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| A feel of the work of the MSMEs |
Improved Business operations require enabling environment to occur. Good financing practice provides a measure of support necessary for enhanced performance of the Micro, Small and Medium Enterprises (MSMEs).
Most of the operators in the MSME subsector of the Nigerian economy learn from experience how to cope with routine problems posed by finance in their operations. However, those that respond rationally to the changes and challenges of financing in their business dealings are reputed for better performance in business. They perform better because they are able to go beyond the time honoured rules of the thumb to acquire better knowledge, insight and understanding of basic financing skills required to create the environment, necessary for improved business activities.
Before veering straight into discussing issues required to improve the performance of the Micro, Small and Medium Enterprises, I wish to note that my starting point will be to address the issues, carrying the Micro and Small Enterprise operators along.
I equally consider it vital to look into the benefits of improved MSMEs operations in an economy, as a way of opening the mind to what the sector holds for the growth and sustainable development of the economy of Nigeria, and by extension other economies of the globe.
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| Another feel of the works of MSMEs |
The benefits of improved business operations by MSMEs to Nigerian’s economy are numerous. They include but not limited to the below. Please note that the benefits are presented in clusters that represent specific areas of the benefits.
- Benefits to the business owner/company:
- Higher income
- Increased profit
- Increased Prestige and self esteem
- Employment (of self)
- Opportunity for high learning/training
- Increased exposure
- Security
- Business diversification
- Skills enhancement
- More effective and efficient use of resources
Benefits to the workers/employees:
- Employment
- Regular and Improved salary/wage
- Increased Prestige and self-esteem
- Increased exposure
- Opportunity for training: skills enhancement
- Participation in group activities
- Security: safer work environment
- More efficient workflow
- Happier teams
- Skills enhancement
Benefits to the government/economy:
- Increased Revenue through Tax
- Job creation and wealth generation
- Reduction in street urchins and miscreants
- Increased security
Benefits to the market/community:
- Improved quality of goods and services
- Increased service delivery
- Provision of social services (social responsibility)
- Customer satisfaction
- Increased use of local resource/raw materials
- Job opportunities
- Increased Security through safer communities
- Increased Employment opportunities
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Improvement in community culture and team building
Please pause here to ponder, and after some minutes continue with your reading...
- Does the foregoing (the benefits) sound intimidating and therefore exaggerated?
- Do you think they are too generous, ambitious and extravagant?
- Do they resemble what you think the Micro and Small enterprises, and the MSMEs in general can offer the economy as benefits?
- Do you believe the Micro and Small Enterprises can do a lot in building the economy?
Whether you think the above is possible or not there are no qualms. My appeal to you is to follow me gradually on this journey. As you do, please endeavor to pick the lessons and ensure you imbibe the teachings and whenever you are asked to do anything, I urge you to comply.
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| MSMEs are relevant in every sector |
The three pictures used in this piece as just from a segment of the MSMEs sub-sector
The journey is just beginning… continue following us. The next publication on the theme will be published, and lots more are up for you.
Thanks for reading us. Please remember to comment, share and invite others to read as well, comment and share widely. Do also remember to follow us.
Please click the link below to read Part Two (2) of this piece:
https://www.belfordscorelines.com/2023/09/improving-performance-via-increased_25.html#more
Nnabugwu Chizoba
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