Proposals can be quite a daunting task when it comes to writing them. You are trying to convince someone to either choose your company or in the case where you act as an individual – you.

Writing a business proposal goes way beyond putting pen on paper, or as the case may be, typing a couple of words on your system. It requires that you clearly understand the problem of your potential client; it doesn’t end there; you also have to give convincing reasons why your company or business is the best fit to proffer a solution to such problem.

While your business or company might be the perfect fit where such problems are concerned, your proposal can still get rejected if not well crafted.

Writing a proposal that gets a ‘Yes’

The components of business proposals will vary based on factors such as the company size, the industry in question, amongst several others. What this means, in essence, is that the proposal that works for one company might not necessarily work for another, especially if they are under different industries.

However, there are basic elements vital to any type of proposal, regardless of the industry. They include:

Your company’s information
Your business proposal should always contain detailed information about your company; who you are, what you do and qualifications to back it up. In addition, it will contain why your potential client should choose you out of several competitors.

Your knowledge of the problem
No client will go into business with someone who knows very little or nothing about his/her organization. You want to show your prospective client that you have carried out all the necessary research about the company and know exactly what they need.

Your methodology and pricing
The methodology is the strategy you will adopt in solving the problem, while pricing is how much it will cost to achieve it.

Formatting a Business Proposal

1. Title page
Every business proposal should begin with a title page. Title page contains your company name, company logo, contact information. In addition, it contains the information of your prospective client such as the name, and also the date it is being submitted.

2. Table of contents
Adding a table of content to your business proposal gives it an awesome touch. It makes it easier for whoever is reading through to locate contents within the proposal. Having anchor links that automatically lead to any area is an added advantage; this only works if the proposal is being submitted in PDF format.

3. Executive summary
Your summary is a great way to sell your business or whatever service you are providing. With your executive summary, you can convince your prospective client on why you are the best fit for the job.

4. Statement of the problem
Here, you state the problem being faced by your client – which is why they require your services. In order to get things right here, you need to have a clear understanding of what it is they need and why they want it. if this is well-executed, it gives your client the impression that you know all there is to know about the challenge they are facing.

5. Methodology
In this section, you state measures and strategies you are adopting to tackle the client’s problem. How will you go about proffering a solution? Take your time to go into details but be careful not to include unnecessary information so as not to wear them out.

Continue reading at... https://www.sme360.ng/2020/05/12/how-to-write-a-business-proposal-tips-and-examples/

The Ultimate Guide To Getting Business Loans In Nigeria

The importance of loans to small businesses cannot be overemphasized. A small business is one with less than 500 employees. So if your business falls into this category, getting a loan at some point might be helpful.

There are several reasons why you need loans. From raising working capital to expansion, inventory to cash flow. However, one thing businesses forget is that taking loans helps to boost creditworthiness for the future.

In this guide, we will show you all you need to know about getting a business loan in Nigeria. Why not grab a cup of coffee and let’s walk through this guide together?
Where to look for business loans in Nigeria
Where can I get a business loan in this country? If you haven’t asked this question before, you know someone who has.

For many people, this is the most important part of getting a loan and we agree. If you know where to look, then you can find out about their criteria. We’ve done some research on your behalf so here’s a list of places you can look.



Commercial Banks
The first place to look for most people is a commercial bank. If you consider this option as well, you are not far from the truth. Many commercial banks in Nigeria have loan packages for SMEs. Top examples are Guaranty Trust Bank, Stanbic IBTC, First Bank, and Access Bank.

As you can tell, commercial banks are quite strict with their criteria. They will consider your business plan thoroughly checking for profitability indices and financial projections. More than anything, they want to know that you can service the loan.



Here’s our advice. Before settling for one bank, try a few to see which one has the best conditions for your business.

The Government
There are several initiatives designed by the government to make funds available to businesses in Nigeria. Some of these initiatives come up only once a year while others are constant. A few years ago we had YouWin, a program designed to assist budding and existing businesses.

Now you can get loans from NIRSAL MFB which is released by the CBN as a government initiative. Currently, you can access up to N25 million COVID-19 credit facility. This geared at supporting businesses suffering setbacks resulting from the pandemic.



N-Power also offers loans as well as training to young business owners. Let’s not forget the Bank of Industry as well. An SME can get up to N10 million from the BOI once the requirements are met. Government loans come with very low-interest rates, unlike bank loans.

FIN-TECH Companies
Many businesses complain about accessing loan facilities from commercial banks and the government. This need gave rise to a whole new industry, FIN-TECH Companies. These companies have grown in number exponentially over the last few years.

