The federal minister of commerce classifies Micro and small scale enterprises In term of capital as business with a capital composition of 1-400k and 400k to 5 million respectively excluding fixed asset, this bracket of business is the most wide spread in Nigeria with presence in virtually every household and community, ranging from kiosk to shops, small agricultural undertaken, and other small retail outlets.
This form of business is capable of liberating Nigerians from the current economic challenges with the bright prospect therein, having regards to the current market opportunities in the Nigerian industry, but it’s quite depressing that most of these businesses fail in no time and also fail to maximize their growth opportunities.
The reasons for their failure is not farfetched, It’s illustrated thus;
1. Lack of patronage
2. Poor financial management
3. Poor human relationship
4. Improper inventory management
5. Poor decision making
HOW WE CAN ASSIST YOU
1. The success of any business outlet is determined by the level of patronage by it customers, Shetos management will improve the level of patronage of your business by maximizing the use of technology, with the current level of globalization and digitalization, the impact of internet cannot be overemphasized, we will improve your online presence and we will link your business with tailored customers.
2 Financial management:
Many businesses failure is as a result of their inability to distinguish what belongs to the business with their personal property, they neglect the principle on separate entity, and another problem is the neglect of accounting and accountability in totality in running of small businesses, they fail to see the importance of proper record keeping and analysis, they see their business as too small so no need for accounting services.. This is one of their major cause of failure and lack of growth.
Shetos management will assist you in collection of needed data, classifying the data for proper analysis, analyse the data and thereafter interpret the result to enable you, the business owner to make an informed judgement, not judgement base on assumption.
We can also assist your business to prepare the financial statement of your entity, which will enable you know the performance of your entity which will also give confidence to intending creditors to finance your business, knowing how viable it is.
3. Poor human relationships:
After getting the required patronage, another essential part is how to keep your customers, the way you relate with your customers matter a lot, Shetos Management will give you tips on how to keep your customers happy, and also assist you in public relation duties.
4 Improper inventory management:(Inventory /stock/Goods )
constitutes significant part of the cost of sales, your ability to manage your inventory will greatly influence your profitability.
Shetos management will assist you to determine the Minimum stock level to avoid stock out, maximum stock level of avoid tied up of capital, to maximize the economic order level, avoid deterioration if stock, minimizing transport cost and spoilage etc.
5. Decision making: Decision making is very vital to the success of any business venture, Shetos management will provide you with information on current trend and opportunities, we can also assist you to make decisions using scientific means on the type of products combination that will maximize profit, whether to outsource or employ, break even analysis and etc.
Partner with SHETOS MANAGEMENT CONSULTANCY today and transform the fortune of your business.
Contact our available lines: +2348140389536, +2348163421402.
Email: Shetosmgtbizconsultancyfirm@yahoo.com
