must say is the rave of the moment. Now you can write books and publish on various reading applications such as Okadabooks. Every month, you are paid the proceeds from the sale of your books. A lot of people enjoy reading soft copies and these apps give them that opportunity. This you can do without paying for print and design. If there is any subject you have vast knowledge or fictional work.

6. FREELANCE WRITING: You could get acquainted with applications such as Fiverr and Outlook where you can get writing jobs from people all over the world. With writing skills of any sort, freelance writing is an option to consider.

7. BLOGGER: This is one of the easiest things to do. You could start a blog on anything and find your niche. This would eventually become lucrative when you can gather some crowd on your blog.

8. SOCIAL MEDIA MANAGER: You can build a business by managing social media accounts for other businesses or personal accounts.

9. PODCASTER: Popularly known as online radio, is a way you can put up audio content for the consumption of the public. It works like any other online platform and begins to bear fruit when you begin to have a large audience and advertisers. Apps for this include Mixlr, Anchor, etc.

10. ERRAND SERVICES: This involves creating a platform where you run errand either directly or indirectly for people. You could collect groceries, buy items, and deliver things as well on behalf of your clients.

11. BUSINESS CONSULTANT: If you are a business-savvy entrepreneur already, you can start your own consulting business and simply communicate with your clients via email or Skype.

12. DELIVERY SERVICES: With just a bike rider’s contact you can start your delivery service. Collecting items from one place and delivering it to another. Sharing the proceeds with your bike rider.
13. WEB DESIGNER: In this case, you could use some free open source tools to offer web design services. This is one of the highest paying skills of the 21st century. This is a business you should consider if you can.

14. SOCIAL MEDIA INFLUENCER: With a good following on social media and a voice in any sector at all. Smaller brands begin to offer money in exchange for promotion and advertisements. To start this business you must be consistent in posting content on social media, not just content anyways, reasonable content.

15. TUTOR: Both children and adults alike could need tutors in various subjects of study. From common entrance candidates to POST UTME candidates, everyone needs some extra lessons. Children of different ages have subjects that they could need some extra work done on. I believe certainly there is something you can teach or you know a lot about. If you have anything at all then you are good to go.

Click the link to continue reading businesses you can start with little or no capital... https://www.sme360.ng/2020/06/11/20-businesses-you-can-start-with-little-or-no-capital/

It’s 2020 and the world is evolving at top speed. The world is becoming digitally globalized and the system is saturated with groundbreaking business opportunities. Nigeria is not left out as men and women are making history in the business world today. You’re reading this article and you want to start a business. Maybe you just want to generate some passive income, something that keeps “body and soul together” or maybe you are just fed up with going to work every single day and you want to become your boss or you are an entrepreneur and starting and scaling your business is your dream and the path to your most self-actualized state. Whatever the case, YES YOU CAN!

Research has it that the best time to start a business is in times of economic crisis and financial meltdown. This is because startups swing into the economy with passion, innovation, and a problem-solving mindset. In America, startup businesses are America’s greatest employers. These businesses started and became big businesses that we know today like Apple, Facebook, Google, and many others alike. Your business can become one of the biggest businesses in Nigeria today.

Think you need so much to start? Well, let me walk you through 20 fantastic businesses you can start with just 50,000 Naira in Nigeria today. Let’s dive in!

1. Baking Business

Baking is a thriving business in Nigeria. Cakes and pastries are things Nigerians can never get enough of. Every party from weddings to birthdays and graduations needs cakes or small chops. You can start this baking business right from your kitchen. You could start by making little cupcakes and small chops and sell to earn income. To gain visibility, you can then promote your baking business on your social media, get people to order, and start making the big bucks.

2. Fast food Business

The importance of food can never be overemphasized. You can use your cooking skills to make good money. All you need is a little stand, cooking materials, and foodstuffs. You can start by finding a very strategic location and start making foods like spaghetti and turkey. You could also go ahead to specialize in making and delivering food to parties and events. You can use your social media to promote your business, put pictures of your food, and explain clearly what you do to reach a wider audience.

3. Plantain Chips Business

This is also a very lucrative business. Plantain chips are a very popular snack in Nigeria. You can make them, brand them, and supply to different shops or supermarkets and earn income daily.

4. Selling Drinks and Water

This is another lucrative business because it is a highly consumable good. All you need is a little stand, a cooler, some iced block and your drinks!

5. Small Scale Farming

This is a business that can become very lucrative. You could start right from your backyard and begin farming on a small scale. You could plant pepper or grow vegetables and sell them or you can go into snail farming or poultry, and all of this with very minimal resources.

6. Smoked Fish Business

This is another very lucrative business venture. You can make and sell smoked fish across various markets in Nigeria or even go-ahead to export smoked fish to countries like the UK and earn income.

7. Soap Production

Soap production is another business you could start. You can make liquid soaps for bathing or washing, brand them, and distribute them to various supermarkets who pay a week after supply.

You could also decide to promote your soap on social media like Instagram or Facebook and ultimately deliver it to your interested customers

8. Home and Beauty Products

You can start making beauty products like facial creams, liquid or bar soaps and put them for sale. The chemicals needed are easily available at the market. You can start making all of such products with less than 50,000 Naira.

9. Perfumery

This is a brilliant business venture that can bring you profit as high as 100%. You could buy perfume bottles of 3ml, 6ml, or 15ml in their bulk and sell them for double the price and make a good profit. For example, you could buy a bottle of perfume at wholesale price for 500 Naira and sell it for 1000 naira to your customers!

10. Make-Up Artistry

This is a very popular business in Nigeria today. If you are interested in beauty and fashion, this is a very lucrative business to go into. You could do make up for weddings, parties and other events. You could also hold makeup classes and charge them for the entire duration. In the long run you could open up a makeup studio!

Continue reading at... https://www.sme360.ng/2020/05/29/20-businesses-you-can-start-with-50000-naira-in-nigeria/

Some traders in Jos say they are making brisk sales via social media platforms during the current Coronavirus (COVID-19) pandemic in the state.

One of them, Mrs Dinatu Pam, said she was selling between 15 and 20 bags of tomatoes, onions and Irish potatoes online on a daily basis.

“Before the outbreak of the pandemic I was selling an average of 3 bags daily; patronage was very low, then, but the pandemic has given me a very big market.

“I go to Bokkos to buy potatoes to send to my customers in Benue and other neighbouring states after online booking and payments had been made.

”I sell close to 20 bags of potatoes and onions and 10 baskets of tomatoes daily using Facebook,” Pam said.
“Before the outbreak of the pandemic I was selling an average of 3 bags daily; patronage was very low, then, but the pandemic has given me a very big market.

“I go to Bokkos to buy potatoes to send to my customers in Benue and other neighbouring states after online booking and payments had been made.

”I sell close to 20 bags of potatoes and onions and 10 baskets of tomatoes daily using Facebook,” Pam said.

Another seller, Mrs Tenni Adamu, said that she had been able to display her commodities on Facebook platform and had so far sold huge stocks of them.

“When a friend told me to do my business online I was skeptical about the whole thing but now I sell tomatoes, grains and it is highly profitable,”Adamu said.

Bola Ayinde, a tailor said that as a result of the pandemic people stopped making new clothes but that face mask making had opened a new opportunity for her.

Click on the link to continue reading... https://www.sme360.ng/2020/06/09/covid-19-social-media-boost-sales-for-jos-traders/

The Central Bank of Nigeria has unveiled guidelines for stakeholders interested in accessing the newly introduced funds for local healthcare research and development.

The Apex Bank said the scheme would be funded from the developmental component of the Micro, Small and Medium Enterprise Development Fund.

According to the CBN, the grant limit for research activities is a maximum of N50m; while development/manufacturing activities attract a maximum of N500m.

Together with its policy response to the COVID-19 pandemic, the CBN introduced the Healthcare Sector Research and Development Intervention Scheme to help strengthen the public healthcare system with innovative financing of research and development in new and improved drugs, vaccines and diagnostics of infectious diseases in Nigeria.

It said the HSRDIS was designed to trigger intense national R& activities to develop a Nigerian vaccine, drugs and herbal medicines against the spread of COVID-19 and any other communicable or non-communicable diseases through the provision of grants to biotechnological and pharmaceutical companies, institutions, researchers, and research institutes.

The CBN said the scheme was intended to boost domestic manufacturing of critical drugs and vaccines to ensure their sustainable domestic supply and reduce the bulk manufacturing costs of the drugs, herbal medicines and vaccines in Nigeria.

According to the guidelines, the disbursement under the scheme would be made to beneficiaries in tranches, subject to approved milestones achieved.

The CBN said the research and development timeframe would not be more than two years from the date of release of funds.

It added that the development/manufacturing activities would not be more than one year from the date of the release of funds.

