Small and Medium Enterprises (SMEs) cut across all sectors of Zambia’s economy and provide one of the most prolific sources of employment and wealth creation and are a breeding ground for industries.
According to Zambia Development Agency (ZDA), an SME is defined as a business with annual revenues under ZMW 800,000. In Zambia, the SME business sector make up about 95% of the total Businesses and contribute to 87% of informal employment.
Zambia has a potential labour force of 4,000,000, of which 3,500,000 are in informal employment and employed by small medium enterprises (SMEs). These figures clearly indicate the key role that small medium enterprises (SMEs) play in the economic and social environment of Zambia.
However, although the SME sector in Zambia has such great potential for economic development, equitable wealth redistribution and poverty alleviation, it faces many business constraints and challenges which hinder growth and limit its ability to contribute effectively to national economic development. According to the Ministry of Commerce Trade and Industry (MCTI) (2006), these challenges and constraints include:-
• Limited access to markets
• Limited access to appropriate technology, machinery and equipment
• Limited access to suitable business financing solutions
Other challenges are as lack of; accounting records, acceptable collateral, financial literacy, management information systems to determine their credit worthiness, and skills and capacity to manage their businesses.
The financial trainings workshops conducted by SME Accounting Services Ltd have been designed to build the capacity of the small and medium enterprise owners so that they are able to create the Strategic plans, operational plans, budgets and cash-flow forecasts. These skills are very relevant for the success of the business enterprise.
At the end of the training workshops, business owners acquires planning and budgeting skills that enables them to maintain a sustainable business. Due to the financial trainings, business owner are able to monitor and control the performance of their businesses; bringing the business in line with planned goals. This will results in the growth of the business and they will be able to maintain proper books of accounts.
The financial trainings workshops are conducted in Lusaka, usually at Country Lodges in North-mead. The courses offered are; Operational Planning, Budgeting Basics, Working Capital Management, Making Decisions via Management Accounting and Quarterly Budget Reforecast. Do your business in a different way, attend the training workshops and your business will never be the same again. This is your gateway to greater business success.
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