Nigeria Local Market, LAPO and other Micro Finance Banks

Micro Finance Banks in theoritical aspects are special banks set aside to help small business find their feets in the populated world of business. But coming to the practical aspect  especially here in Nigeria, it is like a trap waiting to catch a prey.

Lately, I have studied the trend in our Local market, by market here I mean commodity markets. It has come as a shock to most people that not all shops or stalls which are full to the brim are from the capital of the owner, most traders trade on debt which is fund by money borrow from Micro Finance like LAPO and the rest.

You will see many of our pepper sellers, food vendors and the likes running to these banks. You might be wondering why do they run to these banks? Well, these Micro Finance banks are easy to access unlike the normal banks where you need a collateral security, all a Micro Finance bank needs is a Gaurrantor or Surety they can hold  incase the borrowers makes away the loan.

But beneath it being easy to collect, is the difficulty in payment due to the high interest you have to pay either every 7days, 5days etc. 

Apart from this, refusal to pay is like shooting ones foot, Micro Finance Banks do not toy with their money. They go as far arresting defaulters and most trader are given restless and sleepless night.

Above all these, Micro Finance Banks have been doing a nice job, it could be that our traders do not understand you don’t take a loan to fund a celebration but for the main business.

A suggestion to Micro Finance banks is to create a monitoring team to ensure traders given loan use it for what they should as this will both help the banks and customers.

How many of this banks do you know, relate your experience.

Advertisements

Nine Reasons You Need a E-Invoicing System.

The World is evolving fast likewise likewise every sector of the economy.
For you to clicked on this link to read shows you have been attracted by what you saw as the headwords, my best shot is you are a Business Owner, Entrepreneur in the making or a lover of knowledge who wants to know.

Well, lets go to the discuss, Invoices as is popularly known is a written document which is written by a seller to the buyer showing clear description of the goods or services purchased. As we know Invoices in the past as moved away from the traditional system of scribing down of information about goods and services on a paper to electronic invoicing that is with few clicks on your electronic and internet enable gadget, you can send your invoice in a jiffy. While using an Electronic invoicing tool what is needed is the Buyer’s Email address or Phone number which will serve as recipient of the invoice.

Many Business do not take into cognisance how their invoices looks to customers but Do you know the way your invoice appears also attract prospective customers?
Therefore, if you want to attract your customers and prove to tell them that you a professional in your field  then you need to have a nice and neatly designed invoice which you will be proud to send out for the first time. Always Remember your invoice speaks a lot about your business.

Well, it has also been noticed that once things work out well and you begin to have a large base of customers, your number of invoices will also increase and you start feeling stressed out filling invoices.

Therefore, instead of following the traditional way of writing out an Invoice which can be  time consuming and error prone I encourage you to make use of an online Invoicing tool also known as Electronic Invoicing tool that will give you more time to relate with your customers, less tasking and has a low error rate.

Here are some Reasons why you need an online invoicing tools are:

1. Time Saving – like they do say “Time is the universal currency” a minute wasted cannot be regain not talk of hours. Now, with an online invoicing tool You can save up time which you have normally used to write invoices for other productive activities. Time is precious.

2. Professionally Styled – This is one of the many reason you need an invoicing tool because with an it your invoice can contain your logo, business description and even general terms and conditions without wasting time and also makes you look more professional.

3. Error rate is very low – yes, with an invoicing tool error rate is very low. Having had a little time in an accounting department of an organization, I can stay writing out an invoice is a difficult thing especially especially if there are other things to do, you will have to hurry up which can lead to making a lot mistakes but when you use an online invoicing tool the system is automated and there are little chances of making error.

4. There are Automated Reminders -online invoicing tool will  aid your invoice to be paid faster because you will be able to set up automated reminders unlike in the traditional system where you have to have a good memory of all unpaid past invoices, the question is how many people can do that perfectly when there are a lot of other things to do?

5. You Get access to your business finance – with an online invoicing tool you will be able to view your dashboard  which will enable you have more knowledge on your business’s finances.

6.  Easy to use and access – this is one of the best reasons because you wouldn’t have to carry your invoice notes all around since you can manage and send out your invoices from your tablet, laptop or smartphone 24/7. with this, you always on the go.

7. Your Information are very safe – you might be getting worried, are my information safe? Oh yes they are, all your information are saved on a safe location and also very secure.

8. Less expensive: Some people might be thinking “I like it already but it is going to be very expensive!” Well let me give you s shocker, setting up an invoicing tool will cost you less than 1000 naira  a month, yes I meant one thousand naira. It is not expensive at all.

9. Less paperwork – with an online invoicing too you are saved from too much paper work which normally would have let your office look bulky with papers littered here and there.

Above all, the world of business is transforming and you wouldn’t want to be left behind in the stone age, you have to embrace technology as it comes. Online invoicing tool is the latest key to preparing your invoice.