#SME1000 Featured Post

Top 10 Ways to Inspire Your Staff

When you look out on your workers, what do you see? Is it a team of hard-workers who love what they do or a group of professionals just trying to get through their day?
Either way, it could have a lot more to do with you than you might think.
You may have hired the perfect team with extensive experience and a proven track record, but if their enthusiasm is waning, it may be time to re-evaluate your management style.
To help you rethink your leadership strategy, we’ve created a helpful list of 10 easy ways to inspire your staff, keeping them motivated and ready to take on any challenge.
1. Stop micromanaging Nobody likes to be micromanaged. If your employees feel like they constantly have someone looking over their shoulder, they’ll be too nervous to try new things, which limits their potential.
By taking a step back and giving your team more autonomy, you’re showing that you have faith in their ability to get the job done, which can inspire them to give it their all.
2. Make it safe to fail I…

FG releases new details on MSMEs support scheme, budgets N200 billion for loans

The Federal Government has released new details on the Micro Small and Medium Enterprises (MSMEs) support scheme being rolled out under the National Economic Sustainability Programme.According to estimates provided, the sum of N50 billion will be used to provide payroll support, N200 billion for loans to artisans, and N10 billion support to private transport companies and workers.The government disclosed in a tweet on the official handle of the government, the support scheme will include a Guaranteed Off-take Scheme for priority products, and an MSMEs Survival Fund.Modalities for the take-off schemeThe first track is a Guaranteed Off-take Scheme which will ensure continued local production and safeguard 100,000 existing small businesses to save 300,000 jobs.Priority products include processed foods, personal protective equipment, hand sanitizers, face-masks, face-shield, shoe-covers and pharmaceuticals.The implementation committee chaired by Ambassador Mariam Katagum, Minister of the …

5 Practical Things Small Businesses Can Do During This Pandemic Lockdown

This pandemic provides a good opportunity for businesses to do some re-evaluation; ask questions about how to improve efficiency after this blows away.

Notwithstanding the losses incurred as a result of the COVID-19 Pandemic worldwide, I daresay that this is a rare opportunity for businesses. This may be the best time to dot the I’s and cross the T’s, making necessary adjustments to strengthen operations, service delivery, and other major aspects that are vital to the growth and stability of any organization.  In this piece, I will share 5 things that businesses across the board can do to bring their operations up to par.

(1) Update Database and Codify Processes: 
This pandemic provides a good opportunity for businesses to do some re-evaluation; ask questions about how to improve efficiency after this blows away. One way to achieve that is by codifying processes and updating database. It is popular knowledge that information is vital for any business to survive. This means that customer…

Billion or Bust? 4 Questions to Assess the Strength of Your Business Idea

While the health crisis is far from over, the business world and consumers alike have mostly overcome the “survival” phase and are starting to adapt to what it will mean to live and operate, post-pandemic.

Now faced with a “new normal,” budding entrepreneurs are reassessing business ideas that had been on the backburner and exploring their potential in the current circumstances. But while many businesses have successfully launched during times of economic downturn — Mailchimp, Airbnb, and Whatsapp, to name a few — that doesn’t mean it’s the right time for everyone.

When it comes to post-crisis strategic thinking, aspiring business founders must consider how the needs, wishes, and budgets of consumers have changed for the long term. So if you think your business idea has potential, ask yourself these four questions to determine its strength in today’s landscape:

Do you fit into the new normal?
Business as usual is off the table, at least for a while. If you envisioned your business ide…

COVID-19: Keystone Bank launches online platform to empower SMEs

Keystone Bank Limited has launched an online platform to empower Small and Medium Scale Enterprises (SMEs) with knowledge to manage and grow their businesses in the midst of the COVID-19 pandemic.

The lender in a statement disclosed that the programme tagged: “Keystone Bank Online MSME Academy” is aimed at helping SMEs cope with the operational stress of the current pandemic and will serve as an enabler for business owners to create an active online presence, digitalize their product, services and find new ways to connect with their customers.

“One way to identify an SME-centric bank is the length it is willing to go in finding new ways to help SMEs to survive and thrive in the current harsh business environment.

“Keystone Bank has demonstrated this passion during the Covid-19 crisis by initiating an online platform to empower SMEs with knowledge in managing and growing their businesses,” the bank said.

Participants at the first edition of the initiative held on the 24th of April, 20…

10 Business Ideas For Stay-At-Home Mums In Nigeria

The traditional stay at home mum is one who takes care of the children, does the house chores, puts the house in order and attends to every family need. If you by any means think this is an easy job you need to try it for a week and see how tasking it can be. The most dreaded statement for stay at home moms can be ‘so what do you do?’ While I am strongly of the opinion that being a stay at home mum is tedious enough I also know extra money never hurt anybody.
Most women tend to downplay the possibilities of still doing something financially profitable from home. I need you to first understand that a lot of people quit their jobs to establish businesses and have to work from home. Yes, your hands are full but I can assure you that one or two of the below-listed business ideas is worth trying out.
The big names in event planning in Nigeria such as Zapphire events and Elizabeth R did not always have an office. This is a business you can easily start by having the right co…

8 Business Growth Lessons We Can All Learn From Savings Apps In Nigeria

There are more than 13 savings and investment apps in Nigeria. These apps make it easy to save and invest money with higher interests than banks. In a recent article, Techpoint published a roundup of leading savings apps in Nigeria. After reading that article I decided to automate my savings. But, before making my final selection, I checked out the platform and studied their growth strategy.  After my analysis, I started using three of the apps. In this article, my goal is to share with you eight growth strategies used by some of the apps and how you can adapt those growth strategies to your business. Design Your Product To Solve Major Issues Facing Your Users.
Before you launch, your first goal is to find out the core problem users want you to solve with the product. In the case of these apps, the problem is helping people develop savings habit. As a result, the main product feature created helped users to automate monthly savings and discourage impulse withdrawals. Let Your Homepage Show …