Standard financial management for MSMEs

Welcome to 2019 business year. Many may call it political or more appropriately, election year, while others would call it whatever that matches their vocation or profession, but for this column dedicated to start-up entrepreneurs it is a new business year, irrespective of whatever that is happening in the entire society. Don’t get distracted, discouraged or disillusioned by the environmental circumstances. Stay focused on your entrepreneurial journey. The situation/ circumstances will still change but your success targets remains. Naira There is no adequate funding of researches in Nigeria – Utomi Last year we treated three major series in this column, spanning 49 weeks with 38 sub-topics. The three major series were, Preparing Your Business for Bank Loan, Loan Facility Packages in Banks (about 8 banks were treated) and Business Management Practices for Small Businesses. I am not sure how many we are going to see this year but we are starting with a series on FINANCIAL MANAGEMENT FOR START-UPS. It is going to run for about two months or more. The importance of sound or standard financial management practices in the life of micro, small and medium enterprises (MSMEs) cannot be over-emphasised. Elsewhere in our discussions in this column last year I noted that sound financial management practice is about the most important factor in determining if your business will attract bank loan or any other financial support or not. Even government owned financial institutions, otherwise known as development finance institutions (DFIs) and government ministerial departments will demand such before making any small business owner a beneficiary of its various support programs. Most importantly, your business is not likely to succeed without a sound financial management practice. We delve into some details from next week.