Stanbic IBTC Bank kicked off the 2017 SME Capacity Building Series, now in its 4th season for entrepreneurs in Lagos and Ibadan with six more cities to follow.
According to a statement, the sessions provided a viable platform for the bank to equip entrepreneurs, promoters of enterprises and business managers in Lagos and Ibadan with the fundamentals of building a sustainable business in Nigeria, benefits of efficient operations management, value of digital marketing, imperatives of keeping business records, understanding the implication of the activities in growing balance sheets, developing keen eyes on managing cash flows among others.
The bank partnered the China Europe International Business School (CEIBS) whose expert facilitators, the statement explained, have wealth of experience in SME business development, entrepreneurship development, entrepreneurial finance, business strategy and value chain development.
Abimbola Osuchukwu, a Chartered Accountant and an expert business management training facilitator, took the participant through a section on how to determine required funds to enable business owners manage their cash flows, determine the required funds needed to enable them meet their growth strategy and understand the valuation of businesses and how to manage resources.
The entrepreneurs were also exposed to the correlation between brand sales and service. Business tips were also given such as financial discipline, setting sales prices right, keeping proper records, preparing annual budget, knowing the differences between profit and cash, manage cash flow properly, getting and reading accounting reports at least weekly, conducting Monthly Performance Review, (MPR), periodically reviewing internal controls and using professional accountant for independent audit, compliance and tax matters.