LIMITATIONS OF PHOTOGRAPHY BUSINESS (2)

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Suffice to say as businesses grow and expand, there is need to afford good employees to run its business processes. For instance, you attribute your success story in business to the quality of your employees. It is therefore pertinent for every   business owners to maintain a significant budget for their human capital and to hire the right people
to run the different functions within the photography business. Spending petty amounts on cheap labour would only  guaranteed cheap returns and create more problems for the business instead of solving them.

The benefits of employing the services of professional advisers to provide professional opinions on this and other critical process areas cannot be overstated. These  are worthwhile investment for the continued growth of   businesses. For the above to become a reality, financial responsibility is required.

The competitiveness of the business environment requires great strategies in order to succeed. Corporate communication is a critical business process which can be harnessed towards the growth of business. This includes marketing corporate social responsibility/volunteer assignments, branding and perceptions, management skill/ communications etc. To achieve this, more funding is required in the business. Through this mechanism the business can define the kind of perception, it wish to engender in the minds of the stake holders and the general public. A beautifully designed and functional website, emails and email marketing materials and advertorials, social medial, leverage, blogs and publications, effective business proposals can position an otherwise obscure and   business in the time light.

The problem of insufficient funds for  enterprises can be tackled with proper financial information. First, the source of financing for your business  includes external and internal sources.

The Central Bank of Nigeria has been particularly interested in providing avenues for funding   small and medium scale enterprises. It is against this backdrop that the CBN approved from May, 2010 #500 billion debenture stock to be issued by bank of industry (BOI), 220 billion of which meant for providing for   business and manufacturing sectors.   and   Enterprises Development Agency of Nigeria (SMEDANS), a co-operative society for   business also have supportive structures for   business growth in place.

Federal mortgage banks, Diamond bank, Fidelity bank and other deposit money banks have different initiatives in place to aid   business growth and to provide   business funding.

Internal source of funding   business includes; personal savings, borrowing from friends and relations, informal financial institutions such as ESUSU, and also ploughing back profits etc. Therefore for continuous growth and expansion of  photography business in Nigeria , sufficient funding is required and the ability to obtain these funds depend on the information as to the sources of funds and how to access such funds at the disposal of the business owners.