It was through the recommendation of my friend Mr. Eze-Ifedy Raph that we were invited to Genesys Techhub, Lifestyle and Golf, KM 7 Port Harcourt – Enugu Expressway.
The topic was “Building A Sound Financial System For Your Businesses” for the Genesys Techhub Bootcamp. The programme was organised by the company for entrepreneurs who are in the Tech space.
We started by explaining to the young entrepreneurs the importance of a sound financial system in businesses. One of the main points raised here was the need to have a going concern perspective as an entrepreneur.
This is only possible when there is a sound financial system because the blood of every business is finance.
At a point, we made the presentation more of an interactive session by creating an opinion poll thus: What is the most important resources of your business? There were diverse answers like Profit, Customers, Machines, Employees, Cash etc.
We moved further, where we explained basic accounting terminologies such as:
1) Income Statement
This summarises the operating performance of a business for a given period.
2) Cash Flow Statement
The cash flow statement tells an important story of where the business got cash from and what it did with the cash (how it was used).
3) Balance Sheet (Statement of Financial Position).
This shows the financial status of a business as of a specific point in time. The statement shows what an entity owns (assets) and how much it owes (liabilities), as well as the amount invested in the business (equity).
We also discussed a case study of a man who has been in business but never prepared budget nor has knowledge of basic accounting yet made a very terrible decision of starting a different new business. This particular decision caused the man a great financial loss. The above case study was examined bit by bit to show the need for budgeting in managing the finances of a business.
The entrepreneurs were shown the value an accountant adds to a business. Also, the importance of having an auditor for the expression independent judgement on financial statements and the filing of Company Income Tax as and when due to avoid penalties.
The floor became open for questions
It was as if the entrepreneurs had meeting ahead of the programme to agree on particular question that everybody must ask as it relates to individual’s business.
The question was “how do I get funds as newbie in Nigeria Tech space and how do I pay a lawyer to offer legal services with little or no capital
1) I made them to understand that capital is not only the physical cash, that all other resources used in the production of other goods and services are also capital like the training the company organised for them was free, a free office space is also capital etc.
2) There are a lot of local and international companies offering both cash and training programmes for entrepreneurs. Examples, Seedstars Africa, African Women’s Development Fund (AWDF), Tony Elumelu Foundation Entrepreneurship Programme, African Development Fund (ADF) and others.
3) Concerning the service of a lawyer, every entrepreneur should learn how to build relationship with others in different fields. Once you have a good relationship, such service comes very cheap if not free. I remembered that the first service of lawyer given to our firm countsystemng.com was free which came as result of relationship.
All the questions were well answered and everyone was happy. I told them I look forward to hearing the success stories. They gave thanks and a standing ovation. That was how the presentation was successfully delivered.
I must appreciate the management of Genesys Techhub for given us — countsystemng.com the opportunity.