09 May 2017

 Lack of planning and difficulty in accessing funding have been cited as contributing to the downfall of many businesses in Botswana.
A press release from Local Enterprise Authority (LEA) says business planning does not only ascertain the viability of the business, but also provides a roadmap for business and justification to seek loans from financing institutions.
“To succeed in business, having a well written business plan will improve an entrepreneur’s chances of loan approval,” says the release.

It says LEA has been in the forefront of assisting entrepreneurs to prepare business plans to access funding. During the 2016/17 financial year, it assisted 1312 Micro Enterprises for Youth Development Fund (YDF) and Department of Gender Affairs Fund.
It further states that the Micro Enterprises were assisted at 13 LEA branches country wide with services such as business counselling and prescreening and needs and gap analysis.

In addition, the release says entrepreneurs are recommended to attend basic training on business planning, record keeping, Entrepreneurship Development Training (EDT) as well as sales and marketing courses offered by LEA.
Furthermore, Gender department and YDF beneficiaries are offered Business Development Kit which are guidelines, and forms from the Companies and Intellectual Property Authority (CIPA), Botswana Unified Revenue Services BURS Banks and The Public Procurement and Assert Disposal Board (.
The release further states that Small, Medium and Micro-sized Enterprises needs pre-counselling, screening and needs analysis services before funding as it improves chances of prudent loan utilisation, thereby ensuring business growth. ENDS