Trade minister Lucia Iipumbu said lack of access to finance, training, mentorship and shelf space remains some of the major impediments to many Micro Small and Medium Enterprises (MSMEs)’ growth. She said MSMEs remain the roots of the economy and supporting initiatives such as training and mentorship can greatly assist small entities to grow into larger enterprises with a great contribution to the country’s GDP.
Iipumbu stated this on Friday at the launch of ActionCOACH Namibia, a business coaching company that helps entrepreneurs achieve their business goals and dreams through expert business coaching.
“This will further contribute significantly to the economy in terms of skills development, innovation, job creation, local value addition and economic growth of a country,” she said.
Iipumbu noted it is also crucial that efforts should strive to ensure the development of all enterprises, irrespective of their sizes to create social impact and achieve various developmental goals set for the country.
“It is further vital that both the public and private sectors continue to generate market intelligence that can advance our economy towards new avenues and sectors of growth. The ministry devised a mechanism of information sharing to businesses countrywide, noting that many of the challenges facing our entrepreneurs can be attributed to lack of sufficient information,” she informed.
The trade ministry is in the process of finalising the Informal Economy and Entrepreneurship National Policy to cover the informal section of entrepreneurs as well as youthful start-ups and provide guidance to general entrepreneurship.
Iipumbu said: “This policy is also included in the Harambee Prosperity Plan, providing ample space for ensuring the mainstreaming of incentives and business infrastructure for our MSMEs both formal and informal.”
She added that the policy approach developed under the HPPI created a number of options through which SMEs acquire specific assistance.
“These interventions include the Credit Guarantee Scheme, the Mentoring and Coaching Programme, Skills Based Lending Facility and the Venture Capital Fund. The optimal implementation of the SME Financing Strategy is critical to combatting unemployment, specifically among the youth,” she stated.
Business coach Jamie-Lee Nels said her company offers small businesses and entrepreneurs access to well-trained business coaches who help them achieve financial success through accountability and mentorship.
“So far, there are 1 000 franchised offices in 32 countries with this newest office opening in Windhoek. Along with a fresh approach to business coaching, the company also believes that it can contribute to the national vision for prosperity for all by helping individuals find ways of following their business dreams while making an impact on society,” added Nels.
Over the past two decades, ActionCOACH has served thousands of businesses and their owners around the world. Nels believes through ActionCOACH, the power of business coaching can not only improve businesses but also contribute to the national vision for prosperity for all. -email@example.com
Caption: Vital support…Business coach Jamie-Lee Nels (second from left) and trade minister Lucia Iipumbu (third from right) with other business personalities at the official launch of the ActionCOACH Namibia. Photo: Contributed