ENTREPRENEURS must plan properly before getting into business to avoid suffering great losses, business consultant Sam Mphaka, has said.
He said this in an interview with Lesotho Times on the side-lines of the STANDARD Bank Supplier Development Programme Training which was held at the bank’s Enterprise Banking department at Maseru Mall.
The training is one of Standard Bank’s initiatives to equip entrepreneurs with business skills and knowledge to help them grow their businesses. It is a 12-month programme with 60 entrepreneurs divided into four cohorts with each training for three months.
Mr Mphaka, who was chosen by the Standard Lesotho Bank to be their consultant throughout the training, said their course consisted of five broad areas aimed at empowering entrepreneurs with relevant business skills.
“Most entrepreneurs walk into businesses without the right knowledge of how to manage their businesses properly for them to grow and this training will help them grow their businesses into larger profitable entities,” Mr Mphaka said.
He said part of the training introduced the entrepreneurs to what business was and the types of businesses that they are in to help them to identify the needs of their businesses.
Mr Mphaka said he also taught participants about business management structure and the governance system of business to ensure that they set-up their businesses properly.
“We want to equip them with knowledge of book keeping and its importance because most entrepreneurs do not keep records and that poses a great disadvantage,” he said.
He said it was vital for business people to keep their accounts updated to enable them to interpret their financial reports and track growth over time.
Mr Mphaka said he also taught participants about the techniques of growing their businesses using technology.
Standard Lesotho Bank’s Head of Enterprise Banking, Teboho Sello, said surveys that were conducted in 2016 necessitated the training.
He said it was discovered that some of entrepreneurs do not have offices where they operate from and only market their goods and services hence the bank came up with the Enterprise Hub at Maseru Mall. Business people can book and use the space for free.
“It was discovered by the study that entrepreneurs need to be equipped with skills so that they are able to manage their businesses in a way that will allow them to grow, hence we came up with this training,” he said.
He said for the training, they chose small businesses entrepreneurs with a lot of cash flow to help them manage their businesses.
One of the trainees, Mahase Makhabane, a sole trader, said the training equipped him with skills that would transform his business.
“Running a business with a blind eye is dangerous as the scourge of not knowing can easily kill a business,” Makhabane said.