Bank Muscat SME workshop on business planning evokes strong response
MUSCAT: Bank Muscat, the flagship financial services provider in the Sultanate, hosted a workshop on ‘Business Planning and Analysis of Cash Flows’ for SMEs in Salalah, which evoked strong response from existing and aspiring entrepreneurs. The workshop was organised by al Wathbah SME department as part of activities aimed at expanding and strengthening avenues for SME development in Oman.
Familiarising the participants with the basics of business planning and cash flow management, the workshop topics included preparation and analysis of balance sheet, income statement, cash flow statement and how the three are interrelated and essential to analyse and evaluate business profitability, liquidity and returns, thereby take appropriate managerial decisions to successfully run SMEs.
The opportunity was also utilised to raise awareness on alternative sources of energy in the country, highlighting the business opportunities available for SMEs from renewable energy like solar power.
Fatma al Maskiry, AGM — SME Credit, Marketing and Regional Corporates, appreciated the determination and commitment of entrepreneurs to follow their business dreams by acquiring the required skills and knowledge through the SME training programme. “As owners and managers of small and medium size business, understanding and analysing financial statements is essential to survive and grow in a competitive environment. Bank Muscat is proud to regularly conduct workshops and seminars to equip SMEs to identify business opportunities and tackle challenges. Al Wathbah initiatives mark a clear progression of the well defined strategy pursued by the bank in line with the directives of His Majesty Sultan Qaboos to support the SME sector and strengthen its role in the economic development of Oman,” Fatma al Maskiry said.
Bank Muscat is committed to meeting all the requirements of SMEs and the main objective of the bank’s SME strategy is to play an important role in filling the gaps and empowering entrepreneurs to chart successful business ventures by providing necessary training, guidelines and tools.
Al Wathbah offers a comprehensive suite of tailor-made finance solutions and non-financial services targeted at small and medium enterprises. Credit facilities, both short-term and long-term in nature, are available to all sectors. Further support is extended through non-financial services in areas of education, coaching, networking opportunities and workshops. One such example is the bank’s al Wathbah Academy. The objective of the ongoing educational initiative is to impart the required skills and guidance for entrepreneurs drawn from diverse fields to embark on successful SME business ventures.
Serving as building blocks for existing and prospective entrepreneurs, all these initiatives assume importance in the backdrop of the priority accorded by the government to develop the SME sector in Oman.