Embrace formal business operations for employment opportunities-Akampwera

DELHI, India - July 4, 2015 - PRLog -- Most Small and Medium Enterprises (SMEs') in Uganda do not have business records coupled with limitations to track down business progress.

As a result, some of these SMEs' even fail to account for profits and losses accruing from the different business operations.

This was noted by Herbert Akampwera, Country Manager at Challenges worldwide, a UK based charity organization empowering SMEs' through business mentorship.

Akampwera said: "For any business to grow steadily, proprietors should embrace all procedures beginning from registration to embracing all required formalities."

Akampwera observed that when SMEs' register their businesses formally; it paves way to increase business opportunities as it is legally recognized.

He was speaking recently to business owners during a workshop organized by Challenges Worldwide at Nob View Hotel in Ntinda where business mentors were handed over to the SMEs.

Later, the business mentors interacted with SMEs to reflect on ways of helping them grow into large firms.

In this training, the business mentors from UK are paired with Ugandan Business graduates to assist SMEs in business planning and operations, Sales and marketing and Finance and accounting for the youth.

During the workshop, Akampwera emphasised to all SMEs' to uphold all the formalities of business operations since it is a benchmark for cross-over to bigger companies.

"How can your SMEs' transform when they do not have any support documents about the businesses operation? Akampwera wondered.

He emphasized that the SME support is aimed at increasing employment opportunities for Ugandan graduates because when SMEs grow, they are in position to employ more staff.

The SMEs' received induction about procedures of business registration coupled with knowledge in record keeping, how to write business plans, sales and marketing. All these skills are intended to encourage the SMEs' plan adequately ahead of their future business operations.

According to Provia Nangobi, the publicist at Uganda Registration Services Bureau (URSB), there is need to constantly educate SMEs' on embracing formal registration.

This trend according to Nangobi can easily guarantee SMEs' from benefiting from government programs especially when they are organized.

Views from business mentors

Jacob Nsiiro said that all business practitioners should embrace formal registration of business operations.

Nsiiro noted that some SME's have not embraced formal registration because they believe they are still small to take off.

"You need to know that even small business organizations can have documents and operate with credentials. I urge SMEs' to put out better business plans to grow their businesses," advised Nsiiro

Enid Atusasiire one of the business mentors, noted that there is still a challenge of marketing of products which can be tackled through increased product awareness.

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SME owners

Patrick Guyidde of ASAFA agro-processing said most SMEs' are constrained by capital and consequently, they skip some processes of having a formal business in place.

Guyidde believes that with more sensitization, SMEs can create employment opportunities for youth and thanked Challenges Worldwide for the initiative.

Christine Luboga of Chrisams designs noted that SMEs' are the future of any employment prospects because bigger firms were once SMEs'.

She encouraged SMEs' to ensure they are organized in terms of having in place all documents if they are to grow.

Source: newvision.co.ug