By peter Abaanabasazi
Experts have attributed the continued collapse of Small and Medium Enterprises (SMEs) to lack of business management skills among entrepreneurs.
This was revealed by experts from KCB Uganda in partnership with Uganda Small Scale Industry Association (USSIA) during a two-day training workshop held at Glory Summit Hotel in Hoima town recently.
The training was aimed at empowering entrepreneurs with the skills of managing their businesses.
Under this initiative over 55 persons with businesses from Hoima district were trained in business management, financial literacy, cash flow projection and banking relationship management.
David Mulya, an expert from the International Labour Organization (ILO) said it is important for SMEs to develop skills in areas such as book keeping, customer care and cash flow management among others.
He noted that many people have started business but due to lack such skills, businesses end up collapsing before celebrating their first birth day.
“Uganda has numerously been ranked as the leading entrepreneurial nation in the world. The shift from small to medium and large scale business however has tended to be harder for most businesses,” he said.
Emmanuel Njuki, the Brand & Communications Manager at KCB said that 175 business people have so far received training from Mbale, Lira, Gulu and Arua districts.
He added that Over 340 small and medium enterprises across the country will receive training in business and financial management by the end of initiative.
He explained that KCB launched the Shs342m initiative after observing that many business people were lacking business management skills.