The Nation Newspaper

Tag: SMEs’

  • Global group to empower SMEs to access international funds

    Global group to empower SMEs to access international funds

    An international organi-sation, Afribiz  Group, is poised to empower Small and Medium Enterprises (SME) in Nigeria, access international funds and thus contribute to economic growth and income.

    These involve individuals and organisations seeking financial support for small to mid-size projects  of  up  to $100 million.

    The  Head, Nigeria-West-Africa Liaison, Mrs  Nwakego Eyisi, said  international  funders are looking for  high-potential SMEs  to  offer  funding  assistance, which  local   companies  can  explore  to boost their businesses.

    However, getting funding granted,she explained,  requires knowledge about the criteria for  acquiring such funds. Many high-potential SMEs ,she  noted, cannot  explore  funding  opportunities   because they do not understand what funders expect of them and cannot access the support they need to meet these high standards.  She  attributed  this  to  poor project preparation.

    According to her, thorough project funding preparation make SMEs eligible to receive large funds based on various criteria.

    To  fill this gap, she said  her  organisation  is ready  to build and strengthen the capacities  within enterprises to tap into direct funding themselves.

    According to her, bankable projects don’t automatically happen. It requires a strategic approach, which encapsulates the many variables into a synergised whole.

    During their trainings, financial investment experts share their experiences in projects as well as present innovative projects which have received support. The  trainings   focus  on  early stage project development process – from idea to feasibility . It also prepares project stakeholders for the remaining stages of the project development process.

    Mrs Eyisi said preparing SMEs for early stage project development is critical to promoting economic growth.

    According to her, Sub-Saharan Africa has significant growth opportunities for investors taking a long-term view on growth, but however, noted  the absence of a functional project preparation to meet the criteria of international funders.

    Her organisation, she stated, offers   intensive project finance investment preparation that can be presented to international investors.

    The company‘s  activities, according to her, has helped  to  increase  the number of investible SMEs.

    She said her organisation has partnered with the Industrial Development Corporation of South Africa Limited (IDC) to incubate several highly-scalable SMEs.

    By sharing its expertise and resources to a wide base of SMEs, she expects the development to have a multiplier effect, attracting new investors to the SME market and increasing access to capital.

    Afribiz Group is a United States based consulting firm focused on early stage project/venture development and pre-transaction services in emerging and frontier markets.

  • Fidelity tasks SMEs on funding challenges

    Fidelity tasks SMEs on funding challenges

    Clear business model or concept to be captured in the business plan, clear marketing and sales strategy, competent and experienced management, clear competitive advantage and strong financials have been identified as key remedies to the challenge of access to finance faced by SMEs.

    Executive Director, South, Fidelity Bank Plc. Aku Odinkemelu,   made the assertion in Enugu at the Bank’s maiden edition of the regional conference for the South-East region, themed: ‘Positioning SMEs for Growth in the Southeast Region’ recently.

    Odinkemelu, who was the lead discussant on the panel discussion session on ‘Overcoming Barriers to Funding’, said SMEs in Nigeria are confronted with key challenges of low-levels of business management and finance.

    She identified the key challenges to include poor managerial/entrepreneurial skills and inadequate business processes; inadequate research/market information to determine business viability; poor access to market; limited access to the export markets; inadequate record keeping.

    Others are absence of proper business planning; lack of long term strategy and poor business model; low technology leverage; key man risk, etc, as well as finance, which has to do with limited options; high cost; amount and tenor.

    Odinkemelu tasked SMEs to possess what she called the 5Cs of Credit- conditions, character, capacity, capital and collateral- for banks to enable them become more attractive and eligible for funding.

    She said banks want to know the purpose of the loan, local economic climate and conditions within the industry and other related industries that could affect the business.

    “Banks also want to see a measure of integrity and trustworthiness. Your credentials and references, credit reports, references from customers, suppliers, staff and other third parties, and other technical competence, managerial competence, financials, market size/profile, service offerings/income lines, pricing strategy, etc, money promoter must have invested in the business evidencing his commitment, and secondary repayment source,” she said.

    Earlier in his remarks, the MD & CEO, Fidelity Bank Plc., Nnamdi Okonkwo, said the theme of the conference was at the heart of the bank’s passion and commitment to building entrepreneurs in the Southeast region of Nigeria.

