TRANSFER TO MODERN FINANCIAL MANAGEMENT

TRANSFER TO MODERN FINANCIAL MANAGEMENT

Success Stories

Ali Khayre Omar Osman is the co-founder and manager of the Mogadishu based Kasmo Contracting and Construction Company for 12 years. He is extremely passionate to further develop and successfully grow his business. However as many other SMEs his business has some challenges to overcome in order to sustainably grow.

Managing the business financials is among these challenges. They specifically found it very difficult to properly record business transactions and have instant overviews of their customers (such as quickly finding the customers that buy on credit). From a business peer he was informed about the upcoming service of SMEF to implement financial management software for FGS based SMEs and approached SMEF to participate.

Subsequently, Mister Ali Khayre and his colleague Mister Ahmed (finance office) received six training days (in group and individually) to work QuickBooks financial management software. The business owner expressed his satisfaction about the received services as follows: “Now I have a clear and complete picture of the financial movement of my business. I am aware of the business expenses and specific items that make the highest sales. I can easily access accounts payable and account receivables to manage our cash-flow. The financial software made our business live easier and better.”

Building Quality Advisory Services in the Market

Building Quality Advisory Services in the Market

Success Stories

SMEF has developed a growing pool of business development services providers in Somaliland, Puntland and South Central Somalia, listed by skill set and expertise. One of them is, Invista Inc, a consultancy firm registered in Somalia with fully operating office in Garowe, Puntland. SMEF has selected Invista Inc as one of the business development consultant firms. The firm has also engaged freelancer consultants in Somaliland and the Southern Somalia as a part of the current expansion strategy. It was one of the first BDS providers that received business development from SMEF. Invista Inc has developed 12 business plans for the competition of the Somali Business Catalytic fund, of which 7 of them become successful.  5 of the serviced customers for the business plan become regular clients to Invista Inc and received several different BD services.  The served client has also recommended Invista Inc to other SMEs client who requested and received the services from them as well.

Faysal Jama Abdilaahi, a principal consultant of Invista Inc, told that they have learned a lot on the process of working with SMEF. They have increased their knowledge and processes on how to customize trainings for each business according to its unique characteristics. He continued to say “Now, we are able to provide full range of easy-to-use, scalable and customizable business solutions”.  Faysal also mentioned that they care about to deliver a top-quality service to their clients.

Invista Inc has increased the pool of SME services and market expansion as result of SMEF partnership and cooperation. SMEF is committed build the quality advisory services in the market.

Better Record Keeping Training for SMEs in Puntland.

Better Record Keeping Training for SMEs in Puntland.

NEWS

On June 17-18 June, 2017, Eagle Auditors and Business Consultants has started a high level training on financial management for 15 SMEs in Puntland. The training was conducted in Garowe.

During the training, the participating SMEs will cover the benefits and importance of record keeping in business transactions, the best practices of book keeping, risks of poor record keeping, the typical records that should be kept and the need to analyses and summarize business transactions for management decision making.

The training was delivered in an open friendly and enthusiastic approach where participants took part in a more participatory approach. The participants representing the SMEs shared their stories and the experience they encountered for managing their financial systems.

By the end of the training, there will be one to one follow-up training in which the Eagle Auditors and Business Consultants will provide tailored coaching and consultation to each of the 15 SMEs in their own offices.

Such training is designed to improve the financial system of the small and medium enterprise and will facilitate a future growth of the business in general which will, in turn, will boost the economy of Puntland as the business will create more jobs.

 

Qardho Town Hall Meeting, Puntland

Qardho Town Hall Meeting, Puntland

NEWS

On Saturday, March 25, 2017, SMEF hosted a Town Hall in Qardho town as part of SMEF services promotion to SMEs and TVET providers as well as individuals seeking skills development. The event brought together more than 50 people to access information related to SMEF services.

The Mayor of Qardho, Mr. Abdi Saed, opened the Meeting with welcoming of SMEF team to Qardho town. He also urged to the business people in Qardho to carefully understand SMEF services and utilize accordingly. SMEF team presented services of SMEF facility to SMEs as well criteria to select them. In addition, they highlighted to the process in which SMEs could request SMEF services.  They also informed the type of skills in which SMEF will provide the staff of the SMEs.

SMEF website was also introduced to the participants of the workshop. The online application form was introduced to the participants by navigating its content.

The Town Hall meeting provided the SME owners with insight, networking opportunity with SMEF and platform to discuss their experiences of technical problem which their business meet on daily basis.  SMEs showed their interest to participate SMEF programme.

Qardho mayor, closed the event. They all highlighted the importance and benefits of such programme to the local business community.

Market Skills Gap Assessment Validation Workshop, Garowe, Puntland

Market Skills Gap Assessment Validation Workshop, Garowe, Puntland

NEWS

On 23rd March 2017, SMEF has conducted a validation workshop for a market skills assessment report. The workshop was attended by 52 participants from employers, sector experts, skills providers and government representatives. The purpose of the validation workshop was to give stakeholders an opportunity to review and “validate” the skills gap identified by the findings of the report. The workshop was organized to ensure that the skills gap in the report is in line with the market demand.  (more…)