Now you can access a small business loan straight from your mobile phone. It’s that easy. Background checks are easier and criteria are less stringent. Here’s a list of quick loans you can take advantage of from FIN-TECH companies.



We should warn you that there are so many frauds out there. Be careful who you share your details with so you don’t get caught in the web.

Microfinance Banks
These banks are very similar to commercial banks, the difference is they focus more on SMEs. As a result, interest rates are lower and the process is shorter.

A huge differentiating factor is that these banks are more lenient if you default. One of the most famous microfinance banks in Nigeria is Lapo Microfinance Bank. You will find a couple in your State of residence.

What do you need to get business loans?
Finding where to get loans is just one side of the coin. If you don’t meet their criteria, the knowledge is useless. Meeting the criteria tells the lenders that you can handle the responsibility of servicing the loan.

Truth be told, each body has its requirements. However, here is a list of common requirements:

Business Documents
The lender needs to know if you are the owner of the business or the business exists at all. Here is a list of documents you should prepare before attempting to submit a loan application.

– Title documents

– CAC documents

– Business plan

– Bank statement for between 6 months to 1 year

– Tax statement for at least two years (depending on how long your business has been in operation).

Most FIN-TECH companies don’t require these documents.

Continue reading at... https://www.sme360.ng/2020/05/11/the-ultimate-guide-to-getting-business-loans-in-nigeria/

Desperate times call for desperate measures. In a time like this when there might be an economic recession due to the pandemic, so many people might be considering alternative business opportunities.

Believe it or not, certain entrepreneurs are thriving in these times and some are improving themselves a great deal. Any business owner who plans to survive this pandemic should also have plans as to how their businesses would survive as well.


For those who are thinking of business ideas at this moment, here are some you can consider:

1. PRODUCTION AND SALE OF ESSENTIAL MATERIALS: Things considered to be essentials now are all things that are directly related to the pandemic. Things like hand sanitizers, face masks, hand gloves, bleach and many more are the rave of the season. Chinese suppliers of hair and other products immediately started selling face masks as the pandemic became global. During this time, essential materials are very important and getting authentic ones recommended by relevant authorities would help in selling them faster.
2. FOOD BUSINESS: You can take out the time to learn more about food production if you already have an idea. You can also partner with a food production company to distribute for them or to come up with unique ideas that people would buy into. E.g. Neatly packaging food and delivering to people who aren’t able to cook at home or do not have the time. People need to eat. Foodstuffs is also another thing you can look at during this period.

3. DELIVERY SERVICES: In Lagos state, due to the ban of motorcycles from federal roads and some specified roads in the state motorcyclists popularly known as okada men were rendered jobless. A number of their bikes were converted to delivery bikes to maintain their usefulness, it can never a total loss if you think outside the box. Due to the lockdown placed in Lagos, Lagosians have been hindered from going about their daily activities which includes buying and selling, that is where delivery services come in. You may not have enough money to buy a bike now but you can locate a bike man who has been affected by the ban and partner with him.

Continue reading... https://www.sme360.ng/2020/05/08/business-opportunities-for-nigerians-during-covid-19/

Businesses all over the country have been terribly affected by the current pandemic ravaging the world and everyone is wondering how their businesses can survive in this trying time. I will say foresight is an essential quality of any business owner and as a business owner with foresight you should be considering what measures to take post-pandemic.

When all this is over we would have to resume at our various places of work, I just hope it won’t be too late when some of us realize that there were precautions we should have taken before. It is not also a bad idea for you to get a workplace coordinator who will be responsible for COVID-19 issues and their impact at your workplace for accountability purposes. See http://www.cdc.gov

These are certain precautionary measures that you can adhere to:

1. CREATE A SYSTEM FOR ROUTINE ENVIRONMENTAL CLEANING: Before we all go back to work, it is expected that as a business owner you put in place a system that would keep your work environment clean at all times. After this pandemic is over, a phobia will remain at least for a little while which would make everyone hygiene conscious and all your customers would be keen on watching out for your environment. If carelessness is perceived they might consider you the wrong business to patronize. Take this advice and work on something concrete now.

2. SENSITIZE CUSTOMERS ON SAFETY PRECAUTIONS YOU ARE TAKING

Create a strategic awareness campaign, sensitizing your customers on the measures you are taking in order to cater for their safety when in your environment. This would enable them to feel safe around you and bear in mind that you are concerned about their well being.


3. COMMUNICATE WITH CUSTOMERS

This is essential in ensuring you still have customers when this is all over. You have to constantly check on your customers, know what kind of products they are now interested in and know when and how soon they would need your services. Do not wait for customers to come to you, this is a time to kick off by going to them and knowing what they need. Be proactive in order to keep the loyalty of your customers.

