Small scale businesses are engines of growth, vital to most economies. In Kenya, Micro, Small and Medium Sized Enterprise (MSMEs) account for 95 per cent of firms and have a great impact in the economy through the creation of jobs, aiding in industrial development, satisfying local demand for services, transforming and supporting large firms with inputs and services.
According to the Kenya National Bureau of Statistics (KNBS), there are over 7.4 million MSMEs, which employ an estimated 14.9 million Kenyans in various sectors, contributing to approximately 40 per cent of the Gross Domestic Product (GDP).
While it is the dream of every entrepreneur to start and sustain a business seamlessly, many encounter challenges such as inadequate capital, limited market access, poor infrastructure, inadequate knowledge and skills and rapid changes in technology. This leads to closure of the business, affecting their livelihoods and only about 10 per cent of MSMEs are able to stay afloat after ten years.
How can you therefore ensure that your business is sustainable? Below are the financial needs your small-scale business needs to succeed;
- Convenient financial services
As a business owner, you want to focus on the smooth day to day running of your business and not have to worry about financial services. This calls for convenient and easily accessible financial services. It is therefore imperative to take up convenient financial services with access to accounts that have features such as no withdrawals limitations, no opening balance, minimal operating balance, no ledger fees and easy access of funds.
- A reliable financial partner
Having access to convenient financial services goes hand in hand with having a reliable financial partner. This takes away the hassle of having to worry about propelling your business financially. A reliable financial institution like Family Bank is best placed to advise you as a business owner of how you can scale up your business, keep you abreast on financial matters and provide sound financial advice on taking your business to the next level.
- Access to affordable credit
Inadequate capital is one of the major factors that contribute to discontinuity of small scale businesses. Access to affordable credit is key in scaling up operations and eventually leading to business growth. Affordable credit ensures that your stock does not run out, cushions your business from losses in the case of emergencies and spoilages and helps to cover various business costs.
If you are looking into taking your small-scale business to the next level, the Family Bank Jenga Bizna account is just what you need. Jenga Bizna is tailored for small-scale business owners who would like to save and grow their businesses. For more information on Family Bank Jenga Bizna, visit; https://familybank.co.ke/family-bank/accounts/jenga-bizna