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Zomba vendors equipped in entrepreneurial skills

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Small and Medium Enterprises Development Institute( Smedi) has urged Zomba based vendors to keep records of their transactions in order to track their operations and determine whether they are making losses or profits.

The remarks were made by Smedi’s acting Chief Executive Officer, Richard Zidana, on Friday at St Georges Anglican Church Hall in Zomba.

“Record keeping is key in your business. This is where you see how your capital is being used. Most businesses like yours fail to grow because there is no balancing between income and expenditures thereby affecting your capital,” Zidana said.

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Zomba Central market Chairperson, Innocent Chikhaula, thanked Smedi management for organising the workshop.

He said, as entrepreneurs, they will be able to differentiate capital from profits.

“We thank you for your kindness in organising this training workshop which has opened our eyes leading to the improvement of our small businesses. Record keeping was not part of our business outline, as we normally run our businesses from the head.

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“From today, we will start keeping our records and we believe, by the end of three months, our businesses will be changed,” he said.

However, Chikhaula asked Smedi to liaise with the government on how they can control foreigners from investing in small businesses which Malawians can ably do.

Small and Medium Enterprises Development Institute is an organisation which is trying to promote small businesses mainly advising them how to differentiate income from expenditures before coming up with a profit.

The seven-day training workshop attracted 40 Zomba vendors.

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