Lack
of capacity development, as well as the absence of proper business
advisory services, have been identified as the major challenges
confronting the growth and development of Small and Medium Enterprises
(SMEs) in the country.
Though the sector has been touted as the catalyst to propel the country’s economic growth considering their source of income, employment and business convenience, many SMEs have failed to realize their potentials because of their inability to adopt strategic plans that can enhance their businesses.
The
Managing Director of Union Savings and Loans, Mr. Philip Mensah, who
expressed these sentiments during an official inauguration of an SME
Business Clinic for small and medium businesses in the Ashanti Region,
said the situation had led to the collapse and poor performance of many
small enterprises in the country.
The
SME Clinic is a novelty programme introduced last year by management of
the bank to support the growth of businesses in the country by offering
entrepreneurs free experts consultancy on how to effectively manage
their businesses.
According
to him, available data from the Registrar General indicates that 90% of
companies registered are micro, small and medium enterprises (MSME’s)
but most of them struggle to sustain their activities and eventually
fold up due to lack of proper planning.
Mr.
Mensah therefore emphasized that it was for this reason that Union
Savings and Loans introduced the SME Clinic to provide business
solutions and advisory services to entrepreneurs to enable them grow
their businesses.
He
said the package formed part of bank’s philosophy of successfully
combining commercial objectives with a strong development agenda by
focusing on segments of the market that lacked the needed attention and
expertise from the “regular” financial services sector.
The
Manager in charge of the Business Division, Mr. Dominic Mensah, under
the programme, said SMEs will be provided with regular briefings on the
financial market and economic trends in the country, stressing that
other services such as Safe Book-keeping, Funds Management, Business
Planning and Organizational Structures shall also be provided under the
scheme.
Source: Ghanaian Chronicle
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