Why SMEs need biz info training
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- Category: SME toolkit
- Written by Bridget Olotu
- Hits: 1094
Business information encompasses a broad spectrum of sources (internal and external; traditional and contemporary; formal and informal) that SMEs can turn to for data on the discussion of business-related subjects. These sources can be invaluable in helping small and medium business owners tackle various aspects of operations, such as marketing, product forecasting, and competitive analysis. Business Information is of tremendous value in two fundamental aspects of operations: problem solving and strategic planning.
It can also be utilised to evaluate the marketplace by surveying changing tastes and needs, monitoring buyers’ intentions and attitudes, and assessing the characteristics of the market. Sourcing business information is critical in keeping tabs on the competition by watching new product developments, shifts in market share, individual company performance, and overall industry trends. The intelligence gathered from sources of business information helps SME managers and owners to anticipate legal and political changes, and monitor economic conditions in the country and abroad. In short, this intelligence can provide answers to three key business questions: How am I doing? Where am I headed? And how do I compete?According to Obura-Okello (2005), in her doctoral study on how SMEs source information in Northern Uganda, she affirms that lack of appropriate strategies for empowering SMEs as an engine of economic growth, including the use of information as a catalyst for socio-economic transformation, was the reason for the stagnant economic development of the region. This agrees with the World Bank position that the problem of poverty in Africa and the third world is directly related to the scarcity of an appropriate business information system (World Bank, 2001, p. 73).
The report argues that it is possible to reduce poverty by spreading information to needy populations worldwide (Ibid). Nigerian SMEs therefore need a local, demand-driven information system to facilitate accessibility to and utilisation of business information. Business information therefore is seen to be the solution for increased business performance, job creation and more money in the hands of more people. And this would lead to improved income, improved income equality for the genders, and improved household consumption that would, in turn, lead to the socio-economic transformation of the country (Obura-Okello, 2005).
Now as critical as the sources of business information are, so also critical is the effect of business information dissemination. In bringing about social and economic change, the place of information recipients or target audience, just as the place of the information provider, is important. However, effective and strategic business information dissemination must be planned for and must not be allowed to happen in an ad hoc manner. Since some forms of information dissemination can be expensive, proper planning and budgeting of resources are imperative for the success of the information dissemination process.
Seeking out opportunities for inexpensive but effective methods of information dissemination is key to the overall objective and interest of the information provider.
The training objectives for this training programme can include: to define and deepen participants’ understanding about sources of business information and dissemination; to explain the reasons for business information sourcing and dissemination; to point participants to different sources of business information and dissemination and how these sources can be utilised and optimised effectively by participants; to identify the need for managing the sources of business information and dissemination; to teach participants factors to consider and strategies to utilise for effective and inexpensive sourcing and dissemination of business information; to identify the role of technology in sourcing and disseminating business information.
This training will help SMEs to understand the different sources of business information and dissemination; understand the reasons for business information sourcing and dissemination and how to effectively and robustly optimise its use to meet their goals and objectives; teach them how to source for and disseminate business information using a mixture of traditional, contemporary, informal and formal methods of business information sources available; expose them to factors that determine the source of business information and the relevant and inexpensive ways/methods of disseminating same to (an) identified audience(s); let them know how to utilise available technology, especially the internet and other related items of technology to source for and disseminate business information; and let SMEs to become more informed and competent in the utilisation of the different sources of business information and how to effectively and inexpensively disseminate it.
SMEs need to grow up as learning and information seeking organisations in order for them to be able to compete in today’s global business environment.
Articles
Why SMEs need biz info training
Category: SME toolkit Written by Bridget Olotu Hits: 1094
Business information encompasses a broad spectrum of sources (internal and external; traditional and contemporary; formal and informal) that SMEs can turn to for data on the discussion of business-related subjects. These sources can be invaluable in helping small and medium business owners tackle various aspects of operations, such as marketing, product forecasting, and competitive analysis. Business Information is of tremendous value in two fundamental aspects of operations: problem solving and strategic planning.
It can also be utilised to evaluate the marketplace by surveying changing tastes and needs, monitoring buyers’ intentions and attitudes, and assessing the characteristics of the market. Sourcing business information is critical in keeping tabs on the competition by watching new product developments, shifts in market share, individual company performance, and overall industry trends. The intelligence gathered from sources of business information helps SME managers and owners to anticipate legal and political changes, and monitor economic conditions in the country and abroad. In short, this intelligence can provide answers to three key business questions: How am I doing? Where am I headed? And how do I compete?According to Obura-Okello (2005), in her doctoral study on how SMEs source information in Northern Uganda, she affirms that lack of appropriate strategies for empowering SMEs as an engine of economic growth, including the use of information as a catalyst for socio-economic transformation, was the reason for the stagnant economic development of the region. This agrees with the World Bank position that the problem of poverty in Africa and the third world is directly related to the scarcity of an appropriate business information system (World Bank, 2001, p. 73).
The report argues that it is possible to reduce poverty by spreading information to needy populations worldwide (Ibid). Nigerian SMEs therefore need a local, demand-driven information system to facilitate accessibility to and utilisation of business information. Business information therefore is seen to be the solution for increased business performance, job creation and more money in the hands of more people. And this would lead to improved income, improved income equality for the genders, and improved household consumption that would, in turn, lead to the socio-economic transformation of the country (Obura-Okello, 2005).
Now as critical as the sources of business information are, so also critical is the effect of business information dissemination. In bringing about social and economic change, the place of information recipients or target audience, just as the place of the information provider, is important. However, effective and strategic business information dissemination must be planned for and must not be allowed to happen in an ad hoc manner. Since some forms of information dissemination can be expensive, proper planning and budgeting of resources are imperative for the success of the information dissemination process.
Seeking out opportunities for inexpensive but effective methods of information dissemination is key to the overall objective and interest of the information provider.
The training objectives for this training programme can include: to define and deepen participants’ understanding about sources of business information and dissemination; to explain the reasons for business information sourcing and dissemination; to point participants to different sources of business information and dissemination and how these sources can be utilised and optimised effectively by participants; to identify the need for managing the sources of business information and dissemination; to teach participants factors to consider and strategies to utilise for effective and inexpensive sourcing and dissemination of business information; to identify the role of technology in sourcing and disseminating business information.
This training will help SMEs to understand the different sources of business information and dissemination; understand the reasons for business information sourcing and dissemination and how to effectively and robustly optimise its use to meet their goals and objectives; teach them how to source for and disseminate business information using a mixture of traditional, contemporary, informal and formal methods of business information sources available; expose them to factors that determine the source of business information and the relevant and inexpensive ways/methods of disseminating same to (an) identified audience(s); let them know how to utilise available technology, especially the internet and other related items of technology to source for and disseminate business information; and let SMEs to become more informed and competent in the utilisation of the different sources of business information and how to effectively and inexpensively disseminate it.
SMEs need to grow up as learning and information seeking organisations in order for them to be able to compete in today’s global business environment.