By Neo Kolane
The Basotho Enterprise Development Corporation (BEDCO) and Lesotho Institute of Accountants signed a Memorandum of Understanding (MoU) this week which signifies commitment to provide Micro, Small, Medium Enterprises (MSMEs) with enhanced support.
This comes after the realisation of challenges MSMEs face that hinder their growth and sustainability.
During the ceremony, the executive head enterprise development of BEDCO, Lemphane Lesoli, said for a business to succeed, it needs to keep records.
Lesoli said the records need to be calculated, analysed and processed, and this is done with the help of experts.
He pointed out that bookkeeping needs expertise and enough special training like accounting and record keeping, hence the need for mutual understanding with experts in such fields.
“We are celebrating and signing an MoU that BEDCO and LIA developed for a long time to assist Basotho businesses through training and enhancing entrepreneurs’ skills for those who want to do bookkeeping.
“The benefits we are going to gain from this MoU include our MSMEs improving and succeeding in record keeping.
“We also expect bookkeepers who will be trained under this agreement to have a broader knowledge of business,” Lesoli said.
At the same occasion, the acting chief executive officer of BEDCO, Tṥepang Tlali, indicated that MSMEs will be provided with access to high quality expertise that they might not have had.
Tlali said MSMEs will also receive guidance on financial planning, record keeping, budgeting and accounting, which are foundational elements of any successful business.
Collaboration between the two organisations would also foster innovation and creativity.
“When young, talented professionals from LIA work hand in hand with our MSMEs, they bring fresh perspectives and innovative ideas to the table.
“This synergy of experience and innovation will drive forward-thinking solutions and help MSMEs remain competitive in an ever-evolving business environment,” he added.
Tlali also explained that there will be opportunities for mentorship and skill development because LIA trainees will not only provide support, but also learn from BEDCO’s MSME’s.
Lesotho institute of Accountants chief executive Lethola Mokete said he had seen a lot of capacity building initiatives that BEDCO does with local businesses to fund, train and capacitate Basotho businesses on how to run businesses effectively and efficiently.
Mokete said LIA observed and figured that they could also add value to such initiatives.
“This initiative with BEDCO is important because it guarantees the BEDCO leadership that the people they will be working with are capable.
“The same people are also regulated such that the guidance they will receive is proven because the experience of members of LIA is vetted by a code of ethics.
“We came to work with BEDCO to provide those business development services through three arms; those who have qualifications, who have practical experience and those with ethics,” Mokete explained.