4. STAY UPDATED

You have to be o top of the situation, keeping yourself completely acquainted with what the government is saying, what your state is saying. What new rules have been implemented? What are the official authorities saying

5. REACH OUT TO SUPPLIERS TO CONFIRM CONTINUITY

Some of these could be small businesses as well and could be facing their own hardships. Some of them could offer you deferred payment as well and while you are at it, please consider doing the same for your customers.

Continue reading at https://www.sme360.ng/2020/05/07/how-business-owners-can-take-better-precautions-after-covid-19/

Digital products are fast becoming the in-thing in our world today. More people in this generation would rather have a file or book on their devices than have it in hard copy. Almost everything is fast-moving our tangible space and finding locations on the net. This is why as a wise business owner it is paramount that you evolve as the society evolves.

The advantages of this market are endless, as a business owner online sales could provide a supplementary income in addition to the mainstream of income you already have. There are a litany of benefits you can get from selling digital products; you don’t worry about logistics, they’re infinitely scalable see blog.sellfy.com

These are some digital products you can sell:

1. E-BOOKS: this remains one of the most popular digital products out there. They are simple to produce and require little more than the regular written text, with just a few relevant images. They can be distributed via self-made online stores and large online markets. They are easily consumed by customers who can read on e-readers, tablets even mobile phones. With e-books, you can share virtually anything you want or curate existing content with an e-book to then sell online.

2. VIDEO: This is a popular and easy way of passing information. As a business owner, you can educate people on what exactly you do and give your expertise on the subject. This would help create a network of followers who can be converted to customers. Selling a digital product such as videos would go a long way in creating awareness. It is not by chance that video will account for 709% of global internet traffic in 2020.it is in high demand, attaches visuals to the learning process and is not so expensive, these and more are reasons you should consider selling this digital product.

3. WEB-BASED APPLICATIONS: These are just like the software but cannot be downloaded from the web. Instead, they contain anything customers pay to use within a web browser called SaaS (Software as a service) businesses, they are not digital products in the truest sense but can be sold and perceived similarly. It can also be a source of revenue for business owners.

4. AUDIO: Due to the ability to store and send audio digitally through Mp3 and other formats, were able to sell audio content online. There’s a big market for audio online because it is easily accessible. With little experience in music, you can do a great deal with selling audio online. Things like songs, beats, voice-over, classes etc can be sold via this medium. You can also start a podcast around your business.

5 DESIGN: Many online businesses require a strong visual identity and this is where you come in. you creative and talented graphic guy, this is your chance to make money from your craft. Design is in very high demand because no one has a physical presence online, your dress sense doesn’t count when doing business online; your presentation boils down to your design. This is the product to sell in these times. Examples are posters, wallpapers, logo design, animations etc

6. COURSES: This is an opportunity to monetize the knowledge you have. Over the years as a business owner in any field, you gained knowledge and expertise which you have applied in your business. Selling courses online is a way to put that knowledge to use. To get something out of your many investments in yourself. Every field is relevant, I repeat every field is relevant. Wherever you are there is someone who wants to get there.

7. SOFTWARE: This industry is enormous and growing steadily. Any ability to write code can result in new and useful products. It could be desktop software, website templates or anything at all. You could start earning earlier and faster than you imagined from this avenue. As a business owner, you could code and sell software for your business or as a business. The choice is yours.

In 2020 we at SME 360 advise that you are not left behind in this rapidly evolving economy. Many of our conventional products and even sales methods are becoming obsolete. Think, evolve and advance!

Read more at www.sme360.ng

Crisis is one thing that can affect any business owner, be it a large or small business. While for some business owners, they might be able to foresee the crisis, it might not be foreseeable in some other cases.

When it happens, it has a huge tendency to cause complete havoc to the business/company’s image. However, with the right strategies in place, business owners can devise ways out of any crisis without completely ruining everything the business stands for.

Below is a list of crisis management strategies for Nigerian business owners to adopt when a crisis arises.

1. Admit there is a problem
The first step towards finding solutions to any problem is first admitting there is one. Trying to ignore the problem or pretending it isn’t there will only make things worse for the business owner. In fact, ignoring it because it seems like a small problem is the more reason it might grow into a bigger one if left unaddressed.

One thing remains which is that no matter how severe the crisis appears to be, the capacity is always present in you as a business owner to find a way out of the crisis. Once you admit there is a crisis, you will be propelled to take the right course of action towards solving it.

