SMEs Growing and Diversifying
The training project which targets women entrepreneurs and SMEs is known as the Business Accelerated Programme.
There has been a significant growth in small businesses in Fiji with some now diversifying their business into new areas.
Steve Cordelo, of Small Business Development Service, said he has been providing training for Small Medium Enterprises in Fiji for the past 30 years and has noticed the major rise. Mr Cordelo made the comments following the successful completion of the Business Accelerated Programme at the Fiji Commerce and Employers Federation in Suva yesterday.
“I am seeing more and more of them looking towards the wider world and are no longer seeing local customers.
“They are seeing opportunities on a global level but also from people like tourists who are coming to Fiji.
“These visitors are demanding more sophisticated products and services and these new entrepreneurs are actually addressing those needs,” Mr Cordelo said.
“This is important because it is bringing in foreign exchange into the country which in turns generates the economy.”
Mr Cordelo said SMEs were now looking further than what they were doing after realising the potential through this increased income. “The world is their oyster.”
Mr Cordelo has been involved in a pilot project run by Market Development Facility (MDF), which is Australian Government funded in collaboration with the FCEF.
The training project which targets women entrepreneurs and SMEs is known as the Business Accelerated Programme.
The initial training programme began with eight SMEs in 2016 and following an 18 month programme last year, the SMEs this year showed combined sales of around $1.3 million. “Through their own business 32 new jobs were created,” MDF Business Advisor Adimaibole Waqainebete said.
“FCEF has placed a lot of focus on women entrepreneurs along with young business people
and decided to launch this programme.” However the new pilot programme is titled Fiji Enterprise Engine and is a business accelerated programme.
The classes are focussed in four areas – strategic management, human resources, accounting and financial management and branding, sales and marketing.
FCEF Business Accelerator Manager Savenaca Baro said the programme was exciting in that one gets to meet young women entrepreneurs and business people.
“We are really stepping out in different areas and promoting what is available to them in an effort to grow their businesses.
“We have made the programme more adaptable to them.”
Mr Baro said businesses they had been working with had expanded their businesses in different areas without having to access extra capital from financial institutions.
“They are able to now upskill and proceed into different markets through their income being used wisely. Generally it has really changed where these 14 SMEs are more confident into breaking new ground.”
Mr Cordelo said the cost of the programme, which is around $3000, shows how that people were prepared to take the commitment and take the risk.
“This is not a free programme – they pay a significant amount for it so this where we know people are ready to make the commitment. Their commitment showed their attendance and preparedness to work extra hours to learn,” Mr Cordelo said.