REPORT OF BSB MEETING HELD ON 29TH OF JULY 2018
THEME: BUSINESS FUNDING, STRUCTURE & EFFECTIVE MARKETING
The meeting started at exactly 12noon with a Worship and Prayer session.
After which Mrs. Fola Ogunsola introduced BSB for the benefit of new members then she started on the first seminar topic – BUSINESS FUNDING AND STRUCTURE.
While discussing the importance of businesses having good structures, she mentioned that less than 2% of those who applied for the Bank of Industry loan actually qualified for it, hence the billions of dollars is just sitting there without anyone to claim it by way of proper documentations. And aside the product that was strictly for women in business, BoI now has a funding opportunity for men and women.
She emphasized “BSB is not a loan giving organization but set to help you have a structure that will ensure whatever you need be it capital, equity, partnership ,funding etc. you will have access to and will also be able to attain any height you desire in your business.”
Second seminar was facilitated by Mr. Wale Ogunsola – FOUNDATION FOR SUSTAINABLE BUSINESS
He narrowed down the foundation of business sustainability to marketing saying “IF YOU ARE NOT READY TO MARKET DON’T VENTURE INTO BUSINESS.”
He then shared some reasons why businesses fail in Africa;
- Lack of necessary perquisite
- Improper long term objectives
- Lack of data and statistics
- Lack of adequate technical knowhow
- Lack of research on target audience and market
- Bad government policies with harsh and anti-investments task regime
- Multiple taxation
- Follow- follow effect
“In marketing” he quipped “the first thing you have to sell to any customer is yourself then a very good understanding of your product”. The full paper he presented on the topic is available on www.bsblinks.com
QUESTION & ANSWER SESSION
Ques.: “I am a dry cleaner, I dry clean before getting paid by my customers, should I continue to do this?
How do I make sure my business is growing with evident financial increase, and why is that my own business is seasonal?”
Ans.: It’s all about the integrity of those you work for, you should use your money to do business but not for everyone.
If you do business right you will get the right results.
Ques.: “I want you to expatiate on the place of needs and value as mentioned during the presentation on marketing”
Ans.: The difference between needs and value can be said with this analogy, my need is to get your business but I must not forget your values. You must respect people’s values and what they hold dear.
Ques.: “What percentage of one’s income should go back into the business?”
Ans.: You are the one to determine the amount of your income that should go into your business. Your liquidity will determine a lot about your business.