We are in the third edition of the discussions in this series on financial management for small businesses. Last week we focused on the issue of setting up a business bank account. Today we advance to creating and maintaining a business budget.
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Business Budget
For the purposes of delineating the scope of what a business budget should be for a small business, just see it as proposed financial requirement in terms of cost of production and sales or cost of services delivery within a definite period, matched with forecast income and expectations for the same period.
Continue reading Standard financial management for MSMEs (3) at Vanguard News Nigeria. …
MSME
NASSI seeks review of MSME’s funding mechanism
The Nigerian Association of Small Scale Industrialists (NASSI) has called for a review of the funding mechanism for Micro, Small and Medium Enterprises (MSMEs) to facilitate access to loans. Its newly elected National President, Mr Solomon Vougfa, said the funds made available by the Federal Government currently to the sector has a lot of bottlenecks […] …
NASSI seeks review of MSME funding mechanism
Edo Production Centre attracts 200 MSMEs
With the guarantee of unparalleled business support opportunities and shared conducive working space, not less than 200 Micro, Small and Medium Enterprises (MSMEs) have expressed interest to site their businesses at the Edo Production Centre, a multipurpose production cluster promoted by Governor Godwin Obaseki for small businesses in the state.
Continue reading Edo Production Centre attracts 200 MSMEs at Vanguard News Nigeria. …
MSME owners laud microfinance banks in Kwara
CUSTOMERS of microfinance banks in Kwara State have commended impacts of the banks on the socio-economic development of the State, saying that they provide quick access to loans than bigger banks. Speaking during the fifth Annual General Meeting (AGM) of the KCMB microfinance bank in Ilorin on Tuesday, the customers of microfinance banks, who are […]
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CBN disburses N100bn MSME fund to support growth
“So far, the CBN has, through its MSME fund, disbursed over N100 billion to the MSME sector, but we still feel a lot can be done.” Omodele Adigun The Micro, Small and Medium Enterprises (MSMEs) have gulped over N100 billion from the coffers of the Central Bank of Nigeria (CBN) to support the country’s economic recovery […]
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LAPO identifies causes of MSMEs’ failure in Nigeria
The Lift Above Poverty Organisation (LAPO) has identified lack of management capacities and paucity of funds to scale up as some of the causes of failure of Micro, Small Medium Enterprise (MSMEs) in Nigeria.
Continue reading LAPO identifies causes of MSMEs’ failure in Nigeria at Vanguard News Nigeria. …
Osun disbursed over N4b to MSMEs in six years
Osun State government has disbursed over N4 billion to Micro, Small and Medium Enterprises (MSMEs) in the state. The Commissioner for Commerce, Industries, Cooperatives and Empowerment, Mr. Ismaila Jayeoba-Alagbada, stated this at a press conference in Osogbo yesterday. “Through effective and efficient credit administration and management, the initial fund released to the agency by the […] …
MSME is the future of Nigerian economy ― Osinbajo
THE Vice President of Nigeria, Prof. Yomi Osinbajo, SAN, has said the Micro, Small and Medium Enterprise (MSME) is the future of the Nigerian economy. He, however, called for more private sector partnership in achieving […]
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Why we’re refocusing on sustainable banking – Dozie, Diamond Bank boss
“I think Diamond Bank is just a platform. But we are trying to provide beyond banking services to our customers. This means we are not just all about banking” Amechi Ogbonna Uzoma Dozie, the amiable Chief Executive of Diamond Bank Plc, is a banker and economist that is very passionate about the development of Nigeria’s small businesses. […]
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