Poor documentation stifle women businesses
Pini Bothoko | Wednesday August 31, 2016 15:28
The judge, Mmala Oefile, said after assessing all 159 stalls they realised that record keeping is a major hurdle faced by women-owned businesses. “We have realised that majority of women entrepreneurs are busy with other business factors and not taking records keeping as an important tool in their businesses. When touring the stalls only a few were able to show us their records, this is a concern because it shows that you do not have any information about your businesses,” said Oefile.
Oefile called on women to set up an accounting system with proper documentation to track their businesses because majority of them failed to produce the records of their businesses.
He said record keeping allows one to work more efficiently, measure performance, monitor the progression of a business, track profitability and to generate meaningful reports to mention but a few. He said that the long-term success could only be guaranteed if women in business can improve their record keeping and information management.
“Due to poor record keeping majority of businesses have died a sudden death, I challenge you to consider taking it (record keeping) seriously because it is the backbone of a business,” said Oefile.
He however said marketing and packaging of products at this year’s Expo has shown a significant improvement.
Oefile said women showcased products of good quality and was confident that they can compete on the international stage.
He said despite the majority of government-funded projects operating as backyard businesses, women nowadays are no longer reluctant to market their businesses.
“We have noted an improvement in the packaging of your products and applaud the Department of Gender Affairs to have been encouraging you on this factor. Some people have been producing good products but failing to package them for better profits,” revealed Oefile.
Speaking at the event, deputy town clerk Robert Letlole applauded government through the Minister of Labour and Home Affairs for supporting women empowerment.
He said the majority of the city’s population affected by poverty and unemployment are women hence applauded the department to have increased the funding ceilings, which now range from P100,000 for individuals and P500,000 for community projects.
“Ever since the introduction of the northern Women’s Business Exposition, majority of women here have benefited and have established successful businesses,” said Letlole.
Letlole went on to challenge women to look at all factors for the success of their businesses. “I urge you to take advantage of capacity programmes such as those offered by LEA and similar organisations to set their internal controls in order, set up systems, organise their records and get their compliance in order,” said Letlole.