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If you are a SkyBank customer or you intend to borrow loan from them to finance your SME asset  and, especially for private school owners, this is for you. Though it is a short term loan, nevertheless, it will go a very long way in uplifting your business. The bank says that nurturing businesses for growth means bridging identified gaps in client’s business. It also noted that one of those gaps is funding gap, for which it has developed several loan solutions for its SME customers. One of the bank’s earliest facilities for SMEs is the SME Asset Finance. The maximum loan amount is N10 million per obligor at every given time. Though the bank says the product is SME-friendly, it requires equity contribution of 20% of the loan amount from the loan beneficiary. The tenor of the loan is a maximum of 36 months (three years) but most offers are less than three years. It seems this loan package is targeted at private schools proprietors as the emphasis on the usage is to purchase laboratory...

There is no doubt to the fact that good customer service is crucial to the growth of any business. One of the few ways small businesses can outshine the competitors is focusing on delivering excellent customer service.  Indeed, your attitude towards your customers defines everything. You can leverage your personal relationships and human touch to make your customers feel special. If you manage to put customer service at the heart of your strategy and show that your company really cares, you will build genuine long-lasting relationship with your customers.  It is positive customer experience that sets you apart from the almost identical outlet down the road, and it’s vital for small businesses. If you do it right, it can provide your business with a competitive edge and help you survive in the tough economic climate we live in. The ways through which small business can increase sales through good customer service are explained below. A  great first impression In all sorts ...

DIAMOND Bank Plc has given insight into one of the requirements commercial banks consider before granting loan to Small and Medium Enterprises (SMEs) in the country. Njideka Esomeju, Head Emerging Market, Diamond Bank Plc, gave the insight in her presentation on ‘Growth Financing for SMEs,’ delivered recently at the Vconnect and Facebook SME conference in Lagos. She said: “I found out that so many business operators dwells so much on cash flow.  I don’t think cash flow is the challenge for SMEs; rather it is your cash cycle that is a challenge. Cash cycle is that your banker wants to know how you would turn N5 to N50; what you are going to do, your production cost, how you are going to sell, the market you are going to sell and at the end of the day, you make N50; you can give your banker N2 for debt servicing. So you need to understand your cash cycle. Cash cycle is not the same as cash flow that an accountant prepares for you. You should be able to explain that cash cycle to your...