Enriching SMEs: Bridging the knowledge gap

Small and Medium Enterprises underpin the hopes of many Sri Lankans. They make a significant contribution to the local economy; contributing to over 80% of the GDP and up to 35% of employment, the SME sector is a key driver of the country’s economic development agenda.

CIMA Sri Lanka, in collaboration with the IDB launched a series of workshops titled ‘Enriching SMEs’ in order to address practical difficulties that hinder SME growth, as well as discuss and find viable solutions to issues SMEs face when carrying out day to day business operations. The workshops aim to focus on practical business issues faced by SMEs and improve understanding of critical areas such as managing cash flow, and will take place at locations around the island over the course of the year. The pilot workshop, which was conducted successfully on 22 January, took place in Kegalle with an audience consisting of SME representatives from up to 20 industries. Lasintha Ferdinando, Head of Business Planning and MIS, SME and Retail  Banking, National Development Bank PLC, who has over 22 years’ professional experience, led the session, providing an understanding of the stages of a small business’ growth, and the key challenges at each stage, and discussing how these could be dealt with. He also provided a bank’s perspective, showing the participants what a bank looks for and how prospective clients are evaluated, stemming from his extensive experience in the banking industry. Working capital management was also addressed, with the benefits and disadvantages of different stances being examined.