Continue reading at... https://www.sme360.ng/2020/05/29/latest-magazine-edition-out-now-brand-communications/

Are you young and ready to work? Are you ready to earn some extra income? How about starting up a business with little capital that can bring you profits in a short while? Ever heard of VTU (Virtual Top-Up) Business? With very little investments, you can start your Virtual Top Up business and generate steady income by offering services like Airtime Recharge, Data Bundles, Utility Bills like Electricity bills, and Cable subscriptions.

In this article, I will be introducing this business to you and I will be showing you a step by step process on how you can start YOUR OWN VTU Business and earn passive income. Exciting right? Let’s dive in right away!

What is VTU Business All About?

A Virtual Top Business is a business where a vendor tops up customers with airtime. We are all familiar with the method of recharging our phones with a scratch card and USSD code. For example, MTN users recharge their phones using the code *555*XXXXXX*#. Virtual Top recharges customers through digital means. The user will automatically receive a notification that his phone has been recharged.
With as little as 5000 naira, you can start selling recharge cards, data plans, and cable subscriptions right from your mobile device or tablet. As you grow you can expand and include cable subscriptions and electricity bills. There are some major key players in the VTU business in Nigeria today. Some of them include; Quickteller, Recharge and Get Paid, Stratford Communications limited, Appletree Nigeria Limit amongst others.

What You Will Need:

· Sim cards of the networks you would be selling

· An internet-enabled phone or phones for sim cards

You may ask, what’s in it for me? Is the VTU business really profitable?

Well, according to research, Nigeria has over 184 million active mobile lines as of December 2019. The average mobile phone user spends about N2000 on airtime monthly. Billions of Naira is spent on data every single month. This means you have a wide customer base. I mean everyone you know around you needs to keep in touch with their friends and family and they need airtime to do that! This business is on high demand in Nigeria and Virtual Top-up makes recharging and paying bills very seamless.
Click on the link to continue reading...https://www.sme360.ng/2020/06/09/7-steps-to-starting-a-vtu-business-in-nigeria/

Do you have a business continuity plan? Reports show that at least 80% of startup businesses in Nigeria fail within the first year. Strange considering how hard-working and intelligent Nigerians are. What could be the cause of this failure?

There are several causes but one stands out, lack of a business continuity plan. What does that even mean and how does it apply to your business? Read on to find out.
What is a Business Continuity Plan?
Several schools of thought have given meaning to this concept. Let’s check out a few of them. Business Continuity Plan is a document that outlines instructions and procedures an organization needs to follow when faced with disaster. Such disasters could be fire, cyber-attack, flood, or a pandemic.

Another school of thought considers business continuity planning as a process. This process creates a system to help a business prevent and recover from potential threats. Through this plan, staff and assets attain protection from the threat and can bounce back to normal function soonest.

One last definition. A business continuity plan is a roadmap that guides a business back to normalcy in the face of an emergency. Different companies or businesses have different plans based on their different operations.

[b]Do you need a Business Continuity Plan?[b]
Many businesses in Nigeria overlook continuity and leave a lot to chance. This is probably because most businesses in this part of the world are “sole proprietorship” in nature. But what happens when the sole proprietor dies or a pandemic like COVID-19 hits?

Most of the time we blame lack of running capital as the chief cause of business failure. Little do we know that lack of planning for unforeseen circumstances is a stronger enemy. Even if there are excess funds, without proper planning, such funds will end up a waste.

Here’s why you need a Business Continuity Plan.

Click on the link to read why you need a business continuity plan... https://www.sme360.ng/2020/06/05/what-is-a-business-continuity-plan-do-you-need-one/

We all have a dream of becoming financially independent. One way to do this is by starting a successful business. This is more than just having an interesting business idea or registering with the Corporate Affairs Commission.

There are several ingredients that you must bring together to start a small business in Nigeria. Just so you have a clear picture, a small business is one with less than 500 employees. In this post, we will share 10 key steps to help you start a small business in Nigeria.

Steps to help you start your small business in Nigeria

Find your idea
As they say, ideas run the world. If you ever doubted that phrase, you better start believing it now. Your business idea is the starting point for your new business. What this means is that every business starts with an idea.

It is not strange for aspiring entrepreneurs to ask the question, “What is the perfect business idea?” While it is only logical to ask this question, what should be on your mind is “how do you find the right idea?”

There is no such thing as a perfect business idea. A great idea in the UK might be crap in Nigeria and vice versa. This is an indication that business ideas are relative to location.

Fine-tuning your business idea is very important. Here’s a list of questions to help you fine-tune your idea:

a. Where does your passion lie?

b. What needs will your idea meet?

c. What will be different about your product/service?

d. Who are your likely customers?

e. Who is the competition?

f. What are your capabilities (strengths and weaknesses)?

Answering these questions will lead you to other questions you must answer to improve that idea.



[b]Get Prepared
Many entrepreneurs take this step for granted. Don’t ever believe that you have it all together. There is always room for more, you can always get better. Preparing yourself for your new business means you need to acquire the knowledge required to be an authority in that field.

In some cases, you’d need to get extra training, and sometimes, you need to speak to someone experienced in that business. Scouring through webpages is also a great way to learn more about your new business.

Running a business you know about in Nigeria is very difficult, let alone one that you have the least idea about. Learn all that you can to become the best you can be.

Conduct a feasibility study
This step will give you a clear picture of your business idea. You’ll get to know if the business is viable or not through a feasibility study. A feasibility study also shows you the opportunities that abound and the pitfalls you are likely to face.

There are tons of reasons why you need a feasibility study. Rather than just take mental notes, put together an actual document. In some cases, you’ll need to reach out to professionals to handle this process on your behalf. Most of all, a feasibility study gives you a broad perspective of the sector you are about to involve yourself in.

Write a detailed business plan
Even though most aspiring entrepreneurs overlook business plans, this is one of the most important documents for your business. A business plan is a document containing details about your business idea, specific goals, and a clear path to achieving these goals. It acts as the road map for your business as it helps you chart a clear course towards achieving your business goals.

In simple terms, a business plan brings your business idea to life. Statistics show that up to 85% of Nigerian SMEs run without a detailed business plan. Don’t fall into that bracket. Whether it is highly detailed or just a page, have a business plan. A business plan helps you to:

a. Run your business.

b. Attract investors.

c. Get loans from banks.

Gain more understanding about the market
Each sector has secrets to success. Finding these secrets means that you increase your chances of attaining success. Don’t remain a novice in the sector.

It is important that in understanding the market, you are not building your skills. What you are doing is understanding the market matrixes. This step helps you understand who your customers are likely to be and what they expect of you.

It also helps you know the competition and their keys to success. With this knowledge, you can figure out how to stand out and beat the competition.

Find your location
Every business has a location. It is either physical or virtual. Regardless of which applies to your business, several factors will help you guide your choice of a business location.

Among all the factors you should consider, you must consider your target market and your products or services. Each location has its challenges. Discover them and find ways to beat them.

Register the business
Building a successful business requires you to register with the appropriate authorities. Again, many SMEs in Nigeria operate without registering with the CAC. It is important that you do to unlock the amazing benefits of this process.

Your registration is based on the magnitude of the business. Click here to learn more about registering with the CAC.

Find Capital
Financing a business can be a headache, especially for a sole proprietor. There are several ways of finding capital for your business. Capital is the fuel upon which your business runs.

One way to raise capital for your business is personal savings and another is gifts from friends. You can also raise money through equity from investors and loans. Check out our guide to get business loans.

Click here to continue reading...https://www.sme360.ng/2020/06/03/10-steps-to-starting-a-small-business-in-nigeria/

These two words have actually grown to cause a lot of controversy in the business world today. While some constantly wonder which of these suit them more appropriately, others do not even know what these words mean.

This article will clarify the differences between these two words as a matter of necessity because they sound and pose an object of confusion for many, in subsequent articles we would treat thoroughly other aspects of this topic. As always we must first analyze the meanings of these words.

According to management consultants GIFFORD AND ELIZABETH PINCHOT in their book “ Intrapreneuring: why you don’t have to leave the Corporation to be an entrepreneur” Intrapreneurs was defined to mean “dreamers who do, those who take hands-on responsibility for creating innovations of any kind within a business.”

Intrapreneurship is very often referred to as the entrepreneurship within an organization; which implies that new initiatives, creativity, and dynamism that augment organizational competence are intrapreneurship. It is, in fact, a matter of necessity that an intrapreneur can do the job of an entrepreneur. Which finally brings us to the description of who an entrepreneur is.

An entrepreneur is a person who sets up his own business taking a considerable amount of risk to own and operate the business with the aim of earning returns and rewards, from that business. Both of these categories of people must have certain qualities such as creativity, insight, good leadership abilities, adaptability and a good knowledge of the market in which their business thrives. See key differences for more insight.
However, in this article we would be discussing their differences and not their similarities.

Below are the major differences between them:

• Risk bearing: Unlike the intrapreneur, the entrepreneur bears all risks pertaining to the business, while the company bears the risks in the case of the intrapreneur. When profit or loss is made in an organization it directly affects the entrepreneur but it is borne by the company in the intrapreneur’s case. Intrapreneurs do not have the same level of authority and freedom as the entrepreneur, due to this it is only expected that the risk is borne on this same level.

