The Korea Federation of Banks (KFB) is launching a tailored management consulting program for small business owners with annual revenue of 100 million won or less.
The federation said on the 15th that it will provide a total of 1,300 one-on-one consulting sessions to 300 qualifying small business owners under its banking industry consulting support program.
The program focuses on local commercial districts and young business owners. More than 60% of participants will be selected from areas outside the Seoul metropolitan area and major cities, or from regions without a bank consulting center. The federation also plans to select more than 60% from young business owners born after 1988.
Consulting will follow a preliminary assessment of each business site and cover five areas: management, branding and design, legal affairs, technology and digital transformation. Based on sales and cost data, advisers will review profit structures and product pricing while supporting improvements in work processes and staffing, signage and logo design, and online promotion. Creating promotional copy and product descriptions using artificial intelligence, along with streamlining repetitive inquiry and reservation tasks, is also covered.
In addition, 10 sites among the participants deemed most in need of improvement will receive up to 6 million won each in upgrade costs. Depending on the consulting results, the funds can be used to improve outdoor advertising such as signage, interior conditions and product displays, or to install digital equipment such as point-of-sale (POS) systems and kiosks.
In the first phase of the program during the first half of this year, the federation provided 2,100 consulting sessions on business start-ups and closures to 800 small business owners. This round broadens the focus from start-up and closure support to improving operations and supporting growth for businesses already in operation. Those wishing to take part can apply through Bank It, the federation's social contribution platform.
"Because each small business owner operates in a different industry and under different conditions, it is important to work together to find solutions suited to each site," KFB Chairman Cho Yong-byoung said. "We hope the businesses of local and young owners will grow steadily and bring vitality to entire local commercial districts."
