SMEs Struggle with Poor Financial Management
MANY small businesses in Namibia are run by people trying to survive rather than by entrepreneurs focused on building businesses that can grow, create jobs and attract investment. This emerged during the first Fireplace Conversation of the season hosted by the Namibia Institute of Corporate Governance (NICG) on Thursday. The discussion focused on what governance looks like for small businesses and side hustles and explored issues such as accountability, ethical conduct, decis
Many small businesses in Namibia are run by individuals focused on survival rather than growth, according to discussions at the NICG's Fireplace Conversation. The event highlighted the importance of governance in small enterprises and side hustles. Danny Meyer, co-founder of SMEs Compete, noted that many informal traders are self-employed, not entrepreneurs. He emphasized that business failure statistics can be misleading, as some start businesses out of necessity. Financial discipline and basic record-keeping are crucial for small business success. Fenni Nghikevali of Fenomenal Leadership pointed out that governance issues often stem from a lack of discipline and accountability. She stressed the importance of understanding financial flows to avoid business failure. Etuna Hango from EOS Capital added that good governance is essential for businesses seeking growth.
Understanding the challenges of small businesses helps in developing better support systems for sustainable economic growth.
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