Continue reading at...https://www.sme360.ng/2020/06/04/what-is-the-difference-between-entrepreneurship-and-intrapreneurship/

The National Agricultural Land Development Authority (NALDA) says it plans to empower 77,400 young farmers to engage in agricultural business.

NALDA said the agricultural businesses would range from crop farming to animal husbandry across the country.

Its Executive Secretary, Mr Paul Ikonne, said this at a news conference in Abuja on Monday.

NALDA was established in 1992 but ceased to exist and function in 2000 before President Muhammadu Buhari led-administration revived it.

Ikonne stated that: “We intend to have 77,400 young farmers injected into Nigerian farming businesses across the nation in different farming activities ranging from crop farming to animal husbandry.

“These young farmers will be drawn from the 774 Local Governments Areas of the country , with a pilot number of 100 per LGA.

“In this initiative, we will partner with governors for provision or donation of land and other stakeholders as this will create employment and food production will be increased,” he said.

Continue reading at... https://www.sme360.ng/2020/06/02/fg-set-to-empower-77400-young-farmers-on-agric-business/

CORPORATE AND PERSONAL BRANDING AND WHY YOU NEED THEM

Have you ever wondered how you can make your brand stand out from the crowd in an ecosystem that appears to be overcrowded, with new entrants trooping in every day and offering similar products and services as you? Welcome to the world of branding! If you want to stand out from the crowd and be the star of your industry, you definitely need to have a brand.

The beautiful thing about branding is that you can have one for your business and one for yourself. Keep reading and I’ll tell you why you need both. Your corporate brand is how you present your company to the world. This requires a creative combination of logos, slogans, and a strong promise that connects your target audience to your brand and puts a stamp of integrity on your product or service. Think about how you feel when you see a slightly eaten apple symbol on a tech product? What message does that symbol speak of? I’m sure words are already running through your mind. It speaks of quality, it speaks of premium pricing and innovation. All of these are the brand promise of the Apple company. So wherever you see their logo, you are assured of getting that promise. That is essentially what corporate branding is all about. For corporate branding to be successful, the business needs to adopt a broad and strategic approach that does not just focus on the logo, the look and feel of the brand alone. At the heart of successful corporate branding is a commitment to delivering the expected brand promise over the value chain of the interaction with your target audience and consumers.

Just imagine you walk into an Apple store and it looks torn down and neglected. Then a day after you purchased a new phone, the charging point stops working. You call the Customer Service department but a very brash and rude person responds to you and you leave that call without having the charging point issue resolved. Let’s say you go online to rant and you find hundreds of people with the same experience. Definitely, over time the slightly eaten apple symbol will not mean much to you.

Your corporate brand must, therefore, speak of value and everything you promise your target audience at all times. The same applies to your personal brand. While corporate branding is focused on your business, personal branding is focused on you. One great advantage of personal branding is that it allows you to shape the narrative about yourself. Have you Googled yourself recently? Did you like the results? If you didn’t or you didn’t find anything about yourself, that shows you need to work on your personal brand.

Continue reading at...https://www.sme360.ng/2020/05/29/latest-magazine-edition-out-now-brand-communications/

Running a small business is no easy task. You don’t have enough time, budget nor resources to grow your business and pursue activities that can enhance your business profile and attract new customers. A good public relation practice allows a firm to manage its public image. Bigger businesses have the resources to pursue and maintain good public relations. In fact, most have departments or units dedicated to coordinating activities around public relations. While you may not have sufficient resources to do the same as a small business owner, there are inexpensive PR strategies that you can apply to get your business known, seen and heard by the public.

1. Influencers - I am not referring to the celebrities and top personalities here. Instead, I am referring to Nano influencers. Everyday people like you with 5000, 10000 or even fewer followers. These categories of people have a high engagement rate. If you are able to establish a good relationship with them, you may even get them to work with you at an affordable rate or even for free.

2. Videos - In 2020, if you are not leveraging videos, you need to start already. Create a brand and personal videos to engage with your audience. They are most likely to click to watch you and listen to what you have to say. With your mobile phone, natural light, a tripod and an app like Inshot to edit, you are good to go. If you can’t create, then going live on Facebook or Instagram is your best bet.

3. Storytelling - Want to get people’s attention? Tell a story! A compelling story. It keeps people engaged and they remember you. This storytelling can be done via audio, video or text. Be authentic and don’t forget to tie the story to your business, product or service

4. Collaboration - Do you have access or a relationship with someone who has a good following? Come up with an easy to follow campaign or go live with them. That way, their audience gets to know you and vice versa.

5. Events - This is a super powerful tool. So when I hear small business owners say ‘I don’t like to attend events’, I am usually baffled. Bigger businesses leverage this so well and make a lot of money by connecting, establishing a relationship with a lead and then do business with them. These events don’t have to be only physical. There are webinars and virtual summits happening almost every other day. There are online communities that you can join as well.

6. PR firms - There are PR firms that actually help you with being on credible news outlets. No, it doesn’t cost an arm and a leg. It doesn’t look good when people search for your company and all they can find is social media links. Being on other news platform helps you get seen.

Continue reading at... https://www.sme360.ng/2020/05/29/latest-magazine-edition-out-now-brand-communications/

It’s 2020 and the world is evolving at top speed. The world is becoming digitally globalized and the system is saturated with groundbreaking business opportunities. Nigeria is not left out as men and women are making history in the business world today. You’re reading this article and you want to start a business. Maybe you just want to generate some passive income, something that keeps “body and soul together” or maybe you are just fed up with going to work every single day and you want to become your boss or you are an entrepreneur and starting and scaling your business is your dream and the path to your most self-actualized state. Whatever the case, YES YOU CAN!

Research has it that the best time to start a business is in times of economic crisis and financial meltdown. This is because startups swing into the economy with passion, innovation, and a problem-solving mindset. In America, startup businesses are America’s greatest employers. These businesses started and became big businesses that we know today like Apple, Facebook, Google, and many others alike. Your business can become one of the biggest businesses in Nigeria today.

Think you need so much to start? Well, let me walk you through 20 fantastic businesses you can start with just 50,000 Naira in Nigeria today. Let’s dive in!

1. Baking Business

Baking is a thriving business in Nigeria. Cakes and pastries are things Nigerians can never get enough of. Every party from weddings to birthdays and graduations needs cakes or small chops. You can start this baking business right from your kitchen. You could start by making little cupcakes and small chops and sell to earn income. To gain visibility, you can then promote your baking business on your social media, get people to order, and start making the big bucks.

2. Fast food Business

The importance of food can never be overemphasized. You can use your cooking skills to make good money. All you need is a little stand, cooking materials, and foodstuffs. You can start by finding a very strategic location and start making foods like spaghetti and turkey. You could also go ahead to specialize in making and delivering food to parties and events. You can use your social media to promote your business, put pictures of your food, and explain clearly what you do to reach a wider audience.

3. Plantain Chips Business

This is also a very lucrative business. Plantain chips are a very popular snack in Nigeria. You can make them, brand them, and supply to different shops or supermarkets and earn income daily.

4. Selling Drinks and Water

This is another lucrative business because it is a highly consumable good. All you need is a little stand, a cooler, some iced block and your drinks!

5. Small Scale Farming

This is a business that can become very lucrative. You could start right from your backyard and begin farming on a small scale. You could plant pepper or grow vegetables and sell them or you can go into snail farming or poultry, and all of this with very minimal resources.

6. Smoked Fish Business

This is another very lucrative business venture. You can make and sell smoked fish across various markets in Nigeria or even go-ahead to export smoked fish to countries like the UK and earn income.

7. Soap Production

Soap production is another business you could start. You can make liquid soaps for bathing or washing, brand them, and distribute them to various supermarkets who pay a week after supply.

You could also decide to promote your soap on social media like Instagram or Facebook and ultimately deliver it to your interested customers

8. Home and Beauty Products

You can start making beauty products like facial creams, liquid or bar soaps and put them for sale. The chemicals needed are easily available at the market. You can start making all of such products with less than 50,000 Naira.

9. Perfumery

This is a brilliant business venture that can bring you profit as high as 100%. You could buy perfume bottles of 3ml, 6ml, or 15ml in their bulk and sell them for double the price and make a good profit. For example, you could buy a bottle of perfume at wholesale price for 500 Naira and sell it for 1000 naira to your customers!

10. Make-Up Artistry

This is a very popular business in Nigeria today. If you are interested in beauty and fashion, this is a very lucrative business to go into. You could do make up for weddings, parties and other events. You could also hold makeup classes and charge them for the entire duration. In the long run you could open up a makeup studio!

11. Hair/Barbing Salon

This is another very good business that can bring you income. If you don’t have a place, you could start at your house or you could offer home services. All you need to buy is the basic tools needed for your craft like scissors, combs, brushes, etc, and advertise yourself and you are good to go!

