Diamond Bank has tasked entrepreneurs on the imperative of Standard Operating Procedures (SOP) in planning, monitoring and evaluation of Micro, Small and Medium Enterprises (MSMEs) in the country.
The bank gave the charge at the 36th Diamond Business Xpress Seminar held recently in Lagos, noting that SOPs are processes that every business should imbibe for growth and sustainability.
According to Mr. Cheta Agbo, Segment Manager – SME, MSME Propositions, Diamond Bank Plc is committed to supporting the businesses of micro, small and medium sized enterprises as this informs the Bank’s decision to host the seminar as well as provide the customers with various non-financial valued added benefits.
Also, speaking at the seminar, Mr. Niyi Oguntoyinbo, Group Chief Executive Officer, Philly & Mools Group in a lecture titled ‘Structuring your Business for Growth’ said SOP is like a bible to business and need to be followed strictly to protect the life of a business.
“SOP is like a bible to business, it is a way of doing business. It is just the amalgamation of processes and procedures that ensure that tasks are performed in a consistent manner and that outcomes expected from these tasks are consistent such that the business continues to thrive and customer satisfaction is guaranteed.
SOP’s ensure that critical activities of the enterprise are documented to guide their being carried out without the promoter being there to supervise them all the time,” he said.
Oguntoyinbo explained that in building structures for business entrepreneurs, there is a need to understand their markets very clearly for proper planning and evaluation.
He also stressed the need to understand the sources of finance, proper accountability and good enterprise governance for Micro, Small and Medium Scale Enterprises which according to him will help growth and development of business.
Also, Mrs. Betty Clark, Chief Executive Officer, Celebrity Fruits in a presentation titled ‘Insight on SMEs’ noted that to be an entrepreneur, one must have vision, guts, foresight, direction, passion, heart and integrity among other attributes.
According to her, every great product started as an idea, but not every great idea became a great product, adding that the best product is that which is developed by research.
Clark advised that starting small and thinking big while keeping the overhead low is the best way to grow MSMEs.
She listed some of the qualities of an entrepreneur to include initiative, ability to see and seize the opportunity, persistence, risk taking, goal setting and goal getting, dedication, networking, driven by excellence, ability to research, planning and self-confidence.
He noted that the Diamond MSME Proposition is a holistic package of Diamond Bank’s offerings to small enterprises to enable them grows.