In Kenya, statistics indicate that over 70% of businesses fail within the first three years. This translates to a about 23.3 percent per year attrition on the initial investment which is quite high. As a small business owner, I can attest that running a business successfully and sustainably is not a walk in the park and one needs all the support that they can get. It is as a response to this that the Absa Bank Business Club has unveiled their KOMA training program in a bid to help SMEs make their businesses sustainable.
Started in 2007, Absa Business Club is a premium offering for business owners that accords various benefits designed to empower their businesses. These include discounted interest rates on loans, free foreign currency accounts, flexible ATM limits, LPO financing of up to Ksh. 12 Million, access to foreign markets e.g Ghana and South Africa, networking opportunities and thought leadership training such as the KOMA training program.
The KOMA training program is a partnership between Absa Bank and Strathmore University that is designed to enable entrepreneurs to create self-sustaining businesses that can thrive even without their presence. This is because we often find that majority of business owners are so enmeshed in their businesses that they simply can’t run without their presence which is a big risk. In a situation where the founder is away on business or has been taken ill, the chances of things going awry is very high. This is why there is a need to remedy such by ensuring that one has put in place necessary structures that ensure that your business can remain a going concern even in situations where you are not able to be physically present.
One of the reasons that a good number of businesses fail is that one finds that the operations are not efficient. This is mostly due to the fact that some of these businesses start small and thereafter grow, however, one often finds that the owners do not change the operations to match their current realities. As such, they keep utilizing outdated operations and strategies which inadvertently leads to loss of both time and resources. The Absa KOMA program remedies this by equipping the business owners with the necessary skills to enable them to analyze their current operations with a view of optimizing them to ensure sustained success.
We all know that class work can get boring at the best of time times. However, to keep things interesting during the training the Absa KOMA program features a blend of classes, interactive talks and hands on activities designed to mimic real life situations. Participants in the program also benefit from personalized coaching sessions that are tailored to their specific business needs. All this goes to ensure that each individual in the program comes out with an informed view of how to make their businesses work.
Check out some of the testimonials from entrepreneurs who have gone through the program.
Stanley Irungu, CEO of SoftByte Technologies LTD had this to say, “KOMA has not only improved my business’s financial health but also equipped me with the tools and strategies needed to attract and retain customers in a competitive market landscape.
Maureen Bandari, CEO of Bandari Beauty said, “KOMA has been instrumental in preparing my business for future succession. The emphasis on gradually letting go of daily operations and fostering a strong organizational structure has given me the confidence that my company can thrive beyond my direct involvement.”
Her sentiments are echoed by Sheila Ndinda of Spritz Hair Studio who indicated that the program’s emphasis on delegation and strategic growth has been invaluable. It has allowed her to step back from daily operations and focus on long-term planning, which is essential for her company’s expansion goals.
As an entrepreneur do not be left out of this once in a lifetime opportunity to grow your business to new heights and most importantly make it sustainable. Enroll today for the Absa Business Club’s KOMA program and start reaping the rewards.