Diamond Bank Harps On The Importance Of Business Planning For SME’s Growth

(L-R)Chiagozie Nwizu, MSME Advisory Manager, Diamond Bank PLC; Raymond Mbonu, Business Manager, BrigdeHead Branch, Diamond Bank PLC; Chief Emmanuel Eziokwu, KSJ, Chairman, Prollo Pipes & Profile Industries Limited, Onitsha; Iheanyi Nwanosike, Business Manager, New Market Road Branch, Diamond Bank PLC and Nicholas Peter, MSME Proposition, Diamond Bank PLC at the 47thBusinessXpress Seminar of the bank organized for Micro-Small, Medium Enterprises at Onitsha recently.

Diamond Bank Plchas hinged the success and sustainable growth of Small and Medium-Scale Enterprises (MSMEs) on strategic planning, corporate discipline and focus.

The Bank stated during the 47^th edition of its BusinessXpress Seminar, organized to train and broaden the management skills of operators of Micro, Small and Medium-scale Enterprises in Onitsha, Anambra State that the only way to maintain stable and sustainable growth under harsh economic environment, is to embrace the old-fashioned method of corporate planning and financial discipline.

Raymond Mbonu, Business Manager, Diamond Bank, Bridge Head, Onitsha, stated in his welcome address that the Bank’s commitment, drive and passion to fund the MSME sector is as a result of its conviction that MSMEs holds the economic key for growing the national economy and reducing unemployment.

“Diamond Bank’s commitment to the MSME sector is motivated by the fact that a nation with a thriving MSME sector will grow to become self-sufficient with sufficient employment opportunities for the citizenry. There will also be a significant decline in social vices. This is why we are investing in the sector and we will continually support them and help them grow into viable multinational ventures,” he said.

The guest speaker, Chief Emmanuel Eziokwu, Chairman, Prollo Pipes & Profile Industries Limited, harped on the need for proper business planning. According to him many small businesses do not plan, that is why they are adversely affected in times of economic crunch, pointing that the two major traits common with MSMEs are diversion of funds and overspending. These vices according to him, can only be curbed through planning.

Reiterating Mbonu, Uche Apakama, CEO of Paxs Pharmaceuticals Limited, who is also President, Onitsha Chamber of Commerce, Industry, Mines and Agriculture, said that the ripple effect of the business training of MSME operators in the state by Diamond Bank has significantly enhanced many businesses in Onitsha and will continue to impact positively the upcoming ones.

“The Diamond Bank BusinessXpress Seminars have changed the nature of business in Onitsha. Onitsha is an entrepreneurial hub but since the inception of the Seminars here, we have seen the approach to business changing. Many MSMEs are embracing modern business management practices and training their staff in financial management and other relevant skills that will enhance what they do. The thinking is changing and many small businesses are beginning to look beyond merely satisfying their immediate needs to wealth creation and sustainability,” Apakama said.

The Diamond Bank BusinessXpress Seminar is a monthly capacity building and business advisory workshop targeted at businesses within the MSME sub-sector. The seminar holds in a selected city every month.