Entrepreneurs introduced to cash crisis management

Business Tuesday 18/December/2018 14:14 PM
By: Times News Service
Entrepreneurs introduced to cash crisis management

Muscat: To help Omani entrepreneurs identify successful business models for their start-ups, and as part of Shell Intilaaqah’s "Aspire and Inspire" programme, cash crisis management courses have been executed in cooperation with the Public Authority for Small and Medium Enterprises (Riyada).
The courses were held between December 11 and 13, 2018, in different locations across the Sultanate including Muscat, Sohar, Nizwa and Salalah.
Najwa Mansoor Al Kindi, Director of Shell Intilaaqah, said, “There are many rules when it comes to cash flow and mitigating a crisis; with the cash crisis management courses, we are introducing aspiring entrepreneurs to the first and most important rule of all, always prioritise the sustainability and survival of the cash flow of your business. Sometimes, you will have to weather the storm and ride the waves of success when you can. Other key rules include managing capital, revenue, and payroll. For entrepreneurs, striking that balance in their daily operations is the key to success.”
The courses saw the participation of more than 135 participants integrate the business process flow with cash flow, and highlight the critical success factors that help entrepreneurs maximise their cash resources for the sustainable success of their business ventures. In addition, the courses introduced participants to the complexities of cash management with reference to a potential crisis and helped them understand the working of cash flow hedges.
Al Mutajaredah Al Mandhari, Director of Mentorship and Training Department from Riyada, said, “Cash is king. It is a significant element in the success of any business venture. Therefore, this stage of the Aspire and Inspire programme introduces participants to key information and learnings to help them manage cash, customers, vendors, and employees better.”
Shell Intilaaqah’s Aspire and Inspire programme is a joint effort implemented by Shell Development Oman and the Public Authority for Small and Medium Enterprises Development (Riyada). Both parties have renewed this collaboration in 2018 to continue supporting entrepreneurs in various areas, including training, mentoring and counselling.