We are at a crossroad, we live in a time of expeditious and unprecedented change in our everyday lives. Businesses are not spared a dose of this, time after time entrepreneurs are faced with unsettling and unnerving challenges. Some of these pose a great risk to survival of new and established companies in Nigeria. Now, the need for micro, small and medium enterprises to rely on one another for sustenance have become impending.
Quite true that some of the major challenges facing MSMEs in Nigeria may vary from Capital, multiple taxation, poor infrastructure etc. The incidence and impact of this will be discussed in our subsequent bulletin. Right now, we look at how MSMEs can partner and lean on one another to ensure they stay afloat.
Finding a stable market for products, handling logistics, advertising/marketing and PR are some minor challenges that have somehow posed a great problem for MSMEs. Occasionally seminars/sessions are organised to bring business owners together to brainstorm and network, thereafter organizer do not carry out observation to see how these businesses fair.
At Fodds Capital, we bridge the gap as an entity that has integrated the Peer-to-Peer Networking system as our model of operation.
We believe start-ups observe fellow businesses not as competitors but allies, they feel the drive to carry on. More so, as a company financing and tracking MSMEs, referring one business to the other has become our policy. This keeps MSMEs liquid. For instance, MaxyLakers, a print company needs not worry much about print jobs as a start-up company, as all digital print/advertising jobs for MSMEs and established firms we work with are referred to MaxyLakers. The print company does not need to worry about delivering finished jobs at cut-throat rate, as he can call on any of the MSME offering logistic/deliveries in the FODDS network. The logistics serves the fashion designer, the Agro-merchant and so on. Creating a community linking these entrepreneurs is the focal point of the Peer-to-Peer Networking.
The fundamental scheme behind the benefits of peer-to-peer networking is this; we learn better, gain more confidence and lean towards people with shared experiences and on similar level and circumstances as ours, in addition, there are tremendous benefits in being able to tap into the collective experience of a group of trusted peers.