ASEAN KEY DESTINATIONS
‘Focus on financial management to get bank financing’
COMPANIES should focus on their financial management so that they can get the bank financing that they need.
According to Hjh Nurul Akmar Hj Mohd Jaafar, deputy head of the retail banking group at Bank Islam Brunei Darussalam (BIBD), some companies have difficulty obtaining financing because they consider financial management - which includes understanding their cash flow and account preparation - as a “secondary requirement”.
“(But) for us as bankers, these are primary requirements you would need to understand if you want to grow and sustain your business,” she said in yesterday’s briefing.
She said this culture existed because in the past, the principle of keeping good accounts was not inculcated among local entrepreneurs. While there had been initiatives to promote and change such mindset, not a lot of people have access to such programmes.
But Hjh Nurul Akmar said local entrepreneurs’ mindsets are beginning to change.
“If you had asked me 10 years ago, no, things would have been the same. But now, recently, people are progressing to the point where they are thinking about doing the right thing, and I think this is progress,” she said.
She also credited Darussalam Enterprise’s (DARe) initiatives in helping raise awareness of the requirements for proper financial management in companies.
“It has become a conscious effort by everyone from stakeholders and the entrepreneurs themselves that they need to be disciplined in managing their business,” she said.
Yesterday, DARe began its first module for its Industry Business Academy. The IBA is a development and learning programme for small and medium enterprises (SMEs) and is open to all levels of business with different maturity levels from startups to established companies.
The first module had been facilitated by BIBD and covers getting bank financing. A total of 42 people attended the module facilitated by BIBD’s Senior Manager for SME Corporate Banking Pg Sanusi Iskandar Pg Hj Ismail. He discussed BIBD’s services for SMEs and how entrepreneurs can avail of these services.
The IBA will be holding a lecture on business plan writing today, 8.30am at the iCentre.
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