Financial discipline key to SME survival, says Bank Gaborone
Larona Makhaiza | Monday May 11, 2026 06:00
Speaking during the bank’s Kgwebo Connect series featuring both Phirinyane and Lesang Busang founder of Ko Isong, Phirinyane outlined practical steps entrepreneurs must take to build sustainable businesses, cautioning that passion alone is not enough to drive long-term growth.
“At the core of every business there is passion, but passion alone does not carry the business,” she said.
Busang had shared that her business was born out of her deep love for food, travel, and hosting and having explored different cuisines she developed a passion for cooking.
In retrospect, Phirinyane emphasised that one of the most important habits SMEs must adopt is proper financial record keeping. She urged business owners to ensure that every transaction is tracked and channelled through formal banking systems.
“Every thebe must count and go into record keeping when it comes to cash flow,” she said, highlighting that accurate financial data allows businesses to understand their performance and make informed decisions.
She further encouraged entrepreneurs to open dedicated business accounts and separate personal finances from business operations. According to her, this not only improves financial management but also builds credibility when businesses seek funding.
A key issue raised during the discussion was the tendency for SMEs to only approach banks when they need loans. Phirinyane warned that this approach often limits their chances of accessing funding.
For aspiring entrepreneurs, Busang advised starting small and gaining hands on experience. She further indicated that they should be a friend to the bank particularly Bank Gaborone as she has had a pleasant experience with the bank.
Phirinyane advised business owners to build relationships with their banks early, engaging regularly with relationship managers who can provide guidance on financial planning, compliance, and business strategy. This continuous engagement, she explained, allows banks to better understand the business and offer relevant support when funding opportunities arise.
She also highlighted the importance of financial literacy and business education, noting that whilst some entrepreneurs may have natural talent, many skills can be learned and developed over time.
“Entrepreneurs are not only born, they are also made,” she said, pointing to the role of training and mentorship in strengthening SMEs.
In addition, she underscored the need for compliance with regulatory requirements, explaining that meeting these standards protects businesses and positions them for growth.
Phirinyane concluded by reiterating that sustainable businesses are built on strong financial management, intentional planning, and strategic partnerships.
Her remarks reinforce Bank Gaborone’s broader message that SMEs must move beyond passion and adopt disciplined, structured approaches if they are to thrive in an increasingly competitive business environment.