Trade bodies in Kenya are stepping up for SMEs. In partnership with microfinance institutions, they’re making finance accessible and affordable. (Photo: sbs.strathmore.edu)
Imagine an orchestra, the musical harmony of various instruments creating a beautiful symphony. SMEs (Small and Medium-sized Enterprises) are the music makers in the economic orchestra of Kenya. They’re the unsung heroes, playing their parts, fighting unemployment, and championing poverty reduction in the face of various challenges.
But even heroes sometimes need a helping hand. A lack of resources, limited business networks, and insufficient support systems often put a damper on the potential crescendo of SMEs. In this symphony, professional associations are ideally suited to take on the role of conductors, orchestrating support and boosting the melody of SMEs.
Let’s dive into five ways professional associations can champion the cause of SMEs and set the stage for future collaborations.
- Orchestrating Knowledge and Skill Sharing Like experienced musicians passing on their virtuosity to novices, professional associations are rich with industry experts brimming with invaluable knowledge. They can arrange capacity-building workshops, seminars, and mentorship programs tailored to SME owners’ needs.
Just as practice sharpens a musician’s skills, training and skills development equip SME owners with the necessary tools to manoeuvre business challenges, paving their path to sustainable growth. To ensure the cycle of learning continues, professional associations could award CPD (Continuous Professional Development) points to members who generously share their expertise.
- Building the Ensemble: Networking and Collaboration For an SME owner, building a network can be as challenging as finding the right melody in a complex score. Professional associations can provide the sheet music, a platform where entrepreneurs can connect, exchange ideas, and form partnerships.
By organising industry-specific events and business forums, these associations create an arena where SME owners can interact with potential collaborators and customers. Such networking initiatives can foster knowledge exchange, market expansion, and resource accessibility.
- Voicing the Unheard: Advocacy and Representation Professional associations, with their collective strength, can amplify the voice of SMEs, advocating for policies and regulations that boost their growth. They can engage with government bodies and policymakers, championing the causes of SMEs and representing their concerns.
By lobbying for simpler licensing procedures, reduced red tape, and improved access to finance, professional associations can craft an environment that supports SME growth. The benefits are mutual; as SMEs thrive, the association members reap the rewards through employment opportunities and potential markets.
- Filling the Coiffeurs: Access to Financial Resources In the concert of growth, finance is the crescendo. It’s vital for the survival and growth of SMEs. Professional associations, in collaboration with financial institutions, can orchestrate financial mechanisms tailored to the needs of SMEs.
By partnering with microfinance institutions, these associations can provide accessible and affordable financing options. Leveraging their collective bargaining power, they can bridge the financing gap, enabling SMEs to flourish.
- Research and Knowledge Sharing: The Maestro’s Secret Professional associations can become the maestros of SMEs, playing a pivotal role in knowledge sharing and beneficial research. By commissioning studies and market analyses, they can identify emerging trends and opportunities.
The findings can then be shared with SMEs, empowering them to make informed decisions and stay competitive. Online platforms, resource centres, and publications can be established to share success stories, best practices, and other relevant information.
So, professional associations, it’s time to pick up the baton and support SMEs to play their part in the grand symphony of Kenya’s economic growth.”
