MOST businesses collapse due to lack of administration skills and financial controls, says Basotho Enterprises Development Corporation (BEDCO) official Lebohang Lefela.
July 6, 2022
2 min read
Kao businesses get entrepreneurship skills
The Kao business community
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Last week, he told a group of businesspeople from Kao in Butha-Buthe that business counseling and coaching as well as book-keeping were important for individuals and groups to run their businesses professionally.
“Guidance on key and critical issues as well as skills are required for small businesses to operate in a profitable and sustainable manner,” Mr Lefela said.
BEDCO, he said offered free business education such as business plans in Leribe, Maseru and Mafeteng.
“We have people who start businesses because of hunger and make a living out of them,” he said.
“They are not really ambitious about business growth; hence, they don’t save the profits. BEDCO helps Basotho with skills to start businesses, get them registered or licensed, research on the market and run them until they are stable.”
The Liaison Officer in the Ministry of Trade and Industry, Sepiriti Motanyane said business registration and licensing were now shorter as the process of obtaining a business document (card or license) was done within five days.
“Everyone is obliged by law to register a business - be it street vending or a big business,” he said.
“We encourage all business people to get their businesses registered so that they could be in a good position to receive funding and training from various stakeholders.”
He said all businesses were required to have identification document but not all needed to have a license.
“Businesses that need licenses are those that affect environment, health and security,” said Mr Motanyane, adding: “A business ID is offered to those that do not affect the aforementioned.”
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BEDCO together with the ministry of trade facilitated the workshop sponsored by the Storm Mountain Diamonds mine, Kao.
Manager at the Kao Mine, ’Malehlohonolo Mojaki said the forum leveled out necessary tools to attaining business growth, a major problem challenging many people running small businesses in the area.
“The mine has an active corporate social responsibility programme aimed at improving the livelihoods of the communities surrounding our operations,” she said. “The forum presented an opportunity for the businesses to network with other entrepreneurs and share experiences and lessons learnt.”