Stakeholders charge Market Women on survival of business
For sustainability of operations, Market Women have been implored to prioritise the culture of keeping business records and voluntarily comply with existing tax rules for businesses.
The charge was advanced at a training organised for Women in Mile 12 Market, Lagos. The forum is an initiative of NECA’s Network of Entrepreneurial Women in partnership with Action Aids Nigeria, and supported by Global Affairs, Canada.
Speaking on importance of business records, a facilitator from the NECA’s Network of Entrepreneurial Women (NNEW), Mrs. Kemisola Rosamon-Jiboye, regretted that some businesses do not record every transaction while others keep no records at all, warning that businesses should be run with due diligence for progress and their survival.
She said to keep business records means that the market women, must write down how much the business receives, and money pays out in the course of operations.
According to her, there was also the need to keep business money in a saving bank account as records help to control cash, monitor how the business is progressing, show others how the business is doing and help to plan for future expansion.
“Pay yourself a salary from the business. If your business sells a few expensive products or services, use a receipt book. If your business sells many less expensive products or services, use a daily cash record. You need something to show that you received or paid money. You must write down details about the transaction yourself”.
Jiboye stressed that it’s important to write down when transaction happened, who was involved, what happened in the transaction and how much was involved.
“Neat, accurate record-keeping can help find out how businesses is doing, they can help solve problems. If your business is doing well, use your records to find out why, then plan and find out ways to even do better. If your business is not doing well, use your records to find out what’s wrong, and then plan ways to solve the problems”, she added.
On her part, an ex-officio, NNEW, Edobong Akpabio told the women that paying taxes is their civic duty and a requirement of the law.She cautions that there is penalties for tax evasion and fraud which could come in the form of arrest and prosecution in a court of law and sealing of business premises through a Court order or paying a fine.
She informed participants that benefits of paying taxes include, supporting provision of social resources and maintenance of critical public infrastructure, funding government programs that help the poor and less privileged as well as used to pay salaries of government workers who serve the public.
Mrs. Akpabio said tax promotion and collection in Lagos markets is vested in market leaders or association leaders adding that all traders situated in a market are mandated to register with their association.
The programme coordinator, Mrs. Olakitan Welligton noted that the forum was important for market women to know their rights from government and what is expected to do for government in returns.
In her remarks, the lyaloja Orisumbare Market, Mile 12, Yeye Dupe Ojo, said the training would spur more growth in business operations among the different sections of the market.
Ojo who spoke to The Guardian, emphasised that the association would do a follow up on the training, to ensure that participants put ideas to good use in daily business operation.