    “Whilst we have always supported small businesses, our renewed focus on the SME segment is driven by the increasing role of SMEs as critical agents of economic development and transformation in Nigeria,” he said.

    “In line with this, we created a dedicated SME Banking Division (Fidelity Managed SMEs), which focuses on providing solutions to the challenges faced by SMEs through a multifaceted approach, one of which is our flagship SME-focused radio programme (the Fidelity SME Forum), a major component of the business advisory and business management capacity building end of our business.

     

  • LCCI: three million jobs yearly possible with SMEs

    LCCI: three million jobs yearly possible with SMEs

    The Federal Government’s promise of creating three million jobs yearly is achievable, Lagos Chambers of Commerce and Industry (LCCI) Director General Mr. Muda Yusuf has said. It can be achieved with the aid of Small and Medium Enterprises (SMEs) and the real sector, he said.

    Speaking at a forum with the theme: ‘Job Creation through Entrepreneurship Empowerment’ held in Lagos, he said entrepreneurship plays an important role in the economic growth and development of any nation. “It is a purposeful activity involving the initiation, promotion and distribution of wealth and service,” he said.

    He, however, listed some of the obstacles to include skill and human capacity issues, hash business environment – infrastructure lapses, policy and regulatory shortcomings, access and cost of funds, macroeconomic challenges, interest rate and inflation, multiple taxation and inadequate incentives for entrepreneurial development.

    He called for  collaboration between the public and private sectors; development of incubation centres and enterprise development centres; creation of  free trade zones; promote the teaching of entrepreneurial skills in schools and colleges; use mentoring as a means of business skills development to encourage skill sharing and long-term personal relationship between mentor and mentee; and providing vocational skills and income-generation opportunities for the marginalised, such as women, people with disabilities and the unemployed.

    The Director General/Chief Executive, Industrial Training Fund (ITF), Dr. (Mrs) Juliet Chukkas-Onaeko, said ITF has achieved over 70 per cent job placement for its trainees across major sectors of the economy.

    According to her, the ITF’s focus was to ensure 100 per cent employment for trainees that had benefitted from the various trainings conducted in collaboration with the Nigeria Employers Consultative Association (NECA) and other organisations.

    “Our focus is to achieve 100 per cent employment for all trainees that come on the platform. And so far, I would say that we have done quite well. Up to 70 per cent get retained by the companies that work with us to train these people, and some go to sister companies, other companies that offer the same services, and they get employed.”

    She said over 74,000 Nigerians have been trained in various vocational and technical areas under the 1,000 per state training scheme, while about one million benefitted from the overall ITF training projects, in-house and across industries in the last one year.

    The Director-General assured that the ITF would continue to increase the number of trainees in the coming years to further address the issues of unemployment in the country, adding that already the process of training two million annually has commenced.

    “I have told my team that we should look at training and working on getting jobs for at least 50 per cent of four million people to be trained. That is because the need is huge. If we don’t do this considering the number of youths that graduate from the universities every year, from the polytechnics and even the secondary schools, the unemployment rate will continue to grow at a very high rate”, she said.

    Onaeko was honoured with award of Excellence in Vocational Training and Development.

  • DHL Express plans workshop for SMEs

    Global courier service provider  DHL said it is determined to teach small business in Africa the benefits of international trade.

    To this end, the company is  launching its Growing Beyond Borders entrepreneurial training programme in several Sub Saharan Africa (SSA)  countries this month.

    They include Botswana, Zimbabwe, Ethiopia and Mauritius.They will be followed by South Africa, Nigeria, Kenya, Cote d’Ivoire, Ghana and Uganda.

    The programme will be expanded to 16 more markets in the region before the end of the first quarter of next year. The programme  is designed to help small and medium enterprises (SMEs) understand the economic potential of international trade.

    Managing Director  DHL Express SSA Hennie Heymans  said  the continent is attractive for business expansion. The stable Gross Domestic Product (GDP) forecasts for SSA 4.6 percent in 2016 and  five  percent in 2017 coupled with a booming ecommerce sector will create significant opportunities for innovative SMEs to service online-savvy customers.

    “In South Africa alone, the demand for online retail is growing rapidly,” Heymans said, “with significant opportunities existing to create crossborder ecommerce partnerships throughout Africa.”

