1 August 2017 – Bank Muscat, the flagship financial services provider in the
Sultanate, hosted a workshop on ‘Business Planning and Analysis of Cash Flows’
for SMEs in Salalah, which evoked strong response from existing and aspiring
entrepreneurs. The workshop was organised by al Wathbah SME department as part
of activities aimed at expanding and strengthening avenues for SME development
the participants with the basics of business planning and cash flow management,
the workshop topics included preparation and analysis of balance sheet, income
statement, cash flow statement and how the three are interrelated and essential
to analyse and evaluate business profitability, liquidity and returns, thereby
take appropriate managerial decisions to successfully run SMEs.
opportunity was also utilised to raise awareness on alternative sources of
energy in the country, highlighting the business opportunities available for
SMEs from renewable energy like solar power.
Al Maskiry, AGM – SME Credit, Marketing and Regional Corporates, appreciated the
determination and commitment of entrepreneurs to follow their business dreams by
acquiring the required skills and knowledge through the SME training programme.
“As owners and managers of small and medium size business, understanding and
analysing financial statements is essential to survive and grow in a competitive
environment. Bank Muscat is proud to regularly conduct workshops and seminars to
equip SMEs to identify business opportunities and tackle challenges. al Wathbah
initiatives mark a clear progression of the well defined strategy pursued by the
bank in line with the directives of His Majesty Sultan Qaboos bin Said to
support the SME sector and strengthen its role in the economic development of
Oman,” Fatma Al Maskiry said.
Muscat is committed to meeting all the requirements of SMEs and the main
objective of the bank’s SME strategy is to play an important role in filling the
gaps and empowering entrepreneurs to chart successful business ventures by
providing necessary training, guidelines and tools.
Wathbah offers a comprehensive suite of tailor-made finance solutions and
non-financial services targeted at small and medium enterprises. Credit
facilities, both short-term and long-term in nature, are available to all
sectors. Further support is extended through non-financial services in areas of
education, coaching, networking opportunities and workshops. One such example is
the bank’s al Wathbah Academy. The objective of the ongoing educational
initiative is to impart the required skills and guidance for entrepreneurs drawn
from diverse fields to embark on successful SME business ventures. Serving as
building blocks for existing and prospective entrepreneurs, all these
initiatives assume importance in the backdrop of the priority accorded by the
government to develop the SME sector in Oman.