Beyond small supplier funding - the crucial role of skills development

| 0 Comments

KhanyaOkumu.jpgAlthough it is now common knowledge that funding small suppliers is key to igniting the engine of inclusive economic growth, the evaluation and development of relevant skills play an equally significant role in powering the economy.

It is this focus on skills development that underpins the operating principles of Old Mutual's Entrepreneurship Ecosystem.

In this month's SmartProcurement, Old Mutual's SME Development Manager, Khanya Okumu, explains the financial group's premise that a small supplier run by people who possess the right skills will have a firm foundation and the potential for sustainable long-term growth.

Khanya Okumu will be at Cape Town's Enterprise Supplier Development (ESD) Expo in May 2018. Join her at the Expo, and it's partner procurement conference Smart Procurement World, to great insights into ESD >>

For this reason, skills development and financial education are high on the agenda of the Old Mutual entities driving this ecosystem. Skills development (as it relates to entrepreneurship) is primarily driven by the Old Mutual Foundation, Black Distributors Trust and Masisizane Fund.

The private sector's role in post-investment business support and capacity building is as critical as its role in financing small, medium and micro-sized enterprises (SMMEs). Providing finance and access to markets without appropriate skills development programmes to make these investments sustainable would be a fruitless exercise.

There is a need to build both technical skills as well as overall business management skills. Old Mutual believes that effective enterprise and supplier development (ESD) can best be achieved through partnerships that leverage incubators and accelerators as well as government programmes/initiatives.

However, as great as their potential for job creation is, SMMEs cannot be expected to be the Holy Grail in an economy in which growth has crawled to a near halt.

Making a real impact in increasing the potential salary-earning or employable workforce requires a multi-faceted approach:

- Integrate skills training into early education to instil an entrepreneurial mindset and encourage innovation. The world is changing and the skills required to be productive are changing as well.
- Stipulate clear regulations and a commitment to quality interventions at policy level to incentivise skills development and skills transfer from large corporates to small businesses.
- Drive a holistic approach to skills development. Mentorship, networking and overall business acumen are skills that can make a business stand out from its competitors.

When the above work harmoniously together, as an effective and efficient ecosystem reliant on each other's strengths and support mutually beneficial objectives, the likelihood of success is increased.

The Old Mutual Entrepreneurship Ecosystem seeks to promote entrepreneurship through a holistic approach that encompasses the abovementioned interventions at schools, financial education training and non-financial business support, which includes mentorship and training for SMMEs in the value chain.

The desired outcome is an enterprise that leaves an ESD programme empowered to survive and thrive in the business world. Monitoring and evaluating these enterprises are essential to track growth and success, but also to identify areas of weakness that need further intervention.

At the heart of ESD is the notion that large businesses should move beyond compliance (box-ticking) and towards the heart of transformation. By directing development interventions and activities in a responsible and focused manner, the skills level in small businesses can be raised to ensure their transition into viable, growing enterprises.

In short, ESD is essentially about creating livelihoods as well as wealth. To move from creating only livelihoods to creating sustainable wealth, the skills gap must be closed.

Old Mutual has chosen to showcase 10 of its suppliers at the ESD Expo in Cape Town. Register to visit the Expo, for free, and come and meet with them to find out how they have grown in Old Mutual's Entrepreneurship Ecosystem:

CTC Sports
Vision Décor and Event Solutions
Exquisite Stationery
Lexforensica (Pty) Ltd
Biza Holdings
Flavalite Innovations
Human Insights
Hosi Technologies
AV Network
SM Tax

Leave a comment


 

 

Career opportunites

Planner

  • <500 000 Gauteng Operations, Planning & Inventory Supply Chain
Are you looking for new career opportunities as

Procurement Specialist

  • >500 000 Gauteng Procurement Officer / Specialist Strategic Sourcing Supplier / Business Development
As a specialist Supply Chain recruiter, I am

Logistics Controller

  • <500 000 Gauteng Logistics & Warehousing Procurement Officer / Specialist
Seeking dynamic up and coming candidates looking for

Supply Chain Manager

  • >500 000 Permanent Procurement Management Supply Chain Western Cape
As a specialist Supply Chain recruiter, I am

Business Process Specialist

  • <500 000 Gauteng Procurement Consultant Procurement Officer / Specialist Supply Chain
A company within the financial services sector is

LOC Procurement Manager

  • Gauteng Permanent Procurement Management Procurement Officer / Specialist
Your Responsibilities: Job Purpose To be the interface ...More

Account Manager

  • >500 000 Procurement Officer / Specialist Supplier / Business Development Western Cape
Key Performance Areas:• To ensure that all aspects

Consultant

  • >500 000 Gauteng Procurement Consultant Strategic Sourcing Supply Chain
Key Performance Areas:• You'll be concerned primarily with

Commercial Buyer

  • <500 000 Buyer Contracts Procurement Officer / Specialist Western Cape
A well-known Mining company is seeking the services

Technical Buyer

  • <500 000 Buyer Contracts Procurement Officer / Specialist Western Cape
A well-known Mining company is seeking the services

Business Development Executive

  • >500 000 Gauteng Supplier / Business Development
A retail solutions company is seeking a New

Financial Manager

  • >500 000 Contract Operations, Planning & Inventory Procurement Management Western Cape
Looking for an unemployed CA (SA) in Cape

Chief Financial Officer

  • >500 000 Gauteng Operations, Planning & Inventory Procurement Management
An exciting opportunity exists for a CFO with

Procurement Consultant

  • >500 000 Gauteng Procurement Officer / Specialist Strategic Sourcing
Key Performance Areas: A profound knowledge of sourcing

Commodity Specialist: IT

  • >500 000 Commodities Gauteng Procurement Officer / Specialist
Key Performance Areas:• Effectively applies acquired technical/functional skills

Senior Consultant

  • >500 000 Gauteng Projects / Category Management Supplier / Business Development
Key Performance Areas:• Adheres to best practice processes

Logistics Manager

  • >500 000 Gauteng Logistics & Warehousing Operations, Planning & Inventory Procurement Management
Key Performance Areas:• Manage warehousing and distribution 3PL's

Head of Franchise Network

  • >500 000 Contracts Operations, Planning & Inventory Western Cape
The opportunity to work for a multinational retail

National Driver Manager

  • >500 000 Analyst Contracts Logistics & Warehousing Operations, Planning & Inventory Western Cape
The opportunity for an extraordinary individual to join

Commodity Specialist: Industries

  • >500 000 Commodities Gauteng Procurement Officer / Specialist
Key Performance Areas:• Under the guidance of the