Entrepreneurship Industry News

SMEs urged to leverage on Internet for efficiency

Small and medium scale enterprises have been urged to leverage on the current Internet connectivity to digitalise their businesses to realise sustainable growth.

Speaking at the inaugural Smart Business conference organised by Stanbic Bank in Kampala last week, Mr Mark Ocitti, the Uganda Breweries managing director, said digitalising the company’s systems has “enabled us to solve a number of problems as well as increase efficiency and sustainability”.

“Enterprise online has worked for us. We use online systems to move money between accounts and pay suppliers, among others,” he said.

The conference brought together different businesses and thought leaders to share experiences.

It was organised under the theme: ‘Building a sustainable Uganda through business’ and participants shared ideas on how SMEs can grow their businesses in a professional and sustainable manner.

Mr Patrick Mweheire, the Stanbic Bank chief executive officer, said SMEs are a key driver of Uganda’s economic growth, whose potential should be harnessed.

“It is equally important to provide them with innovative products, skills and training so as to promote sustainability,” he said.

There are more than 200,000 registered SMEs in Uganda with 53 per cent of these in the central region. About 24 per cent are in the West, while 14 per cent are in the East and 9 per cent in the North.

However, studies indicate that despite Uganda being one of the most entrepreneurial countries in the world, out of 100 enterprises that start less than 10 per cent live beyond their third anniversary.

Read More: Daily Monitor