New training opportunities for SME owners and managers

Oct 08, 2010

While Uganda is among the three top countries in the world in terms of enterprise creation, statistics show that the country has also maintained the number one position of failure rate, Prossy Nandudu reports.

"As a nation we have been such a highly entrepreneurial country, for the last five to seven years we have remained among the top three in the whole world in terms of enterprise creation, but another dismal statistic suggest that as a nation we have always retained position No.1 in registering enterprise failure rate," Executive Director, Enterprise Uganda, Charles Ocici, says. He added that the failing enterprises have been challenged by the lack of desired skill to keep an enterprise with in the market by the entrepreneur.

Ocici was speaking at the signing ceremony of a memorandum of understanding with ACCA, the global body for professional accountants. Managers and owners of smaller businesses will be trained, equipped with skills to be able to run their businesses more effectively under this partnership. “This memorandum is timely because it is going to deliver quality enterprise development services for young enterprises, for businesses where owners are struggling to succeed,” said Ocici.

He said that marketing, poor record and quality management, finance, and operational cost were some of the areas that ACCA professionals will tackle as they meet the SMEs managers and owners. "You need a mentor or somebody who digs into deeper issues. Its one thing for you to send out a graduate to run a business, they will be shocked by the challenges, thus the need for ACCA expertise," he said.

Mark Gold, deputy president of ACCA, the global body for professional accountants, said that the new agreement aims at delivering programs and initiatives that will train and equip owners and manager of smaller businesses in addition to providing initiatives that will enhance and promote the interests of SMEs in Uganda. The partnership will deliver mentoring programs that help equip, empower, mentor and train them on some complex issues that they will face to help them survive the first difficult few months, to make them world class players. Prossy Nandudu