Many small business owners dread banks and have little to no relationship with bankers. They either see bankers as enemies, fraudsters, the group that does not want SME’s to be great or all of the above. The truth is while there is a lot of room for Bankers to improve their value proposition to SMEs, there is a lot SMEs can do to extract value from Nigerian Banks – especially in the area of funding. A Bank will not just release other customers’ money to you without some level of assurance of getting the money back. Before we move into the guidelines of getting banks to give you a loan. let’s see if you qualify for one.
In a Forbes article, Neil Patel, a well-known brand and marketing expert stated that “Nine out of ten startups will fail. This is a hard and bleak truth, but one that you’d do well to meditate on”.
If business statistics are that bleak in the U.S., imagine the picture in Nigeria, where infrastructure and institutional support are limited.
Your employees have needs beyond getting Workers’ Day off, perfunctory greetings and the occasional compliment, and meeting these needs is important not just to their welfare but also to the health of your business. Here are five things your staff need you to do for their good (and yours) now.