Union Savings and Loans have organized a seminar to educate and inform SMEs about budgeting and business planning.
The workshop by the Savings and Loans company is to, among others, provide advice to enable its clients strategically position the business well.
Speaking at the gathering, Head of Finance Division for Union Savings and Loans, Mr. Kwasi Nimako noted the importance of planning to SME business entities.
“It helps them [SMES] to visualize where they are heading towards and anticipate areas where they need to place emphasis on.’’
He further defined a business plan as a “detailed written document, setting out the objectives of the business and how it would be achieved”.
According to Mr. Nimako the absence of a proper business plan can lead to failure of one’s business.
“Without a business plan, you are likely to fail,’’ he warned.
He described budget and business planning as a process that is of necessity because when running a business.
According to him, without it, owners of businesses “would be walking in the dark”.
He also advised business owners not to only anticipate potential business problems, but rather, how to turn them into useful business opportunities.
“Whether you are into manufacturing or service industry that serves customers, if your aim is to succeed, you must plan your business,’’ he added.
The seminar was attended by about 100 SME business owners of Union Savings and Loans.
By: Evans Effah/citifmonline.com/Ghana