By Yinka Kolawole
Diamond Bank Plc demonstrated its commitment to ensuring sustainable growth of entrepreneurship in the country by sponsoring a one-day seminar tagged â€˜BusinessXpress Enterprise Seriesâ€™, last week, in Lagos.
The event, which was meant to equip entrepreneurs with adequate knowledge and skills to excel in their businesses, was attended by business consultants, entrepreneurs, bankers, and customers of the bank.
Facilitators at the programme included business consultants who took participants through key issues in keeping a business profitable and as a growing concern.
Yetunde Allen of Lateral Links, one of the facilitators, noted that business is all about making profit, earning money and further investing the earned funds. She said that 70 per cent of start- up capital for entrepreneurs comes from family and friends.
She, however, said that survival of such businesses will entail controlling overhead costs, financial discipline and good customer care.
â€œIf you need to understand and watch your bottom line, always have an alternative plan and avoid over-expansion or expanding too quickly,â€ she said.
According to her, growth and positioning for businesses will require effective procedures, controls, processes and capital. She also emphasized the need for entrepreneurs to have effective insurance cover, observe good corporate governance and have a good succession plan in place. New businesses also need to understand the business or service cycle including time lags, seasonal cycles, time of the low and high sales as well as government policy.
Participants were also educated on the importance for businesses to own website that will further inform their customers on products and services, they were therefore encouraged to open a business website in order to get more customers satisfied with their products and services.