Learning is a process that enhances understanding and growth to an individual, making it a vital link in everyday activity. One can never underestimate the benefits of learning as stopping is tantamount to death.
By KOSMAS NJANIKE
There are various ways one can acquire education and this can be formally or informally. Small to medium enterprises (SMEs) with focus and direction may learn from experience or training. Those SME owners that choose not to learn may limit their capacity to grow in business or remain stagnant.
Ways that SME owners can learn to grow their businesses off their busy schedules include attending refresher courses, seminars and workshops, participating in networking events, belonging to some business associations. It may take a bit of sacrifice in terms of time and finances.
Seminars and workshops hosted by other organisations be it the responsible ministry, business consultants or associations that are relevant to your sector or business are a step in the right direction.
Topics presented at seminars and workshops vary and include record keeping and basic accounting, tips for SMEs’ growth, sourcing funds, marketing tips, customer care, cash flow management, business ethics, working capital management, and business proposal writing among others.
You may not have had the opportunity to do accounting at school but a topic such as Record Keeping and Basic Accounting definitely improves your appreciation in accounting principles.
Having an appreciation of profit and tax calculations is vital even when one delegates or hires someone to do it. Small businesses face stiff competition from the large and established firms but with proper strategies small businesses may command a significant market share. Topics such as Tips for SMEs growth may shed light or be an eye opener for one to formulate strategies for market penetration.
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Raising funds for SME start-ups or business operations is difficult in many environments even in developed countries.
Topics touching on available sources of finance may enhance your chances of approaching or pursuing the appropriate source.
The marketing aspect is a weakness at many small businesses and poor strategies thereof have suppressed their growth. A topic that covers this area goes a long way in addressing issues that may ignite the growth of the business.
Customer care is an important issue that has seen some SMEs growing and others failing depending on the way customers are handled. Small enterprises have a tendency of forgetting that the customer is the king and for you to have enjoyed a little success they are part of it. Even the employees will find customer care topics being helpful.
Making profits and cashflow status may be different in business. The business can report profits and yet have cashflow mismatches that have a serious bearing on operations.
Topics on cashflows will help you understand the financial aspects of a business so that you are not found wanting.
The conduct of business people may hinder success as poor business ethics have a huge bearing on community perception. Today you may get away with unfair practice but once customers have an alternative you are likely to lose out.
Business ethics is a topic that is becoming very important with globalisation.
Working capital management is important as this has a direct bearing on operations of the business. Ignore this aspect and you may fail to buy new stock or finance critical business operations. Understanding how to manage working capital properly prevents stifling critical operations of the business.
Business proposal is an important aspect to any size of business. In today’s competitive business environment, your ability to write powerful proposals could mean the life or death of your business.
Also related to this aspect is a business plan which is an actual broad description of a company and its prospects which is essential to business.
Attending refresher courses for SMEs owners or employees is not a waste of resources but an investment. These may include wonderful programmes that assist one to transform a business in achieving innovation in order to have products and services that will change the lives of the communities.
Many times these take a formal desk format covering a number of topics though not for long periods. It may be a class intended to remind you of previous training or to update skills and knowledge.
The objective of refresher training is to ensure that skills among staff or any level of management remain relevant, sharp and that previous learnings are retained and kept current.
Multiple objectives for refresher training may include scoring practice, consumer self-assessment, needs assessment, staff assessment.
Other objectives may include retaining the existing talent, keep pace with the new technologies, become the beneficiaries of the current innovations, get the best out of your people, update with the latest trends, and bridge the gap between a millennial and a boomer.
This has to be budgeted for and considering it a luxury can be a costly mistake in the face of competition.
Networking events can complement seminars and refresher training as it provides links that may connect you to other platforms for learning purposes. Networking is vital for getting a lead on a job, gathering information, or connecting with people in your sector.
Personally I have developed links and connections at such events that have brought influences on my business prospects.
At business seminars that I present or attend various opportunities arise and I cherish the time spent at such events.
There are a few signs that may show that refresher courses are due. These include repeatedly failing to complete the assigned tasks on/in time; poor response to new methods given; less output; unwilling and indifferent attitudes; frequent accidents and safety factors; and finding it difficult to take-up/accept new concepts.
Misrepresentation or telling lies to a customer and failing to live up to your word is now common with small businesses in the country.
At times it’s intentional and customers fail to recover their money when the promised services or goods are not delivered.
Businesses such as these end up closing or remain stagnant as such actions hamper growth.
Remember building a name can be a mammoth task but destroying it is easy and can be done in a split of a second.
Thus, refresher training increases the self-confidence and morale of the small business owners or employees.
Kosmas Njanike is a business management consultant, investment analyst, author and university lecturer. Can be contacted on [email protected]
