‘Save, grow business’
22 July, 2015, 12:00 am
SMALL and medium-sized entrepreneurs in the country need to adopt a mentality of saving in order to grow their business instead of taking loans which requires a lot of commitment.
This was the advice from Westpac Bank Labasa branch manager Mataiasi Daveta while speaking to market vendors in Labasa during the Continuing Market Business Education program at the Civic Centre yesterday.
Mr Daveta told vendors that taking a loan from banks was not bad when a person was in dire need for money and did not have anywhere else to turn to.
“As small business operators, it is bad when we begin developing a habit of taking loans every now and then, over committing ourselves to payment of these loans,” he said.
“My advice to you is to begin a habit of saving and it starts in the better days because this will ensure that you have something to fall back on during the rainy days. Taking loans will only hinder the operator’s effort to grow and even affect his or her business performance.”
Mr Daveta encouraged vendors to open savings accounts in banks which emphasised the importance of savings rather than encouraging loans.
Lanieta Tukania, 59, of Wailevu Village said the workshop was an eye-opener for her.
She said financial training workshops needed to be held for all people at the grassroots level so they would know how to handle themselves in an age where everything was dictated by money.
She acknowledged the UNDP, UN Women and the Australian Government for their insight in organising such workshops.