Stanbic IBTC has taken further step to empower operators of small and medium scale enterprises (SMEs) in the country.
To this end, the bank at the weekend held the 2017 edition of its SME Capacity Building Series in Lagos. The event was organised in collaboration with the China Europe International Business School (CEIBS).
Head, Enterprise Banking, Stanbic IBTC, Babatunde Akindele, said the essence of the forum was to impact capacity on SMEs and grow their capabilities.
He described SMEs as the drivers of any economy because they create employment and stimulate the economic activities.
â€œSo, the idea is that the better our SMEs, the better the impact on the economy and the more growth we would see. So, the idea is to impact skills on owners of SME businesses. Funding of start-ups remains a priority for the bank,â€ he added.
Akindele, however stressed the importance of angel investors in the economy, to enhance funding to start-ups.
â€œWe all have different roles in the economy. But impacting business skills on start-ups is something we are doing here today,â€ he added.
In her presentation, a facilitator from the CEIBS, Abimbola Osuchukwu, identified the various stages of a business.
She listed some of the challenges start-ups face to include working capital, market acceptance, demand challenges, suppliersâ€™ credit, as well as understanding the learning curve.
According to her, to build a sustainable business, operators must adhere to ethics and professionalism.
Furthermore, she stressed the importance of proper book keeping. This, she pointed out would help the business owner manage his business better, make informed decisions about the business, prepare financial results and manage tax issues better.
In his presentation, another facilitator from the CEIBS, Bamidele Adeleke, stressed the importance of digital marketing to businesses. He noted that adopting the right digital marketing channel would help the business meet its target customers.