Visa has announced the expansion of Practical Business Skills, a global digital platform delivering free educational resources to help small and micro business (SMB) owners make confident, informed decisions to grow their businesses.
The resources are available in English for SMBs in Kenya, as well as in Arabic, French and Spanish to increase global accessibility.
The one-stop entrepreneur education website created by Visa comes in the midst of the current economic crisis that has impacted millions of SMBs locally, providing tools for SMB-owners to aid in keeping their businesses afloat and to identify opportunities for potential growth amidst the situation.
Corine Mbiaketcha, General Manager for Eastern Africa at Visa, noted the significant role that SMBs play in Kenya’s overall economic health.
“SMBs are the backbone of Kenya’s economy. It is crucial to empower SMB-owners with knowledge, skills, and access to services that support them in rebuilding -or starting- stronger, digitally enabled businesses,” said Mbiaketcha.
She added that Practical Business Skills was part of Visa’s commitment to provide resources and knowledge to help drive inclusive, sustainable and equitable economic growth for entrepreneurs, businesses and communities here in Kenya and around the world.
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A study conducted in 2016 by Kenya National Bureau of Statistics showed that there were 1.56 million licensed SMBs and 5.85 million unlicensed businesses in both formal and informal sectors in Kenya. Globally, SMBs account for more than 90% of global businesses and are the source of 50% to 60% of global employment.
With the one-year mark of the Covid-19 pandemic approaching, the SMB community needs support to continue adapting, as their contribution to their communities and the global economy cannot be overstated.
Practical Business Skills is built on Visa’s global expertise in financial education and offers growth-minded entrepreneurs tools to help start, manage and expand a business. With more than 50 online learning modules, the platform addresses the needs at various stages of the business lifecycles;
- Starting a business, with tools for prospective entrepreneurs to understand and evaluate the steps involved in opening, financing, running and marketing a company.
2. Managing a business, with information on day-to-day business management, including templates for financial and cash flows analysis, and resources to promote sales.
3. Building and growing, with tactics on how to drive businesses into a more profitable long-term success.
Practical Business Skills offers SMBs access to a video library with lessons and to resources businesses can easily download and customize, such as calculators to manage cash flows or determine the cost-benefits of a taking a loan.
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