2. Be objective about the situation
It is very possible to become overwhelmed in periods of crisis. However, as a business owner, it is important not to allow such get to you. Handling such a situation requires you to be as calm as possible. This will help you analyze the situation objectively and, in the process, you will be able to analyze the cause of the crisis.

The moment the root cause is ascertained, it makes it easier to work towards a possible solution. In addition, being a business owner might also mean you have people working for you. In times of crisis, it is important for you as the leader to maintain all composure so as to reassure them and help them maintain their confidence.

Letting emotions take over you will make it difficult to view things from perspectives that can bring about solutions. Maintaining your composure as a business owner helps you in taking calculated decisions which will improve the situation.
Click to read more... https://www.sme360.ng/2020/05/06/crisis-management-strategies-for-business-owners-in-nigeria/

Okay, let’s get this out of the way. I am not an accountant, neither am I a financial expert. I am just a guy by virtue of the industry I work, had to learn these concepts and many more. Before I proceed, please note that if you really want to succeed as an entrepreneur, there are some basic financial concepts, you must not only know but must begin to look at your business through these concepts.

Business at the end of the day comes down to numbers. How much you made, how much you spend making the money, and how efficient is the use of your capital. Take for instance two competing businesses; let call them Company A and Company B. Company A made 10 million in total revenue last year and the profit before tax (PBT) is 2 million. Company B made 8 million in revenue but made the same 2 million in PBT. Remember these are companies who sell the same product. Both made profit, Company A sold more than Company B but spent more in making that revenue than Company B. We can say, on the face value, that Company B is more efficient in deploying its capital than Company A.

As an entrepreneur, you may be making more, but how efficient are you. Are you maximising the use of your capital? Are you watching your overheads? Are you making sure that there are no leakages you can stop? The below concepts are fundamental. Take your time to learn them and also apply them to your business.

1. Balance Sheet- is one of the financial statements or reports that captures the assets, liabilities and owners equity of any enterprise within a period of time. It summarizes what a company owns, what it owes and the value of the owners’ investments in the business. The formula for a balance sheet is A (asset) = L (Liabilities) + E (Equity), You asset includes cash, inventory, plants and machinery (equipment), monies owed the company by customers and clients (account receivables), anything the company can lay claim on that it is is is called an asset. Liabilities are what the company owes. This includes loans from banks, credit from suppliers (account payables), tax liabilities and so on. Simply put, liabilities are any financial obligations of a company to other entities. Lastly is the owner’s equity. It represents the owners’ investment in a company. It is also the claim the owners have on the company after all liabilities have been settled.

[b]2. Income Statement- [/b]is a financial report that indicates a company’s financial performance within a period of time. It is also called the profit and loss statement. It captures the revenue and expenses and net profit from operating and non-operating activities of a company over a given period in time. The statement is usually divided into two parts; operating and non-operating parts. The operating part shows the revenue and expenses associated with the company’s regular activities, while the non-operating section records both income and expenses from activities that are not directly related to the company’s normal activities. As an entrepreneur, what you should look at is how to keep increasing your revenue while reducing your expenses. Doing this will increase your net profit.

https://www.sme360.ng/2020/05/05/4-basic-financial-concepts-every-entrepreneur-should-know/

Since its invention a little over 48 years ago, email has been used for several purposes including marketing products and services. In our post about email marketing, we told you how you can start using this tool to grow engagements and conversions for your business.

The truth about email marketing is that even though it is very effective, it can be very tricky. It requires you to learn the ropes else you’d still have poor results after sending a ton of marketing emails. About 47% of marketers have said that to find the best performance, they test several email subject lines.
Why go through all that stress when you can get it right the first time? Yes, you can with the tips and examples we will show you in this post.

What is an email subject line?
We all are familiar with email subjects but just for formality’s sake, let’s explain what they are. An email subject line is that single line of text a recipient sees when your email drops in their box.

What makes up a good email marketing subject line?
In simple terms, a good email marketing subject line should make an immediate impact that will attract the recipient. Even if you packaged a powerful marketing piece in your email, the subject line can put all your work to waste if it is poor.

With a little more effort, you can increase your email open rates. At this point, the question that begs to be answered is “what makes up a good email marketing subject line?
While we treat the subject line casually, it is important to note that it determines whether an email will be read or not. You must have seen some subject lines that turned you off so bad you immediately trashed the email. Do you now see why you need the right email marketing subject lines?

