MUSCAT, 16 April 2013 - Bank Muscat SME department in collaboration with
International Finance Corporation (IFC) is hosting a workshop on ‘How to manage
cash and control cost’ on Thursday (18 April 2013) at the bank’s head
Rami Camel-Toueg, certified management
consultant from the Institute of Management Consultancy in the United Kingdom
and certified master trainer from Business Edge – IFC, World Bank, will conduct
the workshop designed for SME owners and staff.
In an environment where competition is
becoming tougher, more and more external variables are becoming uncontrollable.
Understanding and controlling cost components together with managing cash as an
enterprise, is becoming one of the few vital internal variable essential for an
Omani SME to survive and grow.
The issue of controlling costs is
currently one of the key problems faced by SMEs.
The workshop will focus on different types of
costs and define the role of controlling costs by analysing cost variance. The
participants will be given training in using tools for controlling costs and
creating cost consciousness within an enterprise.
Al Wathbah, the SME Credit and Marketing
Department of Bank Muscat, has been very dynamic in financing businesses and
strengthening the SME foundation in Oman. Bank Muscat is of the strong belief
that SMEs help boost the local economy, contribute to the GDP and create
employment opportunities. The bank not only provides funding but also training,
counseling and sponsorship to SMEs.
Over the years, Bank Muscat has taken several
strategic steps to strengthen the SME sector in Oman. Bank Muscat offers a
comprehensive suite of tailor-made finance solutions and also regularly conducts
workshops and seminars aimed at equipping SMEs to identify business
opportunities and tackle challenges.
In 2012, the bank partnered with the Ministry
of Commerce & Industry to launch the government guaranteed loan programme in
support of SMEs. The bank also launched the first-of-its-kind Al Wathbah
Business Zone, a unique facility that addresses a long-felt need of
entrepreneurs in Oman. The business zone, which can be used free of cost by SME
customers who do not have their own office space, offers the bank’s expertise
developed over the past 30 years to deal with all aspects ranging from
conceptualisation to setting up of successful SME units. Al Wathbah Business
Zone located at the bank’s head office has evoked good response from
entrepreneurs with start-up ventures.
Al Wathbah Business Zone facility is
available to SMEs on a first-come first-served basis. Requests are to be made by
e-mail to firstname.lastname@example.org two working days in advance. Meetings can
be conducted during regular Bank Muscat operational hours, Sunday through
Thursday (8.00 am to 3.00 pm) and the duration of meetings is limited to 2 hours
per session to ensure maximum utilisation of the zone by
Bank Muscat and IFC signed an agreement in
November 2012 to facilitate financing access to SMEs to help them expand and
create jobs. As part of the agreement, IFC advises the bank on new products and
services targeted at micro, small, and medium enterprises. Bank Muscat also
offers support to women-owned businesses, helping them become more active
players in the Omani economy.