By Emma Kakololo
WINDHOEK
The partnership between the Development Bank of Namibia (DBN) and Bank Windhoek has led to the launch of a consumer education initiative in the form of the ‘My Biz’ booklet.
‘My Biz’was already introduced in April this year as a column in the local media. However, due to high demands, the banks decided to publish it also in the form of a booklet.
The aim of the initiative is to assist new and existing entrepreneurs with guidelines to successfully starting and growing their businesses as well as personal challenges they might face as budding entrepreneurs.
Officially launching the booklet yesterday, Bank Windhoek’s Chief Executive Officer (CEO), James Hill, alluded that lack of managerial and entrepreneurial expertise were key constraints for most small businesses.
“In fact, small business entrepreneurs need to have competencies in key aspects of business and this is, unfortunately, frequently lacking,” he said.
He praised the bank for being the first to realize the necessity of complementary non-financial support, as apposed to just focusing on the core business of providing credit to Small and Medium Enterprises (SMEs).
“Globally, SMEs have a high failure rate, particularly in the first two years of operation. With the ‘My Biz’ column, we have gone one step further by providing information to the entrepreneurs.”
According to DBN’s Chief Executive Officer, David Nuyoma, the incredibly positive feedback the column received was a clear indication how valuable it is for clients and an ultimate pronouncement on the relevance of the bank’s effort.
“My Biz column is a collective effort that underscores the fact that, together, we do better,” he said.
Topics covered include, among others: deciding what sort of business to start; basic types of business; equipment and premises; the business plan; organizing your earnings; brand advertising and selling; finding finance and basic calculations; and managing your business from day to day.
The booklet is available at all Bank Windhoek branches.