Read more at... http://www.sme360.ng/2020/05/04/10-email-marketing-subject-lines-with-high-open-rates/

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We mocked them. We made fun of them. Our comedians had several filled days mocking the industry. The lack of depth, quality and structure that characterized the Nigerian film industry exposed them to ridicule and derision. But they kept at it. They kept horning their skills and improving themselves. Now what used to be an industry that was all about quantity, is now competing well on the global stage. If you grew up in the 90s, you would understand what Nollywood films were like. Majority were unstructured, lacking in quality and were mostly poorly produced. Both cast and crew were people who perhaps never had any formal training on how to make films. But they kept producing. They kept making movies.
While their counterparts in Hollywood and Bollywood enjoyed support from their governments and the organized private sectors through financing and logistics, they practical funded themselves. The cost of production for film production was extremely high. Instead of giving up, they adapted. They started producing what was known then as home videos. They produced and sold their products in VHS. They partnered with marketers in Alaba, Idumota and Aba to distribute their movies. Sometimes they were exploited by these marketers but they kept working.
Today, the story of Nollywood has changed. They are better funded, better skilled and well equipped. The quality of movies coming out of the industry is quite amazing. They have built an industry that can rival with any other film industry in the world. Nollywood movies are well distributed across multiple channels and equally enjoys large followership in Africa and across the world.
Failing forward is not a distant concept. Many businesses and some countries have become successful failing forward. In the 19th century, Japanese products were synonymous with cheap and sub-standard goods. Chinese goods up, until recently, were tagged shoddy. Today, your I-phones, Samsung products and other electronics are mostly manufactured in China. Coming from a past of inferiority, these Asian countries have established themselves as manufacturers of good, long lasting and quality products.
An entrepreneur must understanding that every failure, challenge and setback are the foundation for building sustainable enterprises. People who understand that starting no matter how poor, improving no matter how challenging and learning no matter the mistakes know they are set up for greater things.
Just start
If you are convinced about what you want to do. Do not wait for all variables to be in place before you start. People and circumstances will tell you otherwise, but if it feels right, just start. Jim Ovia in his debut book mentions that the most important trait an entrepreneur must possess is the ability to follow one’s gut. He says “what determines whether a great idea can ever come to fruition is the initial will to act on instinct- and will is powered by a deep belief in the credibility of what you feel in your gut.”

It is a marathon, not a sprint
If the reason you are into business is to make money as quickly as you start, please try betting. A sustainable enterprise takes time to become a money making machine. I am not saying you cannot make it within a short period of time, you may actually be lucky. But you need to prepare for a long run. You need to stay focus on the end game. You must understand where you are going, what is required to get there and focus on them. Do not engage in sharp practices in a bid to get instant results. Do what is right by your customers and employers always. Set specific goals with timelines and work towards achieving them.
Develop a growth/learning mentality
Every setback must be a learn curve. You will make mistakes. Your assumptions may end up being wrong. You must be able to learn a thing or two from these mistakes. Be open to receiving feedbacks from your customers, employees, friends and colleagues in the same industry. Evaluate situation and ensure you understand what can be done better or differently. You can only grow when you learn. You will fizzle out in no time if you stick to doing things the same way. Can you imagine what would have become of Nollywood if they were still producing the same quality they were in the 90s? A number of them went back to school or at least attended trainings to develop their skills. Keep improving your product/ service. Learn from setbacks, innovate, adapt and do things better and differently.

Giving up isn’t an option
Mike Tyson once said, “everyone has a plan ‘till they get punched in the mouth.” The unexpected will happen when you start running your business. You will experience a lot of setbacks, disappointments and may even lose money. What you should never do is to quit. Never give up. You may need to evaluate, re-strategize and explore other options, but do not ever think of giving up on yourself nor your dream. Building an enterprise is not for the faint hearted. You must be willing to put in the hard work. When you face challenges, do your best to surmount the problems. By doing so, you are building a resilient, hardworking, and a can do attitude. You are building your mental capacity to handle complex and impossible situations. Challenges build character. Giving up turns you into a weakling.

You will never fail if you don’t try. You will never finish if you don’t start. Remember those days when we used to watch all manner of foreign films; Chinese, Indian, American and even Korean films. Back then, apart from a few TV soaps, Nigerian movies practically almost went into extinction. But the people in the industry adapted by starting to produce and distribute in VHS, a cheaper and obviously low quality alternative. With time, we started seeing improvement. Right now, Nigerian movies are grossing over 100 million Naira in Cinema theatres. They practically failed their way into success. Who knows what Nollywood will be in another 10 years? The obvious answer is better than what it is now. You can attempt your way to success by failing forward as well. All you need is to start (however) small, be willing to learn and improve, be adaptable and never give up
Temitope Adeyemo
Temitope Adeyemo is the publisher @sme360ng and the author of Young, Black and Successful. Follow him on Twitter @topeadeyemo