12. Tailoring/Fashion Designing

This is another super profitable business. People will always have to wear clothes. You can start a tailoring business. All you need to get is a standard sewing machine and some other materials and you are good to go. You can advertise yourself around your neighbourhood or on social media to get yourself out there.

13. Jewellery/Bead Making

This is a business you can start up very easily. If you are skilled at making jewellery, you can make necklaces and accessories and sell them to people. All you need are the materials needed to make them which is pretty much less than 50,000 naira.

14. Painting/Artworks

Are you good at painting? You can set up your art gallery and sell them to make money. All you need are your painting materials and you are on your way. You can paint and design images and put them up for sale. Again, advertising on social media is a great way to attract the right audience to your business!

15. Tutoring Business

This is a serviced based business that can bring you big bucks. You can start private home tutoring for kids on different subjects OR you could sign up on online tutoring platforms like Prepclass and get paired with a parent. You could also hold masterclasses on platforms like Whatsapp or Facebook. You could upload your courses on sites like Udemy and get paid every time someone enrols for your course!

Continue reading at...https://www.sme360.ng/2020/05/29/20-businesses-you-can-start-with-50000-naira-in-nigeria/

It’s been a strenuous time globally as a result of the pandemic that has engulfed nations, some developed countries have found ways to contain the effect of COVID- 19, with evidence of decreasing cases. In other developing countries, the virus is resurging or continuing to spread quickly. This is still a global problem calling for a global response.

In Nigeria, the Central Bank of Nigeria as a means of mitigating the impact of the novel coronavirus on micro, small and medium-sized businesses MSMEs, recently unveiled a 50 billion credit facility and cut down the interest rate on intervention funds from nine to five per cent among other measures to support businesses.

Stakeholders in the agricultural sector lauded the step by the apex bank to support the survival of agribusinesses in this difficult moment of the economic fallout of the COVID-19 pandemic as well as prepare the sector for the post-COVID era.

Kareem Sanni, a cocoa value chain stakeholder, said he strongly believes these interventions of lower interest rate, extended moratorium and the targeted credit facility would help to boost the recovery process post-COVID-19 in the sectors covered by the fund, including the agro-agro-allied sectors.

“For agriculture and agribusiness, an extension of moratorium and reduction of interest rate will benefit small and medium scale agribusiness as well as agro-allied industries.

“However, the government can do better by honestly earmarking a large percentage of N50 billion strictly for agribusiness, making it accessible and as well making the potential beneficiaries aware of the availability of this facility by way of advertisement.”

Continue reading at... https://www.sme360.ng/2020/05/29/cbn-target-driving-agribusiness-through-50bn-credit-facility-interest-rate-cut/

Many aspiring entrepreneurs these days feel the attending business school is a waste of time. After all, moguls like Steve Jobs, Oprah Winfrey, and Richard Branson never attended business school. However, not all of us can be the same. If you have access to a business school, attending will be great. You get to enjoy a number of benefits like honing your networking skills and understanding the technicalities of the business.

Are you an aspiring entrepreneur or you already have a business running? Would you like to get better at business and understand the technicalities? There are several business schools in Nigeria you can attend.

Top Business Schools in Nigeria
What makes a business school, or any school at all, top? Is it the name or the location? Does it lie in the number of students? NO!!!

Three factors count and they are:

a. Accreditation from the relevant authorities.

b. The pedigree of the tutors/faculty.

c. The institution’s alumni network.

Based on these factors, here’s a list of the top business schools in Nigeria.

Lagos Business School
Without a doubt, this is the most popular school on this list. Why shouldn’t it? It’s the foremost business school in West Africa, not just Nigeria. This institution is on a mission to make a significant impact on business management practices.

Beyond being the foremost business school in this part of the world, LBS is famous for its very high standards. A proof of this is the fact that it is the first African business school to gain accreditation from the AACSB. AACSB stands for the Association for Advanced Collegiate School of Business.

According to the Financial Times, Lagos Business School ranks Number 3 in Africa and Number 1 in West Africa. Some of the degrees they offer include MBA (full time), Modular MBA, Executive MBA, and PhD.

In addition, they offer several executive management courses. LBS is famous for its strong alumni network. A good reason why many entrepreneurs flock to this institution. It presents a chance for leveraging this network to generate new business opportunities.

Executive Business School
This is another fine business institution located in Lagos State. EBS was established in 2006 even though it began operations in 2007. The institution was established with the aim of satisfying the demand for academic programs that lead to British awards.

Among the contributing factors to the stature of this institution on the African continent is its niche policy. Rather than offer general courses, EBS focuses on business and law-related programs.

The institution is in partnership with British and European Universities. This partnership provides students access to faculty members of a very high calibre. As a result, EBS has one of the best curriculums among business schools in this part of the world.

So far, Executive Business School is the biggest private business school in West Africa and one of the biggest on the continent. The institution boasts of top-quality alumni represented in different sectors of the world economy.

West Africa Business School
WABS was established in 2002 as a privately-owned training institute. This was a response to the high demand for top-notch professional development, executive education, and corporate training. The strategic intent of this institution is to change the face of organizational learning and education management.

As one of the biggest business schools in Africa, WABS has campuses in Ghana and The Gambia as well. Over time, this institution has built formidable relationships with several top brands in different sectors like insurance, health, and finance.

This institution has a different approach to training. Rather than offer graduate degrees, they focus on in-house training for companies and executive open enrolment. In addition, they have a strong distance e-learning platform.

WABS is renowned for reaching out to the next generation with its entrepreneurship centres targeting students in primary and secondary schools. There is still a plan to establish the ECOWAS Open University and award executive business degrees.

Continue reading at... https://www.sme360.ng/2020/05/28/5-business-schools-in-nigeria-you-should-know/

The Interest rates on loans to the Small and Medium Enterprises to cushion the effects of the coronavirus on their operations introduced by the Central Bank of Nigeria will rise to nine per cent from five per cent in March 2021.

The CBN disclosed this in its guidelines for the implementation of the N50bn Targeted Credit Facility.

Part of the guidelines stated, “Interest rate under the intervention shall be five per cent per annum all-inclusive) up to 28th February 2021 and thereafter, the interest on the facility shall revert to nine per cent per annum (all-inclusive) as from 1st March 2021.”

Banks have been sensitising borrowers to the plan to increase the interest rates with effect from 2021.

Fidelity Bank in a mail to its customers, stated, “The Central Bank of Nigeria has established a N50bn Targeted Credit Facility to help households and small businesses mitigate the impact of COVID-19.”

It added, “The offer is valid until February 2021 after which interest rates will revert to nine per cent.”

The CBN introduced the N50bn credit as a stimulus package to support households and Micro, Small and Medium Enterprises affected by the COVID-19 pandemic.

The loan tenor has working capital of a maximum period of one year, with no option for rollover, and a maximum tenor of not more than three years with, at least, one-year moratorium.

Repayment, it added, would be made on an instalment basis by the beneficiaries to the NIRSAL MFB, according to the nature of enterprise and the repayment schedule/work plan provided at the application stage.

The CBN said the loan amount would be determined based on the activity, cash flow and industry/segment size of the beneficiary, subject to a maximum of N25m for the SMEs; and households could access a maximum of N3m.

The banking regulator stated that the coronavirus pandemic had led to unprecedented disruptions to global supply chains, sharp drop in global crude oil prices, turmoil in global stock and financial markets, massive cancellation of sporting and entertainment event, the lockdown of large swath movement of persons in many countries, and intercontinental travel bans/restrictions on critical air routes across the world.

These outcomes, it added, had extreme consequences on households’ livelihoods and business activities, resulting from a drop in global demand, declined consumer confidence and slowdown in production.

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During the first quarter of 2020, Nigeria’s Gross Domestic Product (GDP) grew by 1.87%(year-on-year) in real terms. This performance was recorded against the backdrop of significant global disruptions resulting from the COVID-19 public health crisis, a sharp fall in oil prices and restricted international trade. The performance recorded in Q1 2020 represents a drop of -0.23% points compared to Q1 2019 and -0.68% points compared to Q4 2019, showing the earliest effects of the disruption, particularly on the non-oil economy. Quarter on quarter, real GDP growth was -14.27% compared to 5.59% recorded in the preceding quarter.

In the quarter under review, aggregate GDP stood at N35,647,406.08 million in nominal terms. This performance was higher when compared to the first quarter of 2019 which recorded N31,824,349.67 million, with a nominal growth rate of 12.01% year on year. Relative to the first quarter of 2019, the nominal growth rate was higher by 0.11% points but lower than the preceding quarter by -0.32% points. For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors.

The oil sector , during the first quarter of 2020, recorded an average daily oil production of 2.07 million barrels per day (mbpd) was recorded. The production level was higher than the 1.99mbpd recorded in the same quarter of 2019 by 0.08mbpd and the fourth quarter of 2019 by 0.06mbpd. (Figure 2) .

