USAID hosts Family Businesses for Empowerment Programme

Thika,

Monday, September 25, 2023

KNA by Hellen Lunalo

The USAID’s Kenya Small Business Development Centres Programme hosted family businesses from Kiambu County on Saturday for a benchmarking mission aimed at building successful legacies in family businesses through solid governance.

Speaking at the forum, Kiambu Small Business Development Centres Coordinator (SBDC) Mr. Isaac Mwangi highlighted the importance of family run businesses in the Micro, Small and Medium enterprises (MSMEs) sector, especially through the support of County departments like the Department of Trade and Industrialization.

“Family-owned firms play a vital role in the global economy, an undisputed and internationally recognized fact. The family transmits its values to the company: ethics, commitment and loyalty, among others,” Mwangi said.

“Sometimes, the family name also serves as the brand, drawing a direct line between family and corporate values. In most cases, the company is a value in and of itself that must be protected and cultivated: the culture of stewardship,” he added.

The Coordinator further added that the concept of legacy made it easier to have a clear purpose generation after generation, a concept that is in vogue currently, adding that a shared mission and vision aligned with shared values allows family-run businesses to stay the course, even in choppy waters.

 “The (SBDC) programme aims to strengthen the capacity of such MSMEs in the county and to facilitate linkages to US counterparts to ensure that the said businesses experience growth that will not only be beneficial to them personally but to the county and nation as well,” he said.

Mwangi said that Micro, Small, and Medium Enterprises (MSMEs) are critical drivers of economic growth and contribute substantially towards poverty reduction, employment, and income generation.

“Kenya has an estimated 1.5 million formally registered MSMEs and over 5 million informal MSMEs that collectively generate 30 percent of the GDP and provide non-agricultural employment,” Mwangi said.

Ms. Janet Mwangi who runs a hardware business in Juja and was present at the event noted the SBDC had aligned with their mandate of ensuring that MSMEs increase their productivity and profitability.

 “The partnership and trainings have been very beneficial to my business. I have become more organized, confident and professional in trading and managing my finances as a business woman. This is only the first year of mentorship and I have already seen rapid growth in my business. I am excited to see what the future has in store for us,” she said,

The Kenya Small Business Development Centres (Kenya SBDC) is a five-year program funded by the United States Agency for International Development (USAID) and is implemented by Strathmore University Business School (SBS) with Kiambu County being among the counties chosen by USAID-Kenya to implement the Kenya SBDC Program.

Courtesy; KNA