With the rise of the Internet, there has been an upsurge of SMEs in Nigeria. While it is true that many intend to start their very own SMEs but fail to do so for one reason or the other. CAC has registered about 41.5m MSMEs as of 2017 and a couple more millions through the year 2019 to 2021.
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If you are among the number of registered businesses, it is important to take note of these three must-haves for every SME in Nigeria.
A Registered Business
The place of business registration cannot be overemphasised. Every small business, no matter their location, must ensure that they are registered under the Corporate Affairs Commission. This enables them to become eligible for loans from banks or for government tax holidays. It is necessary that this business be registered under the CAC to expose the business to opportunities that they would otherwise not have had. A properly registered business allows the business to stand apart and carry the look of an official structure. Registering the business also gives the business an edge as they are able to open corporate accounts and receive payments from different clients across Nigeria.
A Strong Social Media Presence
In this day and age, people hardly leave their apartments to hunt for goods. They can easily surf e-commerce sites to get all they want with absolute convenience. To find whatever it is they need, clients tend to favour a brand with a strong social media presence. This goes to show that a strong media presence helps to make the brand visible to both national and international clients. Consistent upload shows legitimacy and comments reveals reviews.
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A Corporate Account
This is a no brainer. Every SME must, as a matter of necessity, have a corporate account. The sole aim of this account is to receive payments in a formal manner that assures clients of the safety of their transactions. Customers pay without prejudice and confusion when they can clearly see the name of the company they are paying for as the beneficiary of the payment rather than paying to a personal account. If the business is properly registered, it goes without saying that it should also have a corporate account. This is to provide legitimacy and bank statements where necessary.
In general, SMEs in Nigeria are known for not having products and services that reach up to international standards. To bring these three must-haves together, every SME in Nigeria must strive to provide excellent products and services that can compete with the mainstream market. They should tirelessly work to ensure that these products and services are specially crafted to suit a Nigerian audience.
However, these products should be excellent and have clean finishing. It is the responsibility of small-medium enterprises to always ensure that in addition to the above, their products or service is worth the money they charge off every client.
Featured Image Source: The Guardian NG
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