Double Impact Platform, a business training and relationship development organization recently put together a highly innovative training programme targeted at business owners and entrepreneurs who are married and are in business together, called “Coprenuers”.
THE April edition of the Double Impact programme was focused on “Financial Management for Couples in Business” The programme exceeded the expectations of organizers and participants in terms of attendance. The participants came from a diverse background that included Consulting, Oil & Gas, Production, Supply Chain Management, Advertising, Security and data management, Tourism & hospitality, Retail and agriculture.
In her opening address, the Convener, Double Impact Platform and Executive Director of Falcon Corporation, Audrey Joe-Ezigbo, stated that “The Financial Management programme for Couples in Business equips business owners with skills required for wealth creation, growth, consolidation and most importantly for building legacies that foster generational and overall national prosperity.
It is designed to address key elements that make businesses strong and stable such as budgeting, financial analysis, understanding financial reports and financial management.
Growth of businesses
In explaining the driving force for focusing on creating platforms that empower businesses, she stated, “This programme is designed and rolled out in recognition of the importance of business to a country’s economy. Businesses provide both goods and services to the citizens, creates job opportunities, drive economic activities that invariably create more wealth for the good of all.
It becomes imperative therefore to support the growth of businesses particularly the family owned ones towards achieving longevity, stability and sustainability.
The Double impact Platform was therefore creatively developed to help spouses build thriving enterprises, position themselves and their businesses to grow into tomorrow’s business empires and ultimately deliver maximum impact to the entire society while building great legacies of the future.
A key focus of the programme was to equip coprenuers understand financial and money management principles required for growing their businesses and managing their finances. The programme through its unique methodology demonstrated to participants how financial management helps in setting a clear goal, helps to efficiently utilize resources, helps in deciding sources of financing and also helps in making growth and expansion decision in their businesses.
Speaking at the Workshop, Inyang Sami-Orungbe, Partner at AVERTI Professional Managers and a facilitator at the Financial Management Workshop re-echoed, “money is often available to a business for spending in the form of cash, liquid securities and credit lines.
Before going into business, an entrepreneur needs to secure sufficient financial resources in order to be able to operate efficiently and sufficiently well to promote success. Financial Management means planning, organizing, directing and controlling the financial activities such as procurement and utilization of funds of the enterprise.
It means applying general management principles to financial resources of the enterprise. Being a critical growth factor, all entrepreneurs must be well versed in this area in other to build successful enterprises.The Financial Management programme equips the entrepreneur to be efficient and effective in the management of money (funds) in such a manner as to accomplish the objectives of the organization while building a successful portfolio and lasting legacy “ she said.
Speaking about the programme, Bunmi Oke, Chief Operating Officer, 141 Worldwide Advertising, said “I think that there’s a very thin line between success and failure and I think if you start a business without financial knowledge, you would likely go on the wrong side of the line.
The Financial Management for Couples in Business programme was very enlightening. As you know, all businesses aim to maximize their profits, minimize their expenses and maximize their market share. In other words, every business’s most important goal is to make money and keep it.
The Financial Management programme threw a whole lot of light with regards to practical guide and steps for achieving that goal” she enthused
Participants at the Programme were full of commendation for the knowledge filled session and the interactive and networking platform the workshop offered. “There was so much learning, networking and engagement all packed in one programme that has equipped copreneurs to become competitive in this ever evolving economy” said The Managing Director, Verbatim Communication Ltd, Bidemi Mark-Mordi.
In evaluating the programme, Mark-Mordi stated “Good financial management is critical to the success of any business, but it is particularly important in small to medium enterprises (SMEs) where the risk of insolvency is often higher.
Some of the key concern for small business owner-managers include cash flow management, conversion cycle, working capital management, book keeping and accounting policies and understanding of financial statements including balance sheet, profit and loss account etc.
The Double Impact Platform Financial Management programme threw a lot of light on all of the above. It was indeed a time very well spent”
In her closing, Mrs Audrey Joe-Ezigbo emphasized, “The Double Impact Platform was created to stir and stimulate knowledge among Copreneurs who are seeking to remain ahead of their markets particularly within the highly competitive landscape faced by every sector of the economy and also manage their relationships perfectly.
It provides couples in business together with a forum for easy access to knowledge and information that empowers them maneuvers successfully through the unique challenges of building successful businesses in an increasingly competitive environment”.