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SMEs equipped with capital mobilization, digital penetration skills

22 Mar, 2023 - 09:03 0 Views
SMEs equipped with capital mobilization, digital penetration skills

The Chronicle

Nqobile Bhebhe, Online Reporter

 A select group of small to medium entrepreneurs drawn from diverse industries and trade in Bulawayo were recently equipped with capital mobilization skills, digital penetration and advantages of brand position.

Over 90 SMEs attended a one-day panel discussion organized by Diamond Berry Enterprises.

Diamond Berry is a business development company that provides end to end business solutions with a biased focus on SMEs.

Diamond Berry managing director, Mr Nhlanhla Dabengwa said “The SME Indaba is an annual breakfast meeting to discuss industry sustainability practices.

“The Indaba hosts corporate Zimbabwe, SMEs and stakeholders of the sector. Sentiments of the event are that it was impact led and very informative on the part of panel discussions.

“The event provided a ripe space for networking and shared knowledge, ” said Mr Dabengwa.

This year’s edition was held under the theme “Reset Realign and Reposition the SME sector for success”

Mr Dabengwa said 92 SMEs attended with three speakers leading the panel discussion.

Entrepreneur, Providence Moyo of Divine Pro-Skincare spoke on turning obstacles into opportunities as an entrepreneur and how to navigate tough times as an entrepreneur.

Mr Tawanda Mpoperi from Zimnat presented on Capital Mobilization for SMEs while Farai Hove discussion centred on digital penetration for SMEs

“Hove spoke about challenges faced by SMEs in accessing funding and what they need to do to present bankable projects proposals.”

The SMEs provided a major source of employment and generated significant domestic and export earnings.

However, they face a more uncertain competitive environment than larger companies as they experience more variable rates of return and higher rates of failures and are comparatively less equipped in terms of both human and capital resources to withstand economic adversities.

They also face the problem of inadequate accounting systems, which undermines the accessibility and reliability of information concerning profitability and repayment capacity.

SMEs usually have insufficient personal savings, resulting in low initial promoters’ equity.

There is also lack of reliable information on the operations of the majority of them and inability of entrepreneurs to articulate business plans due to lack of sophistication and skills.

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