Business
TechnoServe To Assist Retail Shop Owners Increase Returns
The Country Director, TechnoServe Nigeria, Mr Larry Umuna says the company is in the country to assist small retail shop owners to increase their financial returns and grow their businesses.
Umuna said this at the Mom and Pop Shop Project Closeout of Pan African Youth Entrepreneur Development Programme (PAYED) on Friday in Abuja.
According to him, Mom and Pop Shop Project is a two year project that started in October 2015, funded by the Citi Foundation and executed by TechnoServe Nigeria, a business development organisation.
“The project aims to increase financial return and growth of 75 Mom and Pop Shops (MPS) in Abuja, Nigeria, by providing business solutions to the challenges they face.
“This will be achieved by improving the performance of retailers in last mile retail sector, meaning better financial and operations management, better marketing and inventory management,’’ he said.
He said that the aim of TechnoServe was to facilitate and improve relationships with lenders, suppliers, customers and supporting service providers.
He said that the company also enhanced coordination and collaboration among Mom and Pop Shops in the country.
“We are working with small retailers that allow TechnoServe to create a double impact, increasing employment and livelihoods by improving the shops’ efficiency, and creating market opportunities for products from local small-scale farmers and processors.
“The Nigeria programme is working with 150 shops and we anticipate that 75 per cent will adopt digital business enhancing solutions and at least half will increase their revenues by a minimum of 30 per cent.
“It will also improve relationships with lenders, suppliers, customers and supporting service providers and better coordination and collaboration,” Umuna said.
The Project Manager Mom and Pop Shop Closeout, Mrs Onyeka Igwebuike, said that 60 businesses had been trained on best business practice and 87 per cent of business owners were women.
Igwebuike said that out of the 60 business owners that were trained, 23 stores had received N50, 000 as loan for products purchased.
She said that 75 shop owners had access to business information and 25 businesses had received one year record keeping and business support.
“Despite the challenges faced by Mom and Pop Shops such as highly saturated sector, higher competition and lower profit margin, the business has high growth prospect if best business practices are observed.
“We (TechnoServe) believe that the informal retail sector requires attention considering that they provide services that are beyond the current capacity of formal retailers,” Igwebuike said.
Mrs Chiwe Okafor, a beneficiary, said that with the supervision and training from TechnoServe her skill in record keeping had improved.
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