Author: Mrs. Amma Adjeiwaa Antwi
Having identified factors responsible for the gaps in financial literacy in an earlier article, I propose these interventions to bridge the gap for the players within the MSME sector. The proposed program is a multi-throng approach which if properly implemented, will bring tangible results to Ghana’s MSME sector.
This exercise directly addresses financial bankruptcy in the sector. It aims to curtail incidences of business failure due to mismanagement of finances and financial illiteracy. Several agencies identify with the huge need for financial education and deliver relevant education to target groups. However, the story remains unchanged and business failures as a result of financial illiteracy persist. Perhaps it is so because some vital tools are missing in the mode of delivery.
Financial education must be tailored to the needs of target groups. Use language and communication tools that they are familiar with. Check your mode of delivery. Lecture style facilitation to targets in the informal sector may not be the most effective training method. BAWYP adopts adult learning tools in delivering financial education. Response from target groups is always massive.
After considering the peculiarities of target groups and the most effective mode for outreach, financial education must cover the following areas
The above points will be treated in separate articles for better understanding
This exercise directly addresses financial bankruptcy in the sector. It aims to curtail incidences of business failure due to mismanagement of finances and financial illiteracy. Several agencies identify with the huge need for financial education and deliver relevant education to target groups. However, the story remains unchanged and business failures as a result of financial illiteracy persist. Perhaps it is so because some vital tools are missing in the mode of delivery.
Capacity building programs that seek to bridge the financing gap in the MSME sector must aim to do the following.
Again, I emphasize that such capacity building programs must be tailored to address the needs of your target audience.
Managing a business goes beyond overseeing daily operations to keep the business afloat. A business manager must be a visionary, a strategic thinker, and must possess basics skills for managing people, developing the business, marketing products/service etc.
This third exercise must aim to provide knowledge on the basic tenets of managing business, irrespective of size or nature. The following are some of the key modules of any capacity building program for the MSME sector
As mentioned earlier, use modes of delivery that will make capacity building programs effective. Mind you the MSME sector comprises budding entrepreneurs from diverse backgrounds. A one-way approach will be unsuitable for all members of your target groups. I recommend innovative capacity building tools. Create programs that go behold the traditional training methods. Ensure your programs are interactive, participants gain understanding, are able to share ideas, and retain the principles they are taught.
At BAWYP, we have a team of experts who understand the dynamism of business groups. Our capacity campaigns are in diverse ways. We have used these modes to transform several businesses in the MSME sector. We deliver financial education via the following means.
A potent means to reach out to a large number of beneficiaries at the same time. Assess the needs of the target beneficiaries and develop content that will address their needs. The face-to-face nature especially provides a platform on which target participants can probe further, obtain instant feedback and gain access to rich information necessary to ensure sound business management education.
A very important activity that augments training and capacity building. The exercises target key groups such as women entrepreneurs, young entrepreneurs, and startup businesses with the aim to address peculiar challenges for target groups. This activity ensures capacity building goes beyond just a one-time event.
Involves a 2 to 3-minute guide on the different aspects of managing business for success. Videos communicate better than words or even photo images. Usually produced in local languages, the Videos-on-Demand serves as permanent source of information. Participants can easily rewatch videos to keep in tune with training points.