    A recent report revealed that the majority of South African online shoppers could be cross-border shoppers in the coming years. It also showed that 46 percent already shop outside of South Africa. Similarly, the research shows 30 percent of Nigerian crossborder shoppers have purchased goods from South Africa in the past 12 months.

    While local entrepreneurs are identifying expansion and growth opportunities across Africa, many simply do not have the know-how to capitalise on these, Heymans said.

    “Many SMEs develop a plan to grow their business internationally, but battle to turn this plan into a reality,” he added.

    “Our Growing Beyond Borders program will provide practical guidance on how to make the most out of the opportunities available, and assist SMEs to grow and connect across Sub Saharan Africa.”

    The free workshop will explore new markets, provide guidance on how to find key geographical opportunities for the business’ specific products and services, and how to identify various marketing avenues and ways to build long-term relationships with target customers.

    The event is borne out of the DHL Express Certified International Specialist programme, an internal learning and development platform, which has seen about 4,000 DHL employees in 51 countries in SSA and 100,000 employees globally, receive comprehensive training on the fundamentals of international shipping.

     

  • Etisalat, Google urge SMEs to explore e-commerce platforms

    Etisalat and Google have urged Small and Medium Enterprises (SMEs) and start-up businesses in the country to embrace electronic or e-commerce model of business to boost their capacity and efficiency.

    Head, Enterprise Marketing at Etisalat, Bidemi Ladipo who spoke in Lagos said start-up businesses and SMEs would benefit immensely from having online presence because it is a cost effective and a faster way to increase reach.

    Ladipo who spoke on the Role of Mobile Penetration in Online Commerce at Webmall Connect Commerce Conference sponsored by the telco said out of the over 150 million active GSM lines in Nigeria, 89 million of the subscribers use the internet with 75 per cent of these having access to the internet via mobile devices.

    He said: “Having your businesses on the digital space offers you lots of advantage; it reduces your overhead and increases your visibility and reach. At Etisalat, we are committed to offering quality of service both in voice and data, and continuously provide solutions that help enterprises and startups grow and sustainable.”

    He also stated that as part of efforts aimed at encouraging SMEs to connect their businesses online, Etisalat offers affordable and fastest internet data service and voice service including the Close User Group (CUG) platform to bring down cost on calls and data usage.

    Also speaking on the occasion, Head, Business Development, Google Nigeria, Jola Aderemi-Makinde expressed delighted that more businesses in Nigeria are embracing digital applications. She assured that Google remained committed to helping SMEs grow, leveraging on the internet as platform.

    She said: “Our focus now is to help local businesses succeed online. There are different tools available to SMEs for them to achieve their business objectives. Startups and SMEs should take advantage of these tools to expand their businesses.”

    Managing Director, Webmall, Wole Faroun said the digital space offers SMEs and startup businesses numerous opportunities to grow and expand exponentially.

    “Three years back, awareness and knowledge about e-commerce were not as high as it is today; now more people know about e-commerce although the full potential of the e-business model has yet to be fully appreciated. e-commerce offers huge potentials than we are benefiting now,” he said during a panel discussion.

     

     

  • Lagos praises GEMS’3 support for SMEs

    The Permanent Secretary, Lagos State Ministry of Commerce, Industry and Cooperatives, Mr.  Farideen  Akodu, has commended the United Kingdom sponspored  Growth and Employment in States Support Improved Business Environment (GEMS 3) programme for taking steps to boost  online marketing opportunities for Micro Small Medium Scale Enterprise (MSME) in the state.

    Speaking at workshop on  E-commerce organised by the GEMS 3 in Ikeja, Lagos, Akodu said  empowering SMEs  to explore  opportunities  provided by  e-commerce will  not  only  create  jobs but  will encourage  economic growth and  reduce poverty in the state.

    Represented by the Director of Commerce, Mr. Hakeem Adeniyi, Akodu, said  GEMS’3  practical intervention ,targeting improved  market access, skills acquisition, business support services, will  improve income opportunities for  the poor.

    According to him, e-commerce is  spearheading  changes in through  online buying and selling of goods and the way enterprises do businesses.

    Speaking further Akodu ,said that the Lagos state governor, Mr. Akinwumni Ambode ,is ready to promote  private sector driven economy, adding that this led  to the establishment of three different agencies, the office of oversees affairs and investment  Lagos Global ,the ministry of wealth creation and employment and the office of civil engagement.

