Experts have warned that Malawi’s small businesses risk struggling to grow unless their owners strengthen financial management and business skills.
NBM Development Bank has warned that many small and medium-sized enterprises (SMEs) risk stagnating if they fail to adopt sound business management practices.
Acting General Manager, Esnart Kamudoni, made the remarks when she opened a two-day training workshop for 15 SMEs from the Northern Region at Sunbird Mzuzu Hotel.
Kamudoni said SMEs play a crucial role in Malawi’s economy through job creation and productive activities, making it important to equip business owners with skills to run sustainable enterprises.
She urged entrepreneurs to keep accurate financial records, saying proper financial management helps businesses track performance, control spending and make sound investment decisions.
Kamudoni also challenged SMEs to improve their management capabilities to boost productivity and build businesses that can survive and expand over time.
Meanwhile, Homes Industries Limited founder and Managing Director Victoria Mwafulirwa from Karonga said many small businesses struggle to expand because their owners lack adequate knowledge, skills and professional guidance.
She expressed hope that the training would give participants practical knowledge to improve their operations and identify new business opportunities.
The two-day programme is aimed at strengthening the capacity of participating businesses to improve their management practices and contribute more effectively to Malawi’s economic development.
