On Thursday, 31 January 2013, at Beta Life Community Hall, Africa Unite held the 4th business skills training session with local and foreign national women. The session began with a recap of last’s week’s session, which was mainly on business functions and marketing. After a moment of prayer, the session started.
Session 4 was on finance with the following specific topics:
- Financial planning – capital planning , working capital
- The planning process – (1. Establish the goals of the business 2. List all the resources that you need to achieve the goals above 3. Establish how you are going to acquire the resources 4. Do some research on prices for each resource listed as well as competitors, prices, customers and suppliers)
- Draft a budget, different types of budgets- Master budget, Sales (Income) budget, Production budget
- Book keeping – Cashbook, Sales Day book, Accounts Book, Expenses Day book, Income statement
The facilitator used examples in explaining the above which made it simple to understand as well as do. The participants were given time to discuss and also have an opportunity to work on the different book keeping records.
As preparation for the next session, the women were divided into groups. In these different groups, they had to come up with a name for each group (and explain the reasoning behind that name), choose a group leader, and identify or agree on the values of their specific groups. There were 5 groups of 6 women with one that had seven women.
“I was really afraid of the financial part of business because I thought the accounting would be difficult but I have understood everything. I just need to keep practicing it as well as would like to ask the facilitator to print us the examples he used.”
“Keeping an account book is a good idea as it makes your business transparent and easy to manage.”
One woman was really stunned and expressed that when we talk about business, people think you can just start a business. She now realizes that there is a lot to know. At first, she didn’t understand why Africa Unite wanted them to learn about business, but now she was really grateful that Africa Unite made it possible for her.
For more pictures click here.