Business enterprises, whether small or medium scale, have their business interest focus on two core factors—funding and profit. These factors are like jigsaw puzzle that must be solved in the best ways possible for business sustainability and growth.
In solving enterprise funding and profit puzzles, Simply Exponential, a business management and consulting firm based in Lagos Nigeria, held a business clinic an off shoot from its Start2Profit Business Series.
The business clinic primary objective is to give hands on practical steps to accessing funds either from financial institutions or angel investors by writing “the winning” business plan.
The business clinic had two sessions and was anchored by Banke Alawaye, small business consultant, digital expert cum IT consultant with Code Lagos and Fayo Williams, an ILO certified trained pharmacist turned business facilitator.
In a chat with Fayo Williams, she is of the opinion that “there is need to shed light to the grey area of business financials for entrepreneurs especially with the noticeable wide gap between enterprises who needed funds and enterprises who actually access these funds”.
According to her, statistic from a 2010 report reveals that about 9.2% of enterprises were able to access funds for their businesses. Optimistic that the number of enterprises who can access funds for their business will increase at about 14% – 15% in the current year, Fayo, is advocating entrepreneurs to start applying the right business knowledge and skills as incorporated in their business plan especially computing accurate figures with the help of up – to – date business digital tools and not inputting figures from space.
In her words, “Financial data need to have a source as financial projections need to be conservative because of the market dynamics”
In conclusion, Banke, who taught on the Anatomy of Business Plan encourages any business enterprise that have the goal of growing into a mega business enterprise needs a business plan if not today sometime in the future.