Ministry urges smarter money management

Most businesses fail because people are unable to differentiate between expenses and revenue, especially when juggling personal commitments alongside business responsibilities.

This was highlighted by Ministry of Trade, Cooperatives, Small and Medium Enterprises, and Communications divisional manager and business adviser (Northern) Asenaca Niumataiwalu,  at the, during the closing of a three-day "Start and Improve Your Business" training in Labasa last Thursday.

A total of 18 participants gathered at Macuata House and graduated with a Certificate of Participation issued by the ministry.

“Through this training, the participants came to realise their strengths, weaknesses, opportunities, and threats in relation to the businesses they operate or plan to start,” Ms Niumataiwalu said.

“This training reassured participants that it’s never too late to learn, gather the pieces, and keep going until they succeed in whatever line of business they pursue.”

The training also laid a foundational platform on how to plan, start, manage, and sustain a business.

“Sometimes we assume we know how to run a business, and whatever level of knowledge we have is enough to keep it afloat,” she said.

“In its effort to ensure businesses are profitably operational and sustainable, the ministry offers several funding facilities that can be accessed as grants.”

These include the Trade Enhancement Programme, Northern Development Programme, Integrated Human Resource Development Programme, National Export Strategy, and the Young Entrepreneurship Scheme.

She said having these funding facilities in place would open doors for business expansion.

One of the participants, Abigail Sokia, said she felt empowered to start her own business after working in the corporate sector for more than a decade.

“It is important to keep abreast of how the business world is changing and what is happening around us,” Ms Sokia said.

“I travelled from Seaqaqa to attend this training, and it was worth it.”