The oil sector recorded a real growth rate of 5.06% (year-on-year) in Q1 2020 indicating an increase of 6.51% points relative to the rate recorded in the corresponding quarter of 2019. However, growth decreased by -1.30% points when compared to Q4 2019 which was 6.36%. Quarter-on-quarter, the oil sector recorded a growth rate of 11.30% in Q1 2020. The Oil sector contributed 9.50% to aggregate real GDP in Q1 2020, up from figures recorded in the corresponding period of 2019 and the preceding quarter, as the share of the non-oil economy declined.

The non-oil sector grew by 1.55% in real terms during the reference quarter (Q1 2020). This was slower by -0.93% points compared to the rate recorded during the same quarter of 2019, and -0.72% points slower than the fourth quarter of 2019. The non-oil sector was driven mainly by Information and Communication (Telecommunications), Financial and Insurance (Financial Institutions), Agriculture (Crop Production), Mining and Quarrying (Crude Petroleum & Natural Gas), and Construction. In real terms, the Non-Oil sector contributed 90.50% to the nation’s GDP in the first quarter of 2020, less than its share in the first quarter of 2019 which was 90.78% and the fourth quarter of 2019 recorded as 92.68%. Activities that witnessed weaker performance relative to Q1 2019 include Quarrying, Road transport, Accommodation and Food services as well as real estate

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Google My Business And Its Importance For Small Businesses Owners

With new traction in the digital world, the small businesses springing up every day are taking advantage of social media platforms like Facebook and Instagram to build their online presence and to gain new leads. As a small business owner, leveraging on any online tool is an easy and cost-effective way to increase your business visibility. One of such tools is ‘Google My Business,’ a tool that allows customers to easily find the physical locations of their favourite go-to brands.

Not all traditional businesses are aware of what Google My Business is and how important it is, for when you decide to fully take your business online in today’s age of digital economy. Being a conventional business means your business has a physical location, it could be a restaurant, a café, bookstore, or a fashion shop. Essentially, you are a business owner whose physical products or services are not sold in digital platforms. Being online is a way to gain a wider scope of potential clients. Now, if you’re looking to expand your business and create a stronger customer base, you must start doing business and using google my business.

What is Google My Business?

Google my business is a free tool for business owners to manage their online presence across the Google suite of websites, including Google search, mobile search, local search and google maps. It allows you to create, verify and edit a business listing in google.

When a customer or someone from your target audience googles your business name, the google my business automatically shows your business address, opening hours and contact information conveniently without the searcher having to visit your website.

Google My Business listing allows businesses to provide critical information about what product or service they offer to searchers which includes:

•Phone number
•Website address
•Business address (with link to directions via google maps)
•Business reviews
•Business description
•Featured posts
•Special or upcoming events
•And more (depending on your business).

They can also see photos of your business, complete a transaction (like book an appointment) and see other information that grabs a searcher’s attention — all without them even visiting your website. That’s a pretty powerful way of giving your business visibility. According to Google, around 40% of users who conduct a search don’t click on anything, which means they are likely getting the information they need directly from the search results page. This means that as a business owner, you are more likely to benefit from having a Google business listing.

Why your business should use a Google My Business Listing?

If you are a business owner, and you don’t have a marketing budget but are looking to increase your brand or market’s awareness, Google My Business is one of the most effective ways to do that and increase your company’s online presence. As a local business, Google My Business helps you to improve your business’ local search engine optimization and online visibility.

Google is at the center of the internet and has a market share of over 88% as a search engine, according to Statista. Google receives over 63,000 searches per second with an average of 3-4 searches each day per person which means that Google is your greatest asset as a business owner. Here is why you should open a Google My Business Account:

Increases Your Business’s Local Ranking:

As a local business owner in a particular area that is saturated with the same nature of business, it’s important to have Google My Business which will help you to optimize your business locally. Apart from helping businesses to increase visibility, Google My Business is a key local ranking factor.

In fact, according to local ranking factor industry research, Google My Business “signals” is the most important ranking factor for local pack rankings. Google My Business signals had a significant increase in ranking importance between 2017 and 2018 —rising from 19% to 25%.

Continue reading at... https://www.sme360.ng/2020/05/24/google-my-business-and-its-importance-for-small-businesses-owners/

Disgruntled contractors owed over N17bn by the Federal Ministry of Agriculture and Rural Development are mobilising to stop the FMARD’s minister from gaining entry into his office again on Friday (today).

About 50 members of the Concerned Unpaid 2018 Contractors of the FMARD had picketed the ministry’s headquarters in Abuja on Wednesday, blocking the major entrance of the agric minister’s office.

The contractors lamented in Abuja on Thursday that the protest would continue on Friday, as they were paid no attention on Wednesday at the ministry.

The Calls to the spokesperson of the agric ministry, Theodore Ogaziechi, rang out. Also, he had yet to reply to a text message sent to him as of the time of filing the story. Contractors are requesting the payment of debts owed them by the ministry for contracts that were completed since 2018.

Speaking as a representative for the contractors, their coordinator, Mr Daniel Mozie, said, “Nobody arrested us and none of them have spoken to us.

“We know that they may want to arrest us and claim that we are breaking the social distancing rule, but that will not deter us from asking for our money.

“Some of us have slated tomorrow (Friday) for another protest. We are still around and agitating for our payments. Since 2018, they have held our money, over N17bn, and refused to pay us.”

He continued, “You’ll be shocked to know that some contractors are dead; many others have sold or mortgaged their houses and their creditors are on their neck. Many can’t pay house rents and school fees for their kids or access medication.”

Mozie affirmed the contracts had been funded 100 per cent, as he noted that the finance minister had asserted that the contracts were 99.44 percent funded.

He said, “So why will they owe us? They told us that by 2019 they will pay. The appropriation for 2019 was funded and paid and they advertised for 2020 but yet they owe contractors for 2018.”

On what could be the possible reason for the delay, the coordinator said the ministry’s permanent secretary had deliberately decided not to pay due to concerns between him and the former permanent secretary.

Mozie said, “Their (FMARD) tradition is that they have a two-year procurement process. If you execute your job in 2017 and they were not able to pay, by the first quarter of 2018 they would clear the backlog and continue. That has always been their practice.

“But this permanent secretary came in and refused to pay us. We understand that he had some battle with the former permanent secretary; should that affect us?”

He added, “The ministry entered into agreement with us, we went and did our jobs, generated certificates 100 per cent; so why the delay? That you are against the award of the contract by the former permanent secretary, is it our business?”

He claimed that it is compulsory for the ministry to execute the agreements that it entered with the contractors.

Continue reading at... https://www.sme360.ng/2020/05/22/contractors-continue-demonstration-over-more-than-n17bn-owed-by-ministry-of-agric/

A promising Nigerian startup Helium Health sits in a good position during a difficult period, according to its co-founder.

The Lagos based healthtech venture is in the black, has batted away acquisition offers, and just raised a $10 million Series A round, CEO Adegoke Olubusi told TechCrunch.

The startup offers a product suite that digitizes data, formalizes monetization and enables telemedicine for health care systems in Nigeria, Liberia, and Ghana.

Helium plans to use the latest funding round to hire and expand to North and East Africa, including Kenya, Rwanda, Uganda and Morocco, Olubusi confirmed on a call.

He co-founded the startup in 2016 — with Dimeji Sofowora and Tito Ovia — to bring better delivery of medical services in Nigeria and broader Africa.

“It’s really about tackling three core problems that we see in the healthcare sector in Africa: inefficiency, fragmentation and a lack of data,” said Olubusi.

When he and co-founders Sofowora and Oviato set out doing research for Helium, they noted a data desert on medical info across the continent’s healthcare infrastructure.

“We figured out very quickly that that is a long term problem to solve. And the best way to get the data and access to it is to give simple technology to the providers and let them use it to make their lives more efficient.”

Helium Health has previously eveloped several core product areas for healthcare entities with application for providers, payment, patients, and partners.

It provides tech solutions and developer resources for administration, medical records and financial management. Some of the numerous features Helium Health has is digital payment and credit products for hospitals and insurance providers.

Included in the latest financing, the startup is launching several new products — such as the MyHelium Patient app to facilitate appointments and information sharing between healthcare providers and citizens.

Helium also accelerated deployment of a telemedicine platform in response to the coronavirus hitting Nigeria and the lockdowns that ensued.

“In the last three weeks since we launched we’ve had roughly 360 hospitals sign up, and they’ve had thousands of [online] visits already,” Olubusi said.

Helium Health generates revenues by charging percentages and fees on its products, services and accompanying transactions. Current clients include several hospitals in the West Africa region, such as Paelon Memorial in Lagos.

Helium Health’s model got the attention of the startup’s $10 million Series A backers and Silicon Valley accelerator Y-Combinator — which accepted the startup into its spring 2017 batch.

Global Ventures and Africa Healthcare Masterfund co-led the investment with participation that included Tencent and additional Y-Combinator support.

Global Ventures General Partner Noor Sweid confirmed the Dubai based fund’s co-lead of the $10 million round and that the firm will take a Helium Health board seat.