    Kaduna   State Manager, GEMS3, Aisha Mujaddadi said  the  organisation is determined to  work with private and public stakeholders to build and deliver a systematic framework that will make it easier to do business in Nigeria.

    GEMS3  implement interventions to generate change through a Business Environment Improvement Framework. The following results will be achieved in a minimum of 8 states including but not limited to GEMS3’s target states: Cross River, Lagos, Kaduna, Kano, Kogi, Jigawa, Katsina and Zamfara.

  • Heritage Bank to increase SMEs funding to N100b

    Heritage Bank has said it is targeting increasing loans to Small and Medium Enterprises (SMEs) from N23.5 billion to N100 billion by the end of next year.

    The bank’s Head of SME Product, Concept, Ideas and Development, Ekene Maduake made this known in Lagos at a yearly conference on SMEs in Lagos.

    Speaking on Heritage Bank’s  perspective on the theme of the conference, ‘Banks and SMEs in Nigeria: Prospects, challenges and success stories,” Ekene said the lender has supported SMEs to the tune of N23.5 billion within the  two and a half year of its existence.

    He said: “By the end of the 2016 financial year, we intend to grow this volume to about a N100 billion. We have already started working towards achieving this goal.”

    He said based on the understanding that SMEs are the engine of growth in any economy, the lender has supported various sectors in the SME space, especially those that have the potential of creating more jobs in the system.

    “We have supported SMEs operators in the area of bottled water production, printing companies, beverages, those in the agricultural sector and other operators in the SME space,” he said.

    However, in the process of engagement with the sector, it discovered certain challenges faced by operators. “One of such challenge is that an average SMEs operator in Nigeria do not have a streamlined book keeping and accounting records. As a result of this, it is difficult to get reliable records to base judgment on the true worth of their businesses.    In most cases, we are constrained to rely on the customers’ banking activities. What the bank is specifically doing to get them improve on this, is to render advisory services to them,” he said.

    According to him, the bank interacts with SMEs on day to day basis, and on monthly basis. “We organise advisory workshops where we take them through the rudiments of running businesses better, for the ultimate benefit of the economy,” he added.

    He explained that one of the areas the bank has helped SME operators, is how to differentiate between a company’s business operational cash flow and that of personal cash flow.

    “We do this to enhance shared value, because as their businesses get better, we also get better as a bank. It is also another way of reaching the unbanked,” he stated.

    The bank came into being in March 2013 as a result of the acquisition of banking license of defunct Societe Generale Bank.   Again, most recently, Heritage Bank acquired another defunct bank, Enterprise Bank.  This has made the bank bigger and better today.  At Heritage Bank, “we are committed to delivering distinctive financial services, building on innovation and partnership to create reserve and transfer wealth across generations.

    “With service at the centre of delivery, the bank applies superior market knowledge, operational excellence and the culture of integrity, he added.

  • AMPION, Microsoft support 200 SMEs

    Over 200 entrepreneurs across Africa are to receive the resources, networking opportunities and mentorship needed to start their own businesses.

    Microsoft 4Africa  has collaborated with AMPION to provide financial, technical, and mentorship support for the Venture Bus, fellowship and accelerator programmes which will last for between six and nine months.

    Microsoft is set to offer in-country and virtual mentorship through the MySkills4Africa volunteer programme using Microsoft cloud services, Skype for  business  and Yammer to stay connected, technical and business support and skill training , through BizSpark, and the Microsoft  Virtual Academy programes, to help them refine and take their business solutions to market.

    Director, Startup Engagement and Partnership, Microsoft4Afrika, Amrote Abdella, said Microsoft is keen on supporting an innovation ecosystem in Africa and is set to support entrepreneur create innovative solution for sustainable businesses on the continent.

    Abdella said: ”Through our collaboration with AMPION, we look forward to giving young talent the tools and resources needed to succeed –laying the foundation for the creation on globally competitive businesses.”

    He added that the  AMPION Venture bus Africa 5 tour will focus on East Africa (e-wealth), West Africa (fin-tech), Southern Africa (hardware & agriculture) and Tunisia(female empowerment).

    According to the Founder and Managing Director, AMPION Africa, Fabian – Carlos Guhl, the seven-day venture bus programme is designed to be intense, competitive and challenging –an ideal environment for innovation to thrive. He noted that the fellowship program is the designed to sharpen the entrepreneur s and business ideas with the highest potential.”

