By Lawrence Ongaro
Small and Medium Enterprises (SMEs) traders in Thika, Kiambu County, gathered on Wednesday, May 13, for the Britam Biashara Network Forum aimed at guiding them on how to grow their businesses despite the harsh economic environment.
The programme, which is being rolled out across the country, is important in encouraging traders to invest in insurance against any risks that may arise at any time.
The theme of the event was: “Unlocking SME potential and growth in Kenya: Profit Under Pressure.”
The forum brought together various SME business owners, economic experts, officials from the Kenya National Chamber of Commerce (KNCC), and HFCLtd, who exchanged ideas on business matters and ways of strengthening SMEs.
Britam urges traders to embrace insurance
Speaking during the event, Britam Chief Operations Officer Leonard Chirchir said Thika businesspeople are hardworking and committed to expanding their enterprises.
He noted that many of them have created jobs and established industries, thereby contributing significantly to the economy.
“As Britam, we are ready to walk with you by offering proper guidance. We therefore urge you to insure your businesses to protect yourselves from any challenges that may arise in future,” Chirchir emphasized.
The programme comes at an opportune time, considering that Kenya has about 7.4 million businesspeople according to the Kenya National Bureau of Statistics (KNBS).
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He said the SME sector employs more than 14.9 million people and contributes between 30 and 34 percent of the country’s Gross Domestic Product (GDP).
He further noted that SMEs account for 90 percent of private businesses in the country.
Chirchir described SMEs as the backbone of business in Kenya.
Technology and partnerships key to success
The guest of honour, James Muriithi, Managing Director of Savannah Mabati Ltd, said making profits in business is becoming increasingly difficult, although opportunities still exist.
He said businesses that will thrive in the future are those that embrace partnerships, adopt technology, and remain resilient despite the prevailing economic challenges.
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He emphasized that SMEs are not “small” in the country’s economy, but rather the engines that drive economic growth.
The forum was significant as it was held in Thika, a town well known for agriculture and its many industries, as well as its proximity to Nairobi City.
Britam Biashara Network will continue touring different parts of the country with the aim of empowering SMEs by equipping them with skills and knowledge for further growth.
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