Collaboration holds key in transforming SMEs businesses
BULAWAYO Chamber of SMEs chairperson, Mr Coustine Ngwenya, has said that strong collaboration between small businesses and key stakeholders is vital in unlocking the sector immense economic potential and realising positive impacts on livelihoods.
Speaking at the inaugural ZB Financial Holdings SMEs Expo 2024 in Bulawayo on Saturday, which ran under the theme: “Accelerating growth of SMEs through financial partnerships”, Mr Ngwenya said the event offered young businesses a platform to showcase their products and services, and commended the banking institution for creating such an opportunity.
He stressed the need to strengthen the lobbying power to advocate for policies that promote a conducive environment for SMEs while enhancing more collaboration for win-win objectives.
Such efforts must empower SMEs to overcome challenges such as lack of capital, inadequate information and market knowledge, shortage of management and leadership skills, limitation and shortages of decent working space, and slow pace of adjusting to market changes and competition.
“We understand the importance of international collaboration for SME development. We are actively pursuing partnerships with organizations and the World Association of SMEs (WASME), which is head-quartered in India,” said Mr Ngwenya.
“Discussion on the proposed MoU between ZCSMEs and WASME is at an advanced stage. We have also received a total of 99 leading Indian SMEs who are seeking establishment of joint ventures and partnerships with local SMEs.
“The UN Women and ILO are currently supporting the Bulawayo Chamber of SMEs. As we speak the Chamber is setting up a facility for women in textiles and clothing called Maker Space. The Maker Space will house state of the art textile and clothing machinery.”
Mr Ngwenya said SMEs were also building strong local alliances with the local authority, private companies in construction, insurance, banks, and other financial institutions, both locally and abroad.
He applauded the Bulawayo City Council for creating a MSMEs unit and implored it to further ensure that this unit develops into a fully-fledged department in the near future.
“We have established a dynamic electronic platform that serves as a live national SME database. This platform provides valuable services and resources to our members. We encourage all SMEs here today to sign up and become part of this growing network,” said Mr Ngwenya.
“The data collected through our database presents a unique opportunity for ZB Bank. By collaborating with ZCSMEs, ZB Bank can gain valuable insights into the needs and challenges faced by SMEs.
“This data can be used to develop innovative financial products and services that directly address the pain points of SMEs, including access to cheaper credit, social protection programs, decent workspace solutions, business training, and wider market access through business linkages.
“We implore ZB bank to develop more social protection and pension oriented products that can assist our members at retirement stage or during other needs.”
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