    Guhl said: “Microsoft‘s 4afrika initiative shares our vision of inspiring entrepreneur and cultivating innovation across the continent. We are excited to have them on board, as they understand the power of technology in empowering entrepreneur to become pan-Africa change agents.”

    The first venture bus has just completed the West African tour which started in Cote d’lvoire, passing through Togo, Ghana and Benin. Its final stop is at the annual DEMO Africa startup event in Nigeria, which Microsoft is sponsoring for the fourth consecutive year. The programme will start out with five buses of 40 entrepreneur travelling across 16 countries in Africa. On the venture bus tour, entrepreneurs will receive on -board mentorship and visit local tech hubs over seven days with the aim of helping them develop solution and business idea .

    Potential startups from the bus will be pitching their business ideas developed during the seven days journey.

    “The seven-day venture bus programme is design to be intense, competitive and challenging –an ideal environment for innovation to thrive. The fellowship programme is the designed to sharpen the entrepreneurs and business ideas with the highest potential.”

    “Microsoft‘s 4afrika initiative shares our vision of inspiring entrepreneur and cultivating innovation across the continent. We are excited to have them on board ,as they understand the power of technology in empowering entrepreneur to become pan-Africa change agents,” he said.

    Microsoft’s support will include in –country and virtual mentorship through the MySkills4Africa volunteer programme (using Microsoft cloud services, Skype for  business  and yammer to stay connected); technical &business support and skill training , though BizSpark and the Microsoft  Virtual Academy programs, to help them refine and take their business solutions to market of technology in empowering entrepreneur to become pan-Africa change agents.”

     

     

     

     

  •  BoI seeks long term funding for SMEs

     BoI seeks long term funding for SMEs

    Small and Medium Enterprises (SMEs) need long term loans to achieve their full potentials, the Managing Director, Bank of Industry (BoI), Rasheed Olaoluwa, has said.

    Speaking during a conference for financial journalists  in Lagos at the weekend, he said finance has been identified in many business surveys as a critical factor for the survival and growth of SMEs in both developed and developing countries.

    “Access to finance allows SMEs to undertake productive investments to expand their businesses and to acquire the latest technologies, thus ensuring their competitiveness and that of the nation as a whole.

    “Poorly functioning financial systems can seriously undermine the macroeconomic fundamentals of a country, resulting in lower growth in income and employment,” he said.

    Olaoluwa, who was represented by the General Manager, SMEs, Abdul-Ganiyu Mohammed, said despite their dominant numbers and importance in job creation, SMEs traditionally have faced difficulty in obtaining formal credit, or equity.

    “For example, maturities of commercial bank loans extended to SMEs are often limited to a period far too short to pay off any sizeable investment. This is due to the short-term nature of their funds, with the attendant mismatch if granted as long-term facilities to SMEs. Meanwhile, the tendency is for access to competitive interest rates to be reserved only for prime customers, while loan interest rates offered to SMEs remain high. Accordingly, bank credit in Nigeria is characterized by limited availability of medium- to long-term credit tenors, short moratorium, and high collateral requirements,” he said.

    Speaking further, he said recent surveys of SMEs and banks by the World Bank and other stakeholders, have identified several factors limiting access to bank finance for SMEs.

    “In recent years, deposit money banks (DMBs) have continued to dominate Nigeria’s financial system. With relatively under-developed corporate bond and alternative securities markets, bank credit has constituted the main source of formal financing for Nigerian companies,” he said.

    He explained that based on the results of a World Bank survey of Nigerian SMEs in 2011, only an estimated9.5 per cent of Nigerian SMEs had a loan or line of credit in 2011, and bank financing of working capital and fixed assets was estimated to fill respectively only three per cent and two per cent of outstanding needs.

  • So, you want to export? A question for SMEs

    So, you want to export? A question for SMEs

    In this piece Chief Executive, Multimix Academy, Obiora Madu, writes on how to make it in international trade.

    Starting export business

    Introduction

    Exporting is the legitimate transfer of goods and services, with or without an order, across political boundaries for reasons of profit. From the perspective of the exporter, it is a process that begins from having a business idea to creating an external market. It includes: value-addition of some sort, ensuring proper quality standards, packaging, warehousing, documentation, forwarding, shipping and finally the receipt of payment.

