Skye Bank Plc has advised the Small and Medium Enterprises in the country to put in place strong internal control and effective book keeping measures as critical success factors for business sustainability.
The Head, Small Business Group of the bank, Mrs. Ayodele Olojede, gave the advice in Benin City during the bank’s Pan-Nigeria SME seminar organised to help the SMEs overcome the usual problems confronting them.
According to her, through effective control and financial discipline, the SMEs have a good chance of growing to become major employers of labour and the country’s engine for economic growth and development.
She said Skye Bank started the Business Seminar Series to educate and empower the SME operators with knowledge and skills required for survival and continuity.
The special guest at the seminar, who is also the Managing Director of Omega Foods and Restaurant, Benin, Mr. Alex Otuya, stressed the importance of training, innovation, good record keeping as critical success factors for businesses.
Otuya said the SME owners should personally supervise their businesses to promote a culture of excellence as well as pay emphasis on the quality of their products and services.
He advised the business owners to avoid spending their early profits on frivolous things, saying early profits from the business should be re-invested.
A Bank of Industry consultant, Mr. Adolphus Ojobo, outlined the basic steps business owners needed to take to access the Federal Government’s intervention fund from the BoI and other banks to grow their businesses.
According to him, record keeping, bankable projects and good leadership qualities are essential in business management, emphasising that doing otherwise is inimical to the growth of business.