Wema Bank equips small business owners with skills to scale up their operations
Wema Bank, one of Nigeria’s leading financial institutions, is renowned for its commitment to supporting Small and Medium Enterprises (SMEs). The bank recently hosted a business management skills training program from May 22nd to May 26th, 2023, to equip small business owners in Edo State with the necessary skills to scale up their operations. A total of 250 participants attended the workshop, which was organized by the Wema Bank SME Business School. The program aimed to provide SME owners in the South-South region of Nigeria with entrepreneurial knowledge, financial and marketing management skills necessary to grow their businesses.
Wema Bank’s SME Business School held the fourth edition of the program at the Uyi Grand Event Centre in Benin City, the capital of Edo State. The event attracted both SME clients and non-clients, who were optimistic about the opportunity to learn from experienced experts in various fields.
Participant feedback on the program
Participants at the session included Ms. Edith Igabali, who conveyed her appreciation to Wema Bank for the knowledge-packed seminar. She explained that the workshop has broadened her perspective on SME management. Another participant, Ms. Love Onobrakpor, expressed her gratitude to the bank for an impactful program, emphasizing that the week-long session was worth the time investment. She stated that the workshop was not only interesting but highly interactive and engaging.
Ms. Precious Izedonmi, another beneficiary of the program, lauded Wema Bank’s initiative in organizing such a valuable training program. She noted that it has impacted her life significantly, and she is grateful for the privilege.
The Head of SME Banking at Wema Bank, Mr. Arthur Nkemeh, expressed his appreciation to the partners, session facilitators, and most importantly, the clients who trust Wema Bank to provide them with excellent financial services. He reiterated Wema Bank’s commitment to delivering superior customer service to its clients by offering business facilities and advisory services that help grow their businesses. According to him, the recent program was only one among many that Wema Bank will initiate to support small and medium enterprises in Nigeria.
Wema Bank SME Business School
Wema Bank launched the SME Business School in Lagos in 2021 to boost the capacity and skills of SMEs in Nigeria. The first edition took place in Lagos, while the second edition held virtually. The third and fourth editions were hosted in Abuja and Port Harcourt, respectively. The SME Business School provides a platform for Nigerian SME owners to learn the necessary skills to grow their businesses.
The Edo State edition had a rich and relevant curriculum, addressing pertinent issues within the Nigerian SME sector. Various experts in different fields facilitated the training, making it both worthwhile and beneficial. The topics covered included macroeconomic review of the Nigerian economy, business strategy formulation and execution, sales and marketing, customer experience value management, financial management, sustainability, leadership, communication, and people management.
Additional piece: The importance of equipping small businesses with the necessary skills
Small businesses play a crucial role in the economy of any nation. They contribute to job creation, improved livelihoods, poverty reduction, and wealth creation. Unfortunately, SMEs face many challenges, limiting their growth and development. One of the significant hurdles that small business owners face is insufficient knowledge and skills necessary to run their businesses successfully.
Small businesses often struggle with cash flow issues, inadequate market knowledge, poor customer acquisition, difficulty in relationship building, and low financial literacy, among other challenges. Therefore, it is imperative to equip entrepreneurs with the necessary knowledge and skills to scale up their operations and overcome the hurdles they face.
SMEs need business management skills, financial literacy, and marketing literacy to operate effectively in today’s competitive business environment. These skills can help them to make informed decisions that will drive their business growth.
Business management skills
Managing a business is a complex task that requires many different skills. Small business owners need to understand various business concepts, including goal-setting, strategy development, financial management, and human resources management. Entrepreneurs need to develop competencies in managing cash flow, budgeting, forecasting, and financial reporting.
Marketing literacy
Marketing is a critical aspect of business success. Small businesses need to understand the importance of branding, customer acquisition, and customer retention. Entrepreneurs need to develop competencies in market research, creating marketing plans, and executing marketing campaigns. They need to understand the importance of digital marketing, including social media, email marketing, and search engine optimization (SEO).
Financial literacy
Small business owners need to be financially literate to manage their finances successfully. They need to understand financial concepts such as revenue, profit, and cash flow. They need to develop skills in bookkeeping, financial analysis, and financial forecasting. Entrepreneurs need to be aware of their financial obligations, including tax compliance and regulatory requirements.
Conclusion
Small businesses play an important role in the growth and development of any economy. However, SME owners face many challenges that limit their growth potential. One way to overcome these challenges is to equip entrepreneurs with the necessary skills to scale up their operations. Financial institutions like Wema Bank can help by providing business management skills, marketing literacy, and financial literacy to SME owners. By doing so, they can foster the growth and development of small businesses in Nigeria.
Summary:
Wema Bank Plc successfully trained 250 participants on business management skills, entrepreneurial knowledge, and financial and marketing management skills. The training was organized by Wema Bank’s SME Business School and was the fifth edition hosted at the Uyi Grand Event Centre in Benin City. Participants at the program praised Wema Bank for the knowledge-packed seminar which has broadened their perspective on SME management. SME owners struggle with several issues like cash flow problems, inadequate market knowledge, poor customer acquisition, difficulty in relationship building, and low financial literacy, among other challenges. Therefore, it is essential to equip entrepreneurs with the necessary knowledge and skills to scale up their operations and overcome these hurdles. Business management skills, marketing literacy, and financial literacy are vital to SME owners’ success. Financial institutions like Wema Bank can provide SMEs with this training to foster their growth and development.
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By Dipo Olowookere
Wema Bank Plc has been praised by small business owners in Edo state for equipping them with the necessary skills to scale up their operations.
Between May 22 and 26, 2023, the financial institution trained 250 participants in business management skills, entrepreneurial knowledge, and financial and marketing management skills to boost the success of Small and Medium Enterprises (SMEs) in the region. South-South of the country.
The workshop, organized by Wema Bank’s SME Business School, was the fifth edition held at the Uyi Grand Event Center in Benin City, the state capital, and was attended by SME clients and non-clients .
One of the beneficiaries, Ms. Edith Igabali, praised Wema Bank for the knowledge-packed seminar which has broadened her perspective on SME management.
“Wema Bank is trying for me; They have made me who I am today. The session was full of energy, fun and educational,” she said.
Another participant and SME owner, Ms. Love Onobrakpor, expressed her gratitude to the bank for the high-impact program, adding that she does not regret taking time off to attend the week-long session. “It was interesting and highly interactive, it was worth it,” she said.
To Ms. Precious Izedonmi, she said: “It has impacted me a lot and I am grateful for the privilege; it can never be trivialized.”
Head of SME Banking at Wema Bank, Mr. Arthur Nkemeh, after the session, expressed his thanks to “our partners and all the session facilitators and, most importantly, our clients who trust us to provide them with excellent financial services.
“We will continue to offer superior customer service to our clients with business facilities and advisory services that will help grow their business; this is one of many offers to come from Wema Bank,” he said.
The Wema Bank SME Business School was launched in Lagos in 2021 to boost the capacity and skills of SMEs to help them achieve their business objectives.
The second edition was held virtually, while the third and fourth editions were held in Abuja and Port Harcourt, respectively.
The Edo State edition had a very rich and relevant curriculum that directly addressed the issues within the Nigerian SME sector.
The faculty and facilitators were also made up of highly trained and experienced experts in various fields which made the training not only worthwhile but beneficial in terms of knowledge gained and new insights revealed about SME management.
The curriculum included a macroeconomic review of the Nigerian economy, business strategy formulation and execution, sales and marketing, customer experience value management, financial management, sustainability, leadership, communication, and people management.
https://businesspost.ng/banking/small-business-owners-in-edo-hail-wema-bank-for-support/?amp=1
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