SMEs need to adopt technology and have proper records, keep track of their production, manufacturing, purchases, marketing expenses, liability, and customer relationships, if they are to be competitive.
On November 2, 2023, the MUBS Entrepreneurship, Innovation and Incubation Centre, under the Become a Better Entrepreneur online series hosted Mr. John Mark Muwanga the Managing Director of Ichuli Consultant to talk to business people about “leveraging technology for business competi tiveness”.
Mr. Muwanga expressed concern that most of the small medium enterprises lack accurate and reliable business records that are necessary for evaluating their financial performance and eligibility to access funds.
He advised SMEs to adopt technology and have proper records, keep track of their production, manufacturing, purchases, marketing expenses, liability, and customer relationships, if they are to be competitive.
He said, most SMEs in the country lack understanding, knowledge and experience in leveraging data for decision making. They have a massive desire to get the information on the internet, but have a challenge of information gap since some SMEs have not adopted to the digital era.
In terms of performance, the business owner must consistently monitor the business by taking stock at the opening and closing of each day. This helps in decisions making, planning, improving and forecasting the business activities.
On lack of effective quality control practices, regulatory compliance and quality for products and services, He advised SMEs to leverage on technical mechanisms to ensure quality control, documented quality procedures, compliance management, supply quality management, training and skills development in order to gain a competitive advantage.