Micro, small and medium enterprises have called for comprehensive business incubation services to help them navigate mounting economic challenges.
The small businesses spoke during a tour that the Malawi Stock Exchange-listed Standard Bank plc organised for participants in its Phuka Incubation Programme.
Praise Investment and Agrodealers founder Martine Sikanda said fuel shortages have impacted their ventures.
been severely impacted
“Our operations have been severely disrupted, leading to higher production costs and reduced profit margins,” she said.
Rose Farms chief executive officer Rose Chisowa noted that limited access to finance remains a challenge for small businesses.
“Many small businesses struggle to secure loans from commercial and investment banks,” she said.
Chisowa, who mentored participants on agribusiness management, urged local farmers to adopt cost-effective practices to mitigate rising production costs.
“I use organic fertilisers from my poultry and piggery operations, which have significantly reduced my input costs,” she said.
Despite these challenges, the Phuka programme offers a glimmer of hope for small businesses.
Agri-Trade Global head Romana Thompson said the training has equipped participants with essential skills.
“We have learned book-keeping and risk management. This has taught us that business is not merely about making money, it is about mitigating risks effectively,” she said.
Standard Bank plc head of business and commercial banking Graham Chipande expressed optimism about the impact of Phuka Incubation Programme.
“We aim to equip SMEs with the skills and networks they need to succeed. This training is designed to prepare them for challenges while positioning them for growth,” he said.
Since its inception, the Phuka Incubation Programme has supported about 1 000 businesses with management training.
Participants in the current cohort, the third of the series, will have the opportunity to pitch for funding next month.
As economic uncertainties persist, experts say initiatives such as Phuka Incubation Programme are crucial for strengthening the resilience of small businesses and enabling them to thrive in a competitive business environment.
Participants were also trained on leveraging social media to expand their markets beyond local boundaries.
