While micro, small and medium enterprises are receiving significant attention from the public and private sectors, this has not done much to boost the remaining business statistics. Because it is not just about financing a small business.
Some business owners think that having a corporate account will solve all their financial problems, but many of them still find it difficult to break down and become profitable. Banks are an integral part of the system, and all business owners receive a statement of cash flow from the bank, without any misunderstandings or procedures to deal with the situation.
Co-founder Prospa, Chioma Ugo It was strange Nairametrics business half an hour Show where she explains how business owners can use the set of tools provided by Prospa to create and maintain a financial operating system that will make the business sustainable.
”Prospa was a way for us to try to solve the challenges we face in our business for other business owners. I’m actually started the last two brands, I own a business and I have invested in some small businesses myself. So, I know the dangers of trying to grow a business in Nigeria.
“It can take weeks to set up a business account. Ugo said.
Established in 2019 by Frederick Obasanjo, Chioma Ugo and Rodney Jackson-Cole, Prospa has a suite of small and medium-sized businesses operating a financial operating system, with tools to manage their finances. As cash flows are the lifeblood of any business, these tools come with the help of a well-organized, specific cash flow and automation for repetitive tasks.
After downloading the mobile application from the Play Store, or web application to the desktop, business owners can create a business account in minutes. This saves you the long hours and processes of going to a physical bank.
”You can download the Prospan app on Plaster, fill in the details and get an account in 5 minutes. If you are a registered business, you will need your business details, CAC documentation and more. But if you are not registered, register as a freelancer and still have access to your business account and tools to manage your business.“She said.
Managing cash flow, taxes and other expenses can also be a bit of a challenge for small businesses, but the sub-feature takes care of that so that such processes can be automated.
“If you want to manage your money efficiently, you can create a sub-account for each item and have a unique account number for that purpose. When you receive it, it will be paid immediately to that account and for that purpose.
“For example, you can create a sub-account for VAT at 7.5%, and every time your business account receives any payment, that percentage is automatically deducted and paid into your tax account. , You can do the same for whatever you want to repay. [such] Things “ Ugo explained.
In this way, any borrower or business owner should not have to deal with debt. It can easily create a sub-account that takes a certain percentage of all income and use it to repay the loan. This is usually a great relief for small business owners who are struggling to make ends meet.
There is a Webster feature for suppliers who are ready to take their product online to reach a larger audience, and it only takes minutes to set up using a mobile or web app.
Small, medium and medium enterprises can use Prospa Budget Solution to create monthly and weekly budgets in which they manage and manage their businesses. There is no better way to spend money than to decide how much to spend and what to spend. With the right budget and revenue goals, business owners can start their businesses thriving.
Prospa has recently shut down funding and this is moving towards expanding and expanding access to more business owners across the country. With more than 40 million microfinance services available in some form of banking and other services, there is ample reason to cover them.