Diamond bank plc, in line with its strategic drive and promise to enhance the development of young enterprises in Nigeria, held a business workshop for small and medium scale business owners within Ibadan metropolis on how to manage their financial records and thrive in a competitive business environment.
“This seminar is to enlighten our customers and teach them how to grow their business, Adenike Ogunsugba, Area Manager, Diamond bank Ibadan, said.
” It is also part of fulfilling the value promises we made to help grow small and medium businesses in Nigeria. Diamond bank has a lot of services to offer small business owners which most of them are not aware of. One of such service is the Diamond Business Advantage account which allows a small business owner to access funding without collateral from the bank. We believe that there is a communication gap and that s why we are engaging them so that we can work better together”.
The Diamond workshop which was held at the Segun Aganga Hall of the International Conference Center, University of Ibadan, was part of Diamond Bank’s effort at growing indigenous businesses owners who are customers of the bank on the required skills they need to sustain expand their business.
Preye Jimoh, Keynote speaker and Managing Director of Dovas Spa Group while speaking on the topic, ‘Achieving business expansion: Relationship between accessing finance and basic book keeping’ stated that without a business plan and up to date financial records, a business owner cannot say whether he is making a headway or sinking.
According to preye, a business owner without financial records can be likened to an individual driving with a blindfold on. “Without a financial record, you will not know if you are making profit or not. Income is different from profit and the only way you know if your business is making profit is through financial records.
“You also need to keep proceeds in a bank, let there be a trail so that you make the work of your auditor easier. These records will help with financing because a business without proper book keeping cannot access loans. There are 37 million small and medium scale businesses in Nigeria and they contribute 48 per cent of the gross domestic product.
“This means that small businesses are important and should be taken seriously. No business can survive without proper book keeping which has just three element; organizing numbers into categories, balancing the figures and producing a report. If entrepreneurs do the right thing, businesses will thrive and unemployment will be reduced in Nigeria,” preye concluded.