Continue reading at... https://www.sme360.ng/2020/05/22/nigerias-helium-health-raises-10m-series-a-for-africa-expansion/

The Nigerian Stock Exchange equity sector has recorded price gains which have continued to outweigh losses, as more blue-chip stocks appreciated at price, causing the All-Share Index (ASI) to rise further by 1.03 per cent.

Precisely, at the close of transactions yesterday, ASI increased by 249.36 absolute points, a gain of 1.03 per cent to close at 24,452.23 points.

Similarly, the market capitalisation rose by N130billion to close at N12.743trillion.

The elevation was hit by gains recorded in large and medium value stocks, amongst which were; Dangote Cement, Zenith Bank, BUA Cement, Guaranty Trust Bank, and Stanbic IBTC Holdings.

Analysts at APT Securities and Funds Limited, said: “There is no doubt the flooding of a strong buying signal in the market this week on the back of improved Investors’ sentiment. However, we might see someday trading activities as the week unwinds.”
Continue reading at...https://www.sme360.ng/2020/05/21/market-index-undergoes-rising-profile-up-by-1-03-per-cent/

A company is a structure that is under a statutory regulation and also incorporated so as to maximize profit. Regardless of what type of company it is – limited or unlimited, all companies have to be registered. This is in accordance with the law regulating companies in Nigeria, which is the Company and Allied Matters Act (CAMA).

The Company and Allied Matters Act handle all types of the company structure, operation rules, registration process, and eligibility.



Registering a company in Nigeria is not a heinous task, it comes with pretty straightforward requirements. There is a commission responsible for regulating and supervising the registration of companies in Nigeria called the CAC – Corporate Affairs Commission. It was established in the year 1990 by the Company and Allied Matters Act. All the provisions by the Company and Allied Matters Act are being implemented by the Corporate Affairs Commission.

Below is a step by step process on registering a company in Nigeria.

Company Name – Availability and Reservation
Having a company in the first place means your company has a name it goes by. If it doesn’t, then it’s time to come up with a name that represents all that your company stands for. However, it doesn’t stop at having a name. You have to make sure the name is available and hasn’t been used by another business.

The name search can be done in two ways which include:

Carrying out a public search for free on the CAC website at http://.gov.ng/comsearch/. After confirmation that the name hasn’t been used by anyone, you can then move on to the next phase.
Conducting a paid search on CAC online portal. Carrying out this search requires a fee of N500. Once availability has been confirmed, the name can then be reserved for as long as 60 days.
When choosing a name, come up with at least two options in order to be on the safer side. At least if one name has been taken, there is a tendency the other hasn’t. Furthermore, ensure to come up with unique names. This way, you’re able to choose a name that hasn’t been used by anyone.

When a name has already been used by another company, it gets rejected. However, this isn’t the only reason why a name might be rejected. There are certain restrictions where name choosing is involved, such restrictions have to do with names that include:

National, state, federal, regional, chartered, municipal, government, chamber of commerce, etc.
Any name that violates the trademark of an existing company that has been registered in the country. An exception is made if consent has been obtained from the original owner.
Any name that is considered misleading when compared to the nature of the business it represents.
Usage of any of these names without first acquiring special permissions from the appropriate authorities will lead to the rejection of such names. In Nigeria, the process of registering a company name takes about a week.

Setup the Memorandum of Association (MOA)
The best way to get this done is by hiring the services of a professional lawyer. In addition to preparing a MOA, a lawyer also prepares all vital documents in relation to the objectives and vision of the company that is to be registered.

Furthermore, the lawyer also puts together the names and other details of every subscriber, shareholder, and directors. Each of these individuals must be over the age of 18, never been convicted of any crime whatsoever, and must also be of a sound mind. In addition, they will also provide identification means which can be used by the CAC for inspection purpose.

Documentation
In this phase, some documents are required which include:

Memorandum
Articles of association
Compliance statement by a legal practitioner
Particulars
Consent from the company’s director
The new CAC portal has made it easy to get all these documentations from the portal. This doesn’t apply to the Articles of Association and Memorandum of Association, however. Where these two are concerned, the only things provided are templates to make use of.

Stamp Duty and Filling Fee payment
The payment of stamp duty can be carried out at the Federal Inland Revenue Services (FIRS). There is a designated bank account into which the payment can be made. Once payment has been completed, the next course of action would be to go to the Stamp Duty Commission were the Articles of Association, the Memorandum, and other forms will get stamped.

Once all of these have been completed, the form and stamped documents will then be submitted to the CAC. In about six weeks from the submission day, the Certificate of Incorporation will be returned.
Continue reading...https://www.sme360.ng/2020/05/20/how-to-register-a-company-in-nigeria/

Raising capital is not always easy. The current situation of things places businesses in a tight corner where raising capital is concerned. We are stared in the face by the unavoidable changes that will occur in the business environment as a result of COVID-19.

One way to mitigate the impending challenges regarding business capital is by accessing loans. The Central Bank of Nigeria (CBN) has an array of loans for business owners in Nigeria. This must be great news, right?



In this post, we will take a look at some of the most prominent of these loans and how to access them.

Why you need to consider taking a business loan
So far, we have agreed on a fact. Businesses need loans. The question that begs for an answer is “why?”

Let’s quickly breeze through a few reasons why you may need a loan.

a. Physical expansion.

b. Building credit for future purposes.

c. A need for additional equipment.

d. Acquisition of new inventory.

e. Exploring a new business opportunity.

f. A need for fresh talent.

Each of these reasons is self-explanatory so there’s no need to go into too much detail. Now that it is clear why you need a business loan, let’s look through provisions by the CBN.

CBN Loans you can access for your business
The Central Bank of Nigeria is the apex bank in the country. This means it oversees all the other banks. The CBN has several mandates and functions. One such function is developing the different sectors of the Nigerian economy (mostly the agricultural, financial, and industrial sectors).

Due to its mandates, the bank has an array of loan facilities it makes available to business owners in Nigeria. It does this in conjunction with different bodies or organizations. In this section, we will take a look at some of these loans and their requirements.

CBN/SMEDAN Loan
SMEDAN is an acronym for Small and Medium Enterprises Development Agency of Nigeria. The body was established by the government in 2003 with the goal of mentoring and promoting the growth of MSMEs.

One way it achieves this aim is by providing loans to these businesses in conjunction with the CBN. The idea is the SMEDAN acts as an intermediary, linking businesses with loans from the CBN and other providers.

How to access the loan

The steps below will help you access this loan.

1. Visit the credit information portal on SMEDAN’s website.

2. Choose the kind of loan you need. To do this, check the top menu and click “Access Loans.” There are four kinds of loans you can choose from:

a. Personal loan

b. Business loan

c. Mortgage loan

d. Credit card loan

3. Provide the required information. Some of the required information includes full name, the purpose of the loan, age, and the amount your need.

4. Check the availability of the loan. This gives you a view of the available options.



5. Apply for the loan. After going through the results from the previous step, pick a loan that suits your need.

Interest rates for this loan are friendly for small and medium businesses. As a result, interest rates are very low.

AGSMEIS LOAN
The AGSMEIS loan from CBN gives you access to a maximum of N10 million and an interest rate of 5% yearly. AGSMEIS stands for Agric Small and Medium Enterprise Scheme. It is an initiative designed to support the effort of the government in promoting Small and Medium Agribusinesses.

AGSMEIS was established in 2017 voluntarily by the Bankers’ Committee in conjunction with the CBN.

Who is eligible for this loan?

Even though it is majorly targeted at Agribusinesses, several other businesses can access this loan. Let’s take a look at who below:

· Agricultural businesses

· Creative Industry (entertainment, fashion, crafts, design, etc)

· Education

· Health

· ICT

· Manufacturing/Production

· Mining

· Services (Restaurants, Hospitality, Catering, Services, etc)

How can you access this loan facility?

There are certain conditions you must meet to access the AGSMEIS loan. They include:

a. Completion of training by a registered Entrepreneur Development Institute (EDI).

b. Apply for the loan via the EDI.

c. The EDI forwards the application to the CBN.

d. The applicant will appear for an interview.



e. Qualified applicants are contacted for the loan.

What documents do you need to possess to access this loan?

a. Certificate of business registration from the CAC.

b. Tax receipts.

c. BVN.

d. Introductory letter.

e. Guarantee letter.

f. Certificate from the EDI.

g. Passport photographs (applicant and guarantor).

h. Valid ID Card.

Continue reading at... https://www.sme360.ng/2020/05/19/cbn-loans-business-owners-can-access-in-nigeria/

Raising capital is not always easy. The current situation of things places businesses in a tight corner where raising capital is concerned. We are stared in the face by the unavoidable changes that will occur in the business environment as a result of COVID-19.

One way to mitigate the impending challenges regarding business capital is by accessing loans. The Central Bank of Nigeria (CBN) has an array of loans for business owners in Nigeria. This must be great news, right?



