January 31, (THEWILL) – Small Medium Enterprises (SME) are the ultimate drivers of the economy, and when they are under-utilised and not given the much-needed support to thrive, it has an overriding effect on the overall growth and development of a Nation.
In a demonstration of its continuous commitment to National development, FirstBank thus launched the SMEConnect portal to congregate value-adding propositions and services for SMEs on a single platform for easy access.
The Portal, according to the bank, emerged from extensive engagements with customers, internal and external surveys and reports by SMEDAN, Efina and NBS, First Bank of Nigeria Limited, to ensure SMEs thrive.
The SMEConnect portal connects business owners to resources and information to educate them on structuring and better managing their businesses.
The value propositions and services on the SMEConnect portal educate and equip SMEs to combat challenges like poor business structure, lack of infrastructure, low market penetration, limited access to information and professional services, inconsistent government policies and others that might stifle their growth.
For example, lack of capacity is one of the most indicated reasons for business failure or stunted growth in business.
The platform houses webinars on various important topics to help educate SMEs and build the required capacity.
The blog section of the portal has interesting and informative content like: “Tips for Building and maintaining good customer relationships; Remaining in business after Covid-19; How to scale up; How to successfully separate a financial business account from a personal business account; as well as Creating a Micro Pension scheme for MSMEs etc.”
FirstBank also runs varying degrees of entrepreneurship programs and activities through pieces of training, workshops, seminars, business clinics and webinars, and the events are displayed on the portal for business owners to access.
It is known that over 60% of businesses fail in their first year, not only because of capacity constraints, but also because access to finance is another reason they fail. The SMEConnect portal connects businesses to resources and finances by providing information on the various finance options available to registered users.
There is a section of the portal that breaks down the steps to accessing finance for businesses, to simple actions such as opening either savings or domiciliary accounts. After all, what would be the essence of all the education and capacity building if the business owner is still unable to access finances and other resources.
SMEs that have an account with FirstBank can access direct and indirect funding throughout the business life cycle via grants, debt/loans, and equity.
In addition to other benefits, the platform connects SMEs to Market, Resources, Infrastructure, Talent for business development, Policy and Advocacy, giving them all they need to move to the next stage of their business growth.
The portal also integrates SMEs into large distribution networks by connecting them to customers, distributor channels, suppliers, and large corporations.
There are also productivity tools such as the Business Diagnostic tool that helps check the health of a business as well as a pool of professionals like accountants, lawyers, digital marketers, consultants and business coaches, which SMEs can tap into. Some of these value-adding solutions are free, and for the few that are not, they come at substantially discounted rates. As the premier Bank in West Africa,
The SMEConnect portal is one of First Bank’s initiatives to promote the sustainability of SMEs by exposing them to the knowledge and resources they need to grow their business.
One of the most exciting features businesses get on the SMEConnect portal is the Business Diagnostic Tool earlier mentioned, it is a 15-minute survey where SMEs are asked questions about their business and at the end, get a customised report for their business.
This is ordinarily a service that business owners pay consultants to get, but First Bank has made it available for free even to businesses that do not have an account with them.
There are special offers for SMEs that are registered and have an account with First Bank, and an opportunity to be listed on the portal. You can find businesses listed across different industries like education/training, manufacturing, trade, agriculture, hospitality, transportation/logistics, telecommunications, ICT, healthcare and fitness, sports, FMCG, financial services, media/entertainment, food, real estate, engineering/construction, oil & gas, fashion/beauty, and services.
These registered businesses get to showcase their products/services for free, interact with customers and other SMEs, have an opportunity to attend free monthly capacity building workshops, seminars and webinars; and get exclusive discounts on business development resources such as booking a business coach.
As more businesses sign up and use the SMEConnect portal, it is possible to see a future where Nigerian businesses break even, thrive, and grow amidst challenges.
