Angela Itambo Company

Peace to every reader of this column it is my desire that as you read this article you will be empowered to take the right steps for the overall interest of your business. In a bid to proffer you with the necessary information to ensure you thrive amidst the challenging economic environment around you, we are continuing our series on tips for the small business owner. As your business consultant, my tip for you this week is to consider joining a trade group or an NGO that advocates the rights of small and medium enterprises as a whole.

My reasons are as follows:-

• Quite a number of small and medium sized entrepreneurs fall victim to scam artists that reap them of their hard earned money, either through misleading them on some wacky business idea they can invest in or others fall victim to fraudsters masking as business service providers promising to perform one business function or the other and when money is exchanged, the entrepreneur is told a different story. If such an individual had belonged to a reputable trade group or NGO affiliated to his or line of business, this could have been averted, because most NGOs have a database of names of competent men and women who can perform these tasks and if they don’t can investigate un behalf of their members

• There is usually complains by small and medium entrepreneurs on the lack of proper implementation of polices created by government which is aimed at protecting their interest and even claim ignorance what government and the relevant authorities have on ground for them. As a member of one of the leading advocacy group as regards small and medium enterprises in the country, I have established that when government its relevant authorities have any information or policy for small and medium enterprises, often a times apart from the news media, these NGOs are the first to be contacted. For information on polices that targeted at Small and medium sized entrepreneurs; these can be access via this organizations.

• To further grow the real sector the federal government represented by the Central bank of Nigeria in partnership with Nigerian banks created the SMEEIS funds which is equity participation of banks in selected SME run organizations, One its criteria before this funds can be accessed is for the SME to be a member of a reputable NGO affiliated to the SME cause. In a nutshell for SMEs to participate in this scheme there must be bonifide members of at least of one recognized SME based NGO

• As a result of activities of some dubious individuals in connection with the illicit business transaction known as advanced fee fraud, and also the foreign investment drive of this present administration, to take advantage of the latter, while being careful not to fall into the hands of fraudsters, most foreign desks embassies have resulted to passing information about their trade missions, trade opportunities through this NGO’S and also feel comfortable to do business with those that are recommended by this bodies.

• Finally for you and I to thrive in this Nation call Nigeria as SMEs the environment must be enabling, which means the issue of infrastructure should be taken into consideration, trade barriers to other countries should be lowered, eradication of corruption in agencies meant to protect the interest of SMEs, as well as the enactment of SME friendly policies, moreover as we are going to polls to elect men and women to govern us. Those that will protect our interest should be chosen. This can be done with all SMEs coming together in unity to make our voices heard consistently; given the enormous responsibilities we hold in the economic rebound of this nation. To achieve this can only be through our membership in these NGOs. The big businesses have vibrant NGOs however their quota to the Nigerian economy can not be compared to ours.

Reputable NGOs to join:

• NASME : Nigerian association of small and medium enterprises
• NASSI : Nigerian association of small scale industrialist
• MAN ( The SMEG Group of the Body) Manufacturers Association of Nigeria
• Chambers of Commerce are also good trade groups to join; Lagos chamber of commerce and industry
• Bilateral Trade Groups such as Nigeria German business council, British council, e.tc.