In this post, we will take a look at some of the most prominent of these loans and how to access them.

Why you need to consider taking a business loan
So far, we have agreed on a fact. Businesses need loans. The question that begs for an answer is “why?”

Let’s quickly breeze through a few reasons why you may need a loan.

a. Physical expansion.

b. Building credit for future purposes.

c. A need for additional equipment.

d. Acquisition of new inventory.

e. Exploring a new business opportunity.

f. A need for fresh talent.

Each of these reasons is self-explanatory so there’s no need to go into too much detail. Now that it is clear why you need a business loan, let’s look through provisions by the CBN.

CBN Loans you can access for your business
The Central Bank of Nigeria is the apex bank in the country. This means it oversees all the other banks. The CBN has several mandates and functions. One such function is developing the different sectors of the Nigerian economy (mostly the agricultural, financial, and industrial sectors).

Due to its mandates, the bank has an array of loan facilities it makes available to business owners in Nigeria. It does this in conjunction with different bodies or organizations. In this section, we will take a look at some of these loans and their requirements.

CBN/SMEDAN Loan
SMEDAN is an acronym for Small and Medium Enterprises Development Agency of Nigeria. The body was established by the government in 2003 with the goal of mentoring and promoting the growth of MSMEs.

One way it achieves this aim is by providing loans to these businesses in conjunction with the CBN. The idea is the SMEDAN acts as an intermediary, linking businesses with loans from the CBN and other providers.

How to access the loan

The steps below will help you access this loan.

1. Visit the credit information portal on SMEDAN’s website.

2. Choose the kind of loan you need. To do this, check the top menu and click “Access Loans.” There are four kinds of loans you can choose from:

a. Personal loan

b. Business loan

c. Mortgage loan

d. Credit card loan

3. Provide the required information. Some of the required information includes full name, the purpose of the loan, age, and the amount your need.

4. Check the availability of the loan. This gives you a view of the available options.



5. Apply for the loan. After going through the results from the previous step, pick a loan that suits your need.

Interest rates for this loan are friendly for small and medium businesses. As a result, interest rates are very low.

AGSMEIS LOAN
The AGSMEIS loan from CBN gives you access to a maximum of N10 million and an interest rate of 5% yearly. AGSMEIS stands for Agric Small and Medium Enterprise Scheme. It is an initiative designed to support the effort of the government in promoting Small and Medium Agribusinesses.

AGSMEIS was established in 2017 voluntarily by the Bankers’ Committee in conjunction with the CBN.

Who is eligible for this loan?

Even though it is majorly targeted at Agribusinesses, several other businesses can access this loan. Let’s take a look at who below:

· Agricultural businesses

· Creative Industry (entertainment, fashion, crafts, design, etc)

· Education

· Health

· ICT

· Manufacturing/Production

· Mining

· Services (Restaurants, Hospitality, Catering, Services, etc)

How can you access this loan facility?

There are certain conditions you must meet to access the AGSMEIS loan. They include:

a. Completion of training by a registered Entrepreneur Development Institute (EDI).

b. Apply for the loan via the EDI.

c. The EDI forwards the application to the CBN.

d. The applicant will appear for an interview.



e. Qualified applicants are contacted for the loan.

What documents do you need to possess to access this loan?

a. Certificate of business registration from the CAC.

b. Tax receipts.

c. BVN.

d. Introductory letter.

e. Guarantee letter.

f. Certificate from the EDI.

g. Passport photographs (applicant and guarantor).

h. Valid ID Card.

Continue reading at... https://www.sme360.ng/2020/05/19/cbn-loans-business-owners-can-access-in-nigeria/

One of the implications of #COVID-19 on small business owners and even big brands is the drastic change in plans and directions that have been set out before now. Most brands create yearly, quarterly, or even monthly marketing plans in order to match with their business goals for the year. However, we can’t help but notice how coronavirus has disrupted some of these plans.

Then, as a small business owner or a brand, you are left to ask yourself this question – how do you pivot your marketing plans during such a time like this? For instance, if you had created a month’s worth of social media content for your business before the coronavirus outbreak, then there is the possibility that you might have to drastically change some things in order to adjust to the current societal realities.

In fact, there is a drastic change in consumer behaviours and most consumers are prioritizing the essentials over the non-essential products. And so, if your business falls into the non-essential category, there is likely to be a marketing issue you need to reassess so as not to lose out entirely. For instance, if you are in the events management industry or even the tourism industry, this might be a really downtime for your business as activities aren’t going on in such industries.

What’s more, most people are getting more strategic with how they have been spending since the outbreak of this virus. This is an uncertain time for everyone in the business value chain. How do you then realign your marketing strategy for a time like this?

Before we dive into some important tips for you this season, we hope you are staying safe and actually practising social distancing? We also hope your team members are doing the same too?

Let’s get right into it!

1. Focus more on building trust: During a time of crisis like this, business owners must focus less on pushing the ‘buy buy’ narrative and more on support their customers. When customers see that you care about them and you are not only out to sell, but also out to support them; they are likely to stick with your brand.

2. Sell without selling: You can also adopt the tactics of selling without selling. Here, an example of what can be done is to proffer solutions that would inspire your audience to buy from you. We have seen cases of e-commerce stores encouraging the public to stay safe while they bring all the necessary food items to their doorsteps. This shows that the brand cares and still encourages people to buy from them.

3. Leverage online channels: It is no longer news that more people are spending time online now during this lockdown and social distancing period. And so, you need to ensure that you are online and your customers can find your business easily. There are been lots of reports about customers that took huge loses due to this pandemic, mostly because they majorly operate offline. For instance, in April, a report broke that Primark went from making £650m in sales a month to nothing as the coronavirus has forced it to close in Europe and the US.

4. Communicate about #COVID-19: Now is the time to show your support by sharing helpful tips and resources, but being there with encouraging words and actions. Also, you need to communicate with them on how you plan to operate during this time. You also need to be upfront with unexpected changes in your supply chain and business so there are no unexpected issues

Continue reading at... https://www.sme360.ng/2020/05/18/how-to-pivot-your-marketing-plan-during-covid-19/

The outbreak of the COVID-19 pandemic has in a great way affected how team members interact. While working remotely can be quite a challenge, knowing how to boost your team’s virtual collaboration skills will give you a great start.

Below is a list of ways to help improve collaboration skills of your team members:

● Build Relationships
There is no better moment to foster the relationship between yourself and team members than now. Build an intimate relationship with them by finding out what works best for them; this will further encourage them to put in more efforts. Everyone has one challenge or another to deal with amidst this pandemic; some have family pressure to deal with in addition to work pressure. In building a solid relationship with your team members, you work out a plan that accommodates their daily activities. For those with children, you might try finding out what time of the day works best for them given their parental responsibilities. In addition, find out from your team members what challenges they might be passing through. It doesn’t end there; device means of helping to solve their issues no matter how little.


● Set Short-Term Goals
We are currently in a period of uncertainties; it is, therefore, important to have a scale of preferences so as not to overwhelm your team members. Take it one step at a time and set reasonable and achievable targets. While setting these targets, ensure you carry your team members along every step of the way. Make them feel important and involved; this will give them a sense of belonging and boost their morale. The more achievable targets are set, the easier it becomes to achieve them and this in return leads to a sense of achievement not only for you but also for your team members.

● Keep Communication Clear and Open
There is no collaboration without communication. During this period, it is your responsibility as a team leader or business owner to communicate effectively with your team members. Be clear about your expectation from them while they work from home; that way, they can put in all efforts towards achieving the task at hand. After communicating your expectations, you should also ensure the communication line is kept open at all times. There are some project management tools available for you as a team leader, these tools will help to oversee the progress of your team members whenever there is a need for it. Video calls should also be conducted at least once a week with your team members, this is to bring in a little touch of the office feel. Seeing one another often can help boost your team members’ virtual collaboration skills.

● Make Use of Online Collaboration Tools
Face-to-face meetings have become almost impossible as a result of the pandemic. This has made it necessary for employers to device means of staying in touch with their employees.
Several tools exist in order to make this a possibility. Some of these tools are:

o Video conferencing tools: Video conferences help team members stay in touch with one another. It also promotes interactions with remote workers. It is however not limited to project alone, but also for discussing a wide range of topics and events that will help move the organization/business forward. Video conferencing tools include Zoom Meetings, Cisco Webex,
GoToMeeting, amongst others.

Continue reading at... https://www.sme360.ng/2020/04/27/how-to-boost-your-teams-virtual-collaboration-skills/

The traditional stay at home mum is one who takes care of the children, do the house chores, puts the house in order and attends to every family need. If you by any means think this is an easy job you need to try it for a week and see how tasking it can be. The most dreaded statement for stay at home moms can be ‘so what do you do?’ While I am strong of the opinion that being a stay at home mum is tedious enough I also know extra money never hurt anybody.
Most women tend to downplay the possibilities of still doing something financially profitable from home. I need you to first understand that a lot of people quit their jobs to establish businesses and have to work from home. Yes, your hands are full but I can assure you that one or two of the below-listed business ideas is worth trying out.

