AS part of efforts to support the growth of small businesses, Nedbank Lesotho held a session at a Maseru hotel for Basotho entrepreneurs on Wednesday.
The seminar, which was dubbed “Making Small Business Happen” was conducted by renowned business analyst Bill Gibson.
Mr Gibson is the chairperson of Knowledge Brokers International, which is operational in Canada, South Africa and the Middle East, as well as the author of 25 module sales and personal marketing programmes.
His presentation, “Selling in both good and tough times” touched on economic cycles from a sales perspective and how to maximise opportunities in a subdued market.
Mr Gibson also shared 14 proven ways to maximise time, energy and ability, which included having a “to-do” list, a business plan, growth plan, activity plan, sales plan, expansion plan, risk mitigation, investor plan, and finance plan.
He also implored the medium, small and micro enterprise owners to regard customer complaints as opportunities for improvement.
“That is provided that you step in and solve the complaints immediately,” Mr Gibson said.
“You can’t judge a book by its cover but an impressive cover earns the book a second look.”
According to Nedbank Lesotho Marketing Manager, ‘Mampine Rabatho, the initiative was spurred by the need to stimulate growth for small businesses.
“Supporting the growth of small businesses is a direct way of ploughing back into the development of the economy and the country as a whole,” Ms Rabatho said.
“The growth will ultimately have positive ripple effects which stimulate growth for the economy at large.”
Also speaking at the event, Nedbank Lesotho’s Retail and Distribution head, Teboho Mhlanga, noted that Lesotho’s economic growth would only be propelled from the bottom up. He said most budding businesses fell by the wayside because they could not sustain themselves with a consistency income.
“From a banking perspective, if a business’s account is dormant for a specified period of time, it must be closed,” Mr Mhlanga said, while stressing the need for businesses to be well planned.