Muscat: In working towards the strategic goal of establishing the Sultanate as a hub for entrepreneurship and innovation, Khimji Ramdas Eshraqa’s Entrepreneurship Academy (EEA) – ‘Tasees’ recently organised a first-of-its-kind “Business Finance” workshop for small-medium enterprise (SME) owners. The workshop was part of a training and development boot-camp series that has been planned in collaboration with the Authority for Small and Medium Enterprises Development (ASMED).
‘Tasees’s training programme is the first in a series of workshops organised for SMEs who hold a Riyada card, and have been in business for more than a year. Initiated to solve a major pain area for SME owners, especially Finance - the programme received over 200 applications from across Oman were shortlisted on multiple parameters. 15 SME owners were then chosen to join the training programme’s classroom sessions held at EEA’s premises in Azaiba, over three consecutive days. Participants were chosen from various sectors including tourism, oil and gas supplies, manufacturing, healthcare, auto servicing, construction, and land surveying, to name a few. Some of the topics that were discussed during the workshop include the history of business, use of money, income statements, the health of a business, financial ratios, net present value, as well as internal rate of return.
Nailesh Khimji, Director, Khimji Ramdas Group mentioned: “Entrepreneurship has been identified as an important driver of sustainable social and economic growth under Oman’s Vision 2040. With small businesses fast becoming the backbone of local communities and an engine for the national economy, it has never been more important to ensure that entrepreneurs and small business owners have access to the right educational resources, insights, and solutions. ‘Tasees’ partnership with ASMED is aligned with this, and is the latest in our efforts to deliver on the needs of these critical businesses so they can manage and grow their ventures better.”
Haitham Khalid Al Qarni, Assistant Director for Empowerment and Development Directorate, ASMED stated: “Organised in collaboration with ASMED, Tasees’ training programmes are designed in keeping with the needs of the SME sector, and aim to enable business owners to enhance and develop their capabilities. Financial Management is one of the most important aspects of entrepreneurship that business owners must know in detail; particularly reading financial statements, and being aware of their own financial position.”
“We have begun these training series in Muscat and will be implementing the same in other governorates, so that more SME owners can benefit from it. ASMED encourages the private sector to work with SMEs as a part of its social responsibility initiatives. Eshraqa is a fine example of corporate social responsibility in the training sector when it comes to SMEs.”
Nadeem Ahmed, Chief Consultant - Tasees and Eshraqa Mentors, who was the Facilitator of the Training Programme said: “SMEs play a pivotal role in the growth of the economy. In fulfilling its commitment to be an active contributor in developing Oman’s SME ecosystem, ‘Tasees’ has always been keen to discuss, collaborate and come up with innovative interventions that benefit SMEs, ultimately contributing to the sustainable socio-economic scenario of the country. We are pleased to have this association with ASMED and support SME owners in developing their understanding and skills that will enable them to succeed further.”
In the upcoming phase of the “Business Finance” training programme, SME owners will go through an intensive three to four hours of individual coaching sessions to discuss specific challenges related to their company’s finances.
The next training programme in the series will take place on ‘Marketing, Promotion and Market Growth’, with classroom sessions being held from 26th to 28th June. This will be followed by a one-on-one coaching session for the SME owners. Registration dates for the programme will be announced on Eshraqa and ASMED’s social media platforms.
Established in 2018, ‘Tasees’ Entrepreneurship Academy is a part of Eshraqa, Khimji Ramdas’ Social Development Arm, and aims to play an important role in incubating, mentoring, and guiding budding entrepreneurs. It is a one-stop-solutions-provider for start-ups and SMEs, giving them the scope and opportunity to change the socio-economic fabric of Oman.