Small-scale businesses upgrade skills in financial management
Mr Ato Van-Ess, a trainer with the Business Sector Advocacy Challenge (BUSAC) Fund, has called on managers and owners of Small-Scale Enterprises to ensure financial discipline to enable them to operate within their budgets.
He also advised them to undertake good record keeping, and observed that some enterprises were mal-functioning because they did not ensure proper data and document keeping on their day-to-day operations of their businesses.
Mr Van-Ess gave the advice at the end of four-day financial management training workshop for18 manager of small-scale businesses, from the Central and Western Regions, in Cape Coast.
The participants were taken through financial management, cost categories, bookkeeping, cash planning and forecasting and balance sheet preparation.
Mr Van-Ess said BUSAC FUND was combining advocacy with financial management training because a study it conducted revealed that some managers and owners of small-scale business knew very little about record keeping and effective financial management.
He said “some of them just rush to collect loans from banks and other financial institutions without putting in place measures for the effective investment of the money thereby mismanaging it.”
Mr Van-Ess called on managers and owners of small-scale business to take advantage of the workshops being organised by BUSAC to enhance their record keeping and financial management skills, and observed that businesses in the country were not operating effectively because the mangers did not have the technical know-how to manage the business industry.
Mr Philip Amponsah the course prefect of the workshop, thanked BUSAC Fund for organizing the workshop, and called on his colleagues to employ qualified people to manage their businesses, and share their experiences with their business partners.
The participants were each presented with a certificate of participation and reading materials.