    To the extent that goods and services move across national boundaries, politics and protectionism in particular may become considerations that affect the type and volume of goods that an exporter can move from one country to another.

    Export is conventional when the goods or products shipped are the usual, customary and traditional ones like crude oil, cocoa beans, cashew nuts, sesame seeds and gum Arabic. It is non conventional when they are products or ideas for which Nigeria is not traditionally known. Such products can be:

    1. i) Physical: like automobiles or gall stones
    2. ii) Intellectual: e.g. franchise or a copyright

    iii) Skills or human capital: like the 25,000 Nigerian Consultant Doctors practising in the United States or the thousands of Nigerian sportsmen and women playing all over the world.

    1. iv) A process: like the technology or know-how for making a product e.g. paints or automobile.
    2. v) A service: like tourism which attracts foreign exchange; or it could be efficient banking services which attract international Dollar deposits.

    The opportunity that Nigeria, as an economic unit, offers prospective exporters is immense and mouth-watering.

    There is a popular saying that no man is an Island.  This also applies to countries because no country in the world is sufficient.  As a result of this, goods and services are moved beyond the boundaries of countries under transactions.  Every country has to generate enough foreign exchange to oil her wheels of production and also balance its external account.  At the same time she has to also import goods and services not locally available.  These imports may be in form of raw materials or technical knowhow.

    All these are possible because rapid technological improvement especially in transportation has turned the world into a global village.

     

    Becoming an exporter

    The starting point is to complete the logical registration procedure with the Nigerian Export Promotion Council. After completing this local registration then the real issues in being an exporter come to the fore.  They include, but are not limited to, the following:

    1. Unlike local trading, export business calls for attention to minor details and because you cannot jump into a plane to go and meet your buyer, you have to be sure of what you are doing and respect all the details contained in your contract and/or letters of credit.
    2. Export business requires a lot of patience. Why a lot of people have failed in export business is because of the desire to sow today and reap today. To be a successful exporter, you have to execute your plans step-by-step and build up good relationships with your buyers and associates abroad.
    3. Willingness to learn is another attribute of a successful exporter. International business is very dynami,c for example, like the Uniform Customs and Practice for Documentary Credit is reviewed every ten years. This law, which governs letter of credit worldwide, needs to be studied amongst others. Circumstances in importing countries also change regularly.  Therefore to keep abreast of things you must keep learning.
    4. There must be specialisation in an export company. A situation where one man is the all and all does not augur well for such company. Somebody has to specialise for example in documentation and stay with it long enough to master it. It must be emphasized here that all aspects of an export transaction are equally important. Any segment of a transaction, which is neglected, can lead to losses.
    5. To become an exporter you need to be trained to be conversant with what you are going into. Subscribe to commodity magazines and publications that will enlighten you in your field. Seek training from reputable organisations like the one I run.
    6. Most of all before you gain a strong foothold employ the services of a competent consultant to guide you during your teething stage. If you do not, the losses you may incur will be several times more than the cost of a consultant.

     

    Major issues in import and export business

    Wherever you find yourself in the category stated earlier, the solution to your problem will be found in these issues arisen.

    Tools of trade

    To succeed, you must have interest which is the driving force and you must also be well informed and up-to-date with your information.  You must know the rules and regulations in your country as well as those countries you do business with.  In addition to this, you must understand the international regulations e.g those contained in the incoterms, Uniform Custom and Practice for Documentary Credits, Uniform Rules for Collection etc.

    What all these point at is that you have to do your homework.  If you claim that you do not have time, by the time the transaction crashes, you will have time to count your losses.  Just like the absence of disease is not an indication of good health, the fact that you have been importing does not mean you are doing the right thing because if you are subjected to an ideal environment, the reality will come out.

     

    Selecting the right product/finding market

    Product selection is very important because this determines your success.  Just like it will be difficult to sell hot tea in the north in the dry season or ice water in Jos in harmattan, a good product in the wrong environment will not sell.

    This therefore, calls for market research and good market intelligent network.  This might sound too academic.  What I am saying is that you should do enough homework before you choose a product you wish to import or export.  If you are an exporter and you export winter clothes during summer, you will have to wait for the next winter.  If you are an importer you should know what time of the year to import umbrellas.  If you choose the right product and put it in the market at the right time, then you are bound to succeed.

    Choosing the right product is not the final process because you have to keep statistics over a period to take decisions.