The BeniBiz project sets up for each cohort of entrepreneurs supported (training and coaching), a cash reward mechanism consisting of awarding around 50 Entrepreneurs/cohort, including 35 from component 1 (Micros, Small and Medium Enterprises) and 16 from component 2 (Small and Medium Enterprises). This award is a non-repayable grant awarded to the best MSMEs and SMEs who have recorded excellent performance in the adoption of management practices at the end of the BeniBiz support program, for the quality of the implementation of the skills acquired during training and the exemplary of the entrepreneur. The amount of the reward varies from 500,000 to 1,000,000 FCFA for MSMEs and 2,000,000 FCFA for SMEs. The companies eligible for this award are those admitted to aftercare (more in-depth coaching after the training and coaching period). The basic criterias for the awarding are as follows:
1) Quality / Management tools: good keeping of the cash journal, regularity in the establishment of the profit and loss account, relevance of the decisions taken on the basis of the company's figures (financial planning), existence of an operational bank account different from the personal account of the entrepreneur.
2) Financial Performance: steady growth in turnover, positive net results over the support period;
3) Planning the growth of the company: planning objectives, existence of a relevant growth plan, existence of a strategy to finance growth, etc.....
4) Marketing Strategy: existence of a marketing plan, regular updating of the marketing strategy; continuous improvement of the customer experience;
5) Quality of the entrepreneur: control of his sales pitch, transmission of financial data; commitments to implement the growth plan even in the absence of external funding.
During the October 2019 month, the Business Advisors of the BeniBiz project are therefore issuing checks to entrepreneurs of cohort 1, in the 11 operations departments of the project. These funds will allow beneficiaries to further increase their business!
See some pictures below!