By: Mpho Shelile
Hlotse – To show commitment to small, medium, and micro enterprises (SMMEs), BAM Group Foundation together with Finite Magazine Lifestyle Club, recently hosted its inaugural District Tour in Mahlakapese Hlotse, Leribe.
The event aimed to empower and capacitate SMMEs, equipping them with the tools, knowledge, and strategies needed to grow and sustain their businesses in a highly competitive market. The event marked a significant milestone in Finite Lifestyle Club’s ongoing efforts to support local entrepreneurs and foster economic growth in the region.
The District Tour was designed to address the specific challenges faced by SMMEs, particularly in rural areas like Leribe. Many small businesses struggle to scale and thrive due to limited access to resources, a lack of formal business training, and difficulties navigating the complexities of the modern market. Finite Lifestyle Club sought to bridge these gaps by providing a platform for business owners to engage with industry experts, share experiences, and learn from one another.
Local entrepreneurs were given direct access to valuable information on a variety of key business topics, including financial management, marketing strategies, customer acquisition, and operational efficiency.
One of the highlights of the District Tour was the series of expert-led discussions that focused on actionable strategies for business growth and sustainability led by Deputy Speaker to the National Assembly of Lesotho Hon. Tšepang ‘Matlhohonolofatso Tšita-Mosena alongside twin sister the manager of the Entrepreneurship Hub and Seed Financing Facility, Mrs. Mamashiya Ntšepeng Tšita Tikiso. And Ms. Mamello Makhobotloane owner of MHM Field Fresh, an agro-processing company, Finite Woman Appreciation Awarded winner, and AWE alumni.
Mrs. Ntšepeng shared invaluable insights on managing cash flow, securing funding, and budgeting effectively, offering practical advice to SMMEs. She emphasized the critical importance of financial discipline for small businesses, pointing out that many SMMEs face challenges due to a lack of financial literacy. This gap often hinders their ability to manage resources efficiently, make informed decisions, and invest in sustainable growth.
“It is essential to record every penny spent in your business operations,” Mrs. Ntšepeng advised. “By keeping accurate financial records, you will not only have a clear overview of your cash flow but will also ensure that you do not face any difficulties when it comes time to file your taxes.” This attention to detail in financial documentation helps businesses avoid penalties and ensures compliance with tax regulations.
She also provided practical steps for accessing government grants, highlighting that these funds are often available to assist businesses with growth initiatives, provided that they meet specific criteria. Additionally, Mrs. Ntšepeng stressed the importance of making informed, smart financial decisions, advising entrepreneurs to seek professional advice when necessary and to continuously educate themselves on financial management.
In her remarks, Hon. Tšepang highlighted a common tendency among individuals and small business owners to spend beyond their means. She noted that this habit can quickly derail business finances, especially when owners fail to track their spending accurately. To help mitigate this issue, Hon. Tšepang recommended incorporating financial management tools such as personal budgeting apps to track income, expenses, and savings.
“Technology is a game-changer in financial management,” she said, emphasizing how these tools can provide real-time insights into spending patterns and help users make better financial decisions. These apps offer an efficient way to stay on top of finances and can also alert users when they are nearing their budget limits, fostering better control over personal and business finances.
By leveraging technology, both Mrs. Ntšepeng and Hon. Tšepang stressed, small business owners can improve financial transparency, reduce the risk of mismanagement, and ultimately position themselves for growth and success.
Topics such as digital marketing, social media engagement, and building brand loyalty were explored, equipping businesses with the tools to enhance their online presence and attract more customers.
The importance of building strong professional networks was emphasized during the event. Business owners were encouraged to seek out potential partnerships with other local businesses, government agencies, and organizations to enhance their visibility and expand their market reach.
Ms. Makhobotloane shared insights into her entrepreneurial journey, highlighting the initial challenges she faced when starting her business. She explained that, at the beginning, managing finances was a significant hurdle, particularly when it came to bookkeeping and financial planning. The lack of structured financial management made it difficult to track expenses and profits accurately, leading to uncertainty about the business’s financial health.
However, she took proactive steps to address these challenges by enrolling in financial education programs offered by the Bosotho Enterprises Development Corporation (BEDCO). Through this training, she gained valuable skills in managing her business finances, understanding budgeting, and using bookkeeping tools effectively, which enabled her to make better-informed decisions and secure the stability and growth of her business.
In addition, Mamello emphasized the importance of consistency in business operations. She underscored that building a successful enterprise requires dedication and a continuous effort to meet customer expectations, maintain quality, and adapt to market trends.
She further encouraged other small, medium, and micro enterprises (SMMEs) to prioritize the formalization of their businesses. She strongly advised that registering a business not only establishes credibility but also helps with accessing funding, building trust with customers, and complying with legal and tax obligations.
The success of the first District Tour in Mahlakapese Hlotse, Leribe, has set a strong precedent for future Finite Lifestyle Club initiatives. The event highlighted the critical role that education, empowerment, and community play in the success of SMMEs. By continuing to host such tours and educational initiatives, Finite Lifestyle Club is not only contributing to the economic development of local businesses but is also fostering a culture of entrepreneurship that is driven by innovation, resilience, and collaboration.
As Finite Lifestyle Club looks ahead to its future initiatives, the focus will remain on equipping entrepreneurs with the tools they need to succeed. With the right support and guidance, the potential for SMMEs to thrive is limitless, and events like the District Tour are crucial in turning that potential into reality.
Through continued efforts, Finite Lifestyle Club is proving that the growth and sustainability of local businesses are not just dreams but achievable goals with the right resources, education, and community support.