Finance and Entrepreneurs in Nigeria
Entrepreneurs are generally very driven individuals, and in Nigeria, this is no exception. These days, we see more and more Nigerians getting inspired to step out and chase their dreams with no safety nets. Some leave well paying jobs with benefits, or defy parents that had dreams of them falling into the doctor-lawyer-banker-engineer professional bracket, all chasing the entrepreneurship dream. So noble, standing up for yourself, taking this huge leap of faith to start a “Business”, providing goods and/or services, while totally neglecting the financial aspect of the business.
The thing is, even if you just fell down from heaven and decided to start a charity that provides limbs to little puppies that were born with only three legs, you’d still need to manage your finances properly to ensure that there are no 3 legged puppies crawling around on your watch. Every startup/business/SME needs a financial structure.
A basic financial structure is not as intimidating as it sounds; it really is just stuff that you already know you need but are either too busy to get around to, or something you believe you can “hire someone” for when you’re big enough. Right? WRONG! If you have models in place to sort the items below, then you have a financial structure.
- Set-up costs
- Product/Service Costs
- Direct & Indirect Costs
- Pricing
- Salaries
- Bookkeeping
- Statements
- Taxes
Most entrepreneurs believe that all these are the “when I get to that bridge, I will cross it” problems. Others believe they do not need all this, as they assume the only accounting they need is:
What I made - What I spent = Mine to do as I please.
If this is you, it’s never too late to hire us, please. lol
MASAL is a finance consultancy firm where we provide easy-to-implement solutions, catering to entrepreneurs, SMEs and startups; addressing the aforementioned issues and a whole lot more.
This platform will be used to give tips and advice in the form of case studies and also some thoughts and expressions on the state of our Nigerian banking sector. I hope you enjoy reading! :)
Thank you.
