Quo Magnis Limited brings a new and affordable solution to small businesses

The Micro, Small and Medium Enterprises (MSMEs) have been known, all over the world, to be engines of economic growth and contributors to employment generation, wealth creation, poverty alleviation and food security.

Largely, MSMEs have been defined based on the staff strength as well as the asset base (usually excluding land and buildings). In most cases, where there is inconsistency between the 2 indices, the employment criterion usually prevails:

·        Micro Enterprises have been defined as those with less than 10 employees with an asset base of less than N5 million.

·         Small Enterprises have been defined as those with employees between 10-49 in number with an asset base of N5 million – less than N50 Million.

·       Medium Enterprises have been defined as those with employees between 50-199 in number with an asset base of N50 million – less than N500 Million.

All the massive attention and support given to SMEs relate to the widely acclaimed fact that SMEs are job and wealth creators. Small businesses remain a veritable tool for encouragement of entrepreneurship, creating immediate employment opportunities, promoting inter- and intra-regional trade, breaking monopoly of larger enterprises as well as alleviating poverty world over.

The current state of MSMEs in Nigeria

SMEs in high-income countries contribute 55% to GDP and over 65% of total employment. In middle-income countries SMEs and informal enterprises account for over 70% of GDP and over 95% of total employment. In Nigeria, based on the collaborative survey conducted in 2010 by the National Bureau of Statistics (NBS) and the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) MSMEs account for 46% of Nigeria’s GDP.

The reasons accounting for the slow pace of growth within this sub-sector, its inability to fulfill its potential to the Nigerian economy are not far fetched. Many blame this on the lack of access to finance, some think otherwise, arguing that inappropriate management skills, difficulty in accessing global market, lack of entrepreneurial skills and know-how, poor infrastructure etc. are largely responsible.

In 2004, The Association of Nigerian Development Finance Institutions (ANDFI) issued this statement in relation to why SMEs perform poorly in Nigeria: 

“Finance is usually considered as the major constraints of SMEs. While this may be true, empirical evidences have shown that finance contributes only about 25 percent to the success of SMEs. Thus, the creation of other appropriate support system and enabling environment are indispensable for the success of SMEs in Nigeria”.

It is widely acclaimed that Small and Medium Enterprises (SMEs) in Nigeria are largely not properly structured, are informal, labor intensive, have centralized or concentrated management, are basically involved in trading activities and disorganized as a result of low-level capacity in management, marketing and technical know-how as well as low level knowledge of legal and regulatory practices, policies and accounting practices.

Our contribution to the Solution

Small businesses cannot thrive in an environment where there is little or no structure, where accountability is not the norm / order of the day, where structures, systems and processes are not well defined, flowing seamlessly without the constant minute by minute check of the chief executive.

Our Human Resource (HR) tool has been designed, with the peculiarities of the Nigerian market in mind, and the Nigerian employee, bringing to bear over 25 years of active experience in the Nigerian market, the SME sector and the HR industry. This tool comprises of a well-selected set of templates (of which we are proud to say none of its kind exists currently in the country), which are designed as easy to use, and implement, which will:

·         Provide the necessary structures in small organizations;

·         Provide clarity in job functions and expectations;

·         Enhance accountability within the system;

·       Make the organization a more formidable system – curtailing easy fraudulent practices which is so prevalent in most organizations;

·         Make such organizations more attractive to top talents and

·        Increase the chances of sustainability of such organizations and in the long run, its profitability.

This tool is most useful for organizations with staff strength between 5-35. It is at a very friendly fee – highly discounted to make it affordable and available to this sub sector. We provide implementation support as part of the buying process. We advice organizations with a higher staff i.e. 40 and above to approach us for our customized services – also at an affordable fee.

Quo Magnis Limited

Email: info@quomagnis.com

Telephone: +234 903 052 5028

URL: www.quomagnis.com

About us:

Quo Magnis Limited is a Human Resource Consulting firm – providing change management services to large organizations and structure & process set up services to small and medium sized enterprises. We are committed to the development of enabling structures that enable organizations grow, thrive and maximize its profitability potential. This is why we exist.