1. EVENT PLANNING

The big names in event planning in Nigeria such as Zapphire events and Elizabeth R did not always have an office. This is a business you can easily start by having the right contacts and knowing a few things about the organization. There are 1001 materials to utilize online to make this business a reality. If you have a passion for ‘owambe’ then this is for you. Instead of always attending these functions, plan them and make money out of them. It is an industry that thrives majorly on referrals. Any opportunity you get even if it is a child’s 5th birthday do it well and make the most of each opportunity.

2. DAYCARE CENTRE

This is a business opportunity that affords you the chance to make money while spending so much time with your children and other people’s children. The only hitch I see in this is dependent on the kind of accommodation you have. Asides this a good understanding with your husband would make this much easier to set up. A daycare centre can easily grow to the point where you need more space and have to get a place for the business itself. Many career moms need your help with this. It would surprise you how much mothers would pay to get their kids away for some hours especially if they trust you.

3. FREELANCE WRITING

Being a good writer and having a good flow grammatically is all you need to become a freelance writer. You can write for blogs or publications and get paid for your skill. Why this is an easy one to set up is because once you have a laptop, good internet and your skill you are good to go. This is a business you can enjoy doing if you truly are passionate about writing.

4. SELL ONLINE

E-commerce is presently the most effective method of selling as it has removed the time factor from everything. People now know they can buy whatever they want without necessarily coming to a shop or having to come in contact with someone in particular. You as a stay at home mom would definitely want to consider this because you need not leave your children to engage in this kind of business. There are simplified ways of importing goods or getting them from suppliers nowadays making this business idea perfect for you. What you should sell? That is definitely up to you.

5. BECOME A MAKE-UP ARTIST OR SELL SKINCARE PRODUCTS

As a beautician, you can learn to make soaps using natural products. You could even decide to diversify into areas like cream making and makeup artistry. Being a make-up artist and training others is now considered one of the fastest ways of making money at home nowadays.

The skincare industry has been described as one of the fastest-growing business sectors. So many things are available to you in the surroundings that can help enable you to start this skincare business. Make-up artistry is something that can be learnt online and by taking a few classes then building on it.

6. STARTING A BLOG

Blogging is certainly a profitable enterprise if you put the time and creativity needed for it to bear good fruit. Everyone can be creative, I repeat, everyone can be creative! It just depends on the effort you put into connecting ideas. If you are able to generate enough traffic you will then be able to make money from this blog.

7. RECHARGE CARD AND VTU SERVICES

This is a very easy thing to do from home. All you need to do is put up a poster informing people in your community that you provide this service. Being one of the most sorts after commodities now, it would certainly grow if managed appropriately.

Continue reading at... https://www.sme360.ng/2020/05/14/10-business-ideas-for-stay-at-home-mums-in-nigeria/

No one expects to start a business on a rosy bed, believe me most Nigerians don’t. But many of the challenges business owners have to tackle on a daily basis in order to survive are just unnecessary.

Nigeria Has a Huge Logistics Problem

Nigeria has a logistics problem, one that ranks amongst other key national issues like corruption, tribalism and power supply. The recently concluded general elections is a case in point. If a well funded public institution like INEC can still manage to propone an election due to logistics failure, you can imagine the huge challenge poorly equipped small businesses face every day.

Every day, millions of dollars worth of goods and services crisscross the length and breadth of this country, at an alarmingly high cost. A situation infatuated by needless inefficiency, inordinate regulation and deficient infrastructure. According to the 2018 Logistics and Supply Chain Industry Report, the economic value lost by this inefficiency is worth well over N250 billion. That’s about three per cent of the 2018 budget.

The Nightmare of Logistics

“My business relies heavily on logistics from the US & recently UK. Then logistics interstate in Nigeria. I am constantly on the phone every day begging these companies to please offer me the service “we agreed” on. Services I am paying for. DELIVER AS AGREED!” Bemi (@Bemi___ a twitter user) recently lamented. Much like her many businesses constantly lament even as they try to navigate Nigeria’s unfriendly logistics terrain.

Logistics affects business owners in Nigeria on two major fronts; cost and time. According to a World Bank report “transporting goods between two states in Nigeria costs over TWICE as much as it would do between two American states”. This cost is indirectly transferred to customers who would rather not buy than at such extortionate price. How would you justify buying a product worth a thousand Naira only to get it delivered to a pickup point for as much as N2,500 and upwards? And you wonder why Nigerians prefer to get their pizza delivered via the British Airways.

The time it takes to deliver goods within Nigeria is yet another issue. Even though it is highly irregular, it also takes a long period of time to get goods delivered. For instance, ShopRite, a foremost retailing company in Nigeria, says it can take up to 117 days for stocks to reach stores in Nigeria. A study on transport costs and time along the Lagos-Kano-Jibiya corridor found that transporting a 20-ft container by road costs USD 837 from Kano to Lagos and USD 1,548 from Lagos to Kano (N1 = 157 USD, USAID, 2013) compared unfavourably to Tema-Ouagadougou corridor linking Ghana and Burkina Faso, with 25 per cent higher costs and 150 per cent longer delays.

The option, as explored by most business owners, is between the fairly reliable but more expensive GIG Logistics and DHL or the below-par performing NIPOST of whom a business owner reportedly lost her goods worth more than N250,000 and is yet to get compensated for, and it is over a year now. Motor/Truck parks, a cheaper alternative is, unfortunately, more risky. Cases of lost goods, unreliable delivery timelines, arbitrarily set prices are sad, a usual phenomenon.
Continue reading at... https://www.sme360.ng/2019/06/27/small-business-big-logistics-problems/

In treating this topic we must begin by doing a proper analysis of the words business communication. Business communication involves a constant flow of information within and outside a company. It is known to differ from other forms of communication because it is clear, brief, practical, target-oriented, persuasive and it is aimed at making a profit for the organization.
Succeeding businesses today thrive because of a proper structure put in a place for communication. Just as they say “no relationship can work without good communication” same applies in a business environment. Employer to employees, supplier to customers, all these relationships thrive on communication.

It has been said that, “The success of a business enterprise depends largely upon good communication. Effective communication wipes out the hindrances in achieving the target of a business enterprise.”

Unlike our day-to-day communication business communication is always goal-oriented. Below are some reasons why the success of your business is largely hinged on your business communication strength:



1. INCREASES EMPLOYEE PRODUCTIVITY: One of the main objectives of business communication is to increase employee productivity. Where there is a good network of communication the organization can be managed efficiently and effectively hereby resulting in employees productivity. Business communication, unlike normal communication, is usually clear and brief and target-oriented as before mentioned. Relevant information is passed at the appropriate time would curb errors and misinformation. Almost all employees believe that effective internal business communications help their job performance.

An average employee spends 2.5 hours every day searching for information needed to be productive. In a month it would amount to a week of searching when they could have been using this information.

2. BRANDING: Communication is an ever-present activity and without it, an organisation cannot exist. In creating and maintaining a brand, communication is key. You want to communicate your brand to the outside world to buy them in and you want to communicate it to your employees so they can uphold it. Business communication outside your organization gives you the opportunity to create how you want to be seen by the public eye. It is one of the many ingredients needed in brand creation. Dear business owner, you certainly do not want to have an unbranded organization or one where no one actually gets your vision, your struggles would be endless. Therefore, in ascertaining that this feat is achieved you need not fret but COMMUNICATE.

3. IMPROVES KNOWLEDGE SHARING: With a free flow of information from every department in a business, there is an ease in operation just like when there is a free flow of blood to every part of the body. I will assume we all have a little knowledge of biology and therefore understand the importance of a good circulatory system. No business owner knows it all therefore in the art of business communication so much can be enhanced and discovered. Sharing of knowledge internally improves the quality of whatever you do and whoever you work with. So there are figures, estimates, examples, procedural templates made available to all and sundry making them more productive as a result of effective business communication.



4. RESOURCE UTILISATION: Business communication is one way everyone in an organization knows what is available and what is not. When resources are limited proper business communication is what is needed so that it can be utilized properly. To keep track of what is used, bought, exhausted, sold etc in a business is only possible by effective business communication. For instance, if equipment goes bad it takes effective communication to alert everyone so the available resources are utilized in the main time. I know you get my point, right?

5. CUSTOMER SATISFACTION: Having a good command of English cannot guaranty customer satisfaction in these times where everyone can speak English. Knowing what the customer wants, how the customer wants it and what value you add by making these goods or service available is the technical know-how to satisfying that customer. If there’s poor communication within an organization two things happen when it comes to customer service and satisfaction.

First, employees in customer-facing roles won’t have information they need. Second, customers will sense low employee morale and have a negative experience. Studies have shown that employee attitude has a significant impact on customer satisfaction, which then results in a decrease in revenue.
Continue reading at...https://www.sme360.ng/2020/05/13/why-business-communication-is-critical-to-your-business-success/