The Business Advisory Centre (BAC) under the Krowor Municipal Assembly successfully organized its first quarter capacity-building program for Micro, Small and Medium Enterprises (MSMEs) on 5th and 12th March, 2025. The sessions were held at the United Church of God, Buade Branch.
The primary objective of the program was to enhance the financial literacy and business management capacity of MSMEs within the municipality. This initiative aimed at empowering MSMEs to maintain accurate financial records, promote sustainability and facilitate business growth. A total of thirty-seven (37) MSMEs attended the first session which focused on understanding basic financial concepts and the importance of budgeting. Topics covered included, What Budgeting entails; thus understanding basic financial concepts and its role in business management, The importance of Budgeting; thus reasons why every business must create and follow budget, Budgeting Tools; excel and QuickBooks demonstration on how to use Microsoft excel and QuickBooks to manage finances, Preparing a Simple Budget using excel hands-on training to help participants create a basic business budget and Budget Control and Monitoring techniques to monitor business spending and ensure financial discipline.
The second session saw thirty-four (34) MSMEs in attendance, which also focused on advancing participants’ understanding of growth strategies, tax responsibilities and future planning. The key areas covered included, Business Growth and Innovation Solutions; thus providing techniques and strategies to scale up businesses and integrate innovation into their models, Tax Compliance; thus providing guidance on meeting tax obligations, filing returns and avoiding penalties and Pension and Retirement Planning for MSMEs; guidance on pension schemes and long-term financial planning for entrepreneurs.
As part of efforts to support MSMEs in maintaining proper financial records, an accounting software called Zohobook was introduced. A number of participants showed interest, registered for the platform and are currently undergoing training on its use. The participants expressed appreciation for the training, particularly the financial literacy segment which they found highly beneficial for their business operations. Many of them recommended that such capacity-building programs be conducted more frequently to continuously support MSMEs in achieving business sustainability.
The Business Advisory Centre in collaboration with the Krowor Municipal Assembly remains committed to supporting the growth and development of local enterprises through continuous education, resource facilitation and strategic guidance.