Acholi entrepreneurs trained in finance and business management

GULU– Owners of small and medium enterprises [SMEs] in Acholi Sub-region have undergone training in finance and business management, which the trainers said are important for the sustainability of businesses.

The two-day training was held at Bomah Hotel in Gulu City hours ago and it saw 30 entrepreneurs ranging from farmers, agro-input dealers, bakers, and artists and among others attend.

The entrepreneurs were taken through topics such as planning, business finance, and personal finance.

According to Robert Twesigye, the trainer from Enhancing the Competitiveness of Small and Medium Enterprises [Ecos], many business owners have challenges of managing both personal and company finances, something he said that has led to the collapse of businesses.

Twesigye urged entrepreneurs to distinguish business finance from personal finance if their enterprises are to grow.

“Separate business finance from personal finances so that you are able to monitor your business growth orderly,” he told entrepreneurs.

Twesigye tipped the entrepreneurs on the benefits of record keeping, saying they are important requirements for donor funding and loan acquisition.

Benony Ogwal, chairperson Lamwo District Farmers’ Association that deals in bulking of oil seeds said the training helped the local entrepreneurs to identify the loopholes in managing the finances of the association.

To Winnie Ajok of Zeep Agro- Uganda Limited, the training was timely since it focused on the crucial aspect of finance where most entrepreneurs have been having challenges such as distinguishing between personal income and company money.

“Business being a silent entity,  the owners keep draining it with the hope of returning the money but at times it is not the case,’’ she said.

Ajok added that she would pass on the knowledge learned to the smallholder farmers whom they deal with daily.

The training followed last year’s survey by Ecos which established that there was a need to empower entrepreneurs with both financial planning and management tools.

https://thecooperator.news/ngo-trains-entrepreneurs-on-digital-economy/

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