Small Business Management and Entrepreneuship Skills 2 – Yaoundé
Small and Medium Size Enterprises (SMEs) contribute around 36% of Cameroon’s GDP, make-up over 90% of businesses in Cameroon, and employ above 60% of the population. Yet, glaring realities indicate that enormous potentials inherent in this sector are unfortunately not fully-harnessed – especially given that more than 70% of SMEs still operate informally.
Access to finance is a key factor to the growth of SMEs but that notwithstanding, because of the difficulties faced by financial institutions in obtaining information on the borrowers-solvency, lack of reliable financial statements of SMEs,, absence of guarantee or inadequate collateral and lack detailed business plan , they become reluctant to award loans to these SMEs. According to the 2009 IMF study report heavy taxes and 15% interest ceiling on loans to SMEs also discourage these institutions from financing the sector.
Most SMEs are managed by the owners who do not usually possess the right managerial skills to foster growth of these companies. Failure to adopt best management practices, lack of adequate managerial skills, lack of proper accounting procedures and poor financial planning are constraining the performance and growth of a significant number of small and medium enterprises in Cameroon.
In addition to these challenges, noncompliance with the Tax regulations are factors hindering the development of the SMEs. Based on the General Business Census 2016 (RGE-2) conducted by the National Institute of Statistics – Cameroon 2016, the majority of companies (78.4%) are sole proprietorship which are subject to the “flat rate tax system”. The SMEs are usually ignorant on the importance of complying with tax regulations and are sometimes not aware of the different tax systems.
It is against this backdrop that, the Small Business and Entrepreneurship Center (SBEC) of the Denis & Lenora Foretia Foundation, which focuses on equipping entrepreneurs with organizational and business management skills is organizing a training workshop on ‘Small Business Management and Entrepreneurship Skills’, within the framework of the Canadian Fund for Local Initiative (CFLI) project in Cameroon.
To equip owners /managers of Small and Medium size Enterprises with basic Managerial and Entrepreneurship Skills”.
Specific objectives: the specific objectives are to:
- Familiarise participants with the available options for financing their businesses and how to access finance;
- Equip participants with basic managerial and financial management tools;
- Acquaint participants with the different tax systems in Cameroon;
- Demonstrate the importance of moving from the informal to the formal sector.
The training is open to the following:
- Small business owners in the formal and informal sectors;
- Business Women associations;
- Farmers and agribusiness persons.
The workshop will take place Thursday, 03 October, 2019 at the Conference hall of Mansel Hotel quartier Fouda, Yaoundé. The Event will run from 09.00 am to 04.00 pm.
Expected number of participants: 100