IFC has also trained close to 100 lenders in how to reach out to SMEs, whose needs are often different from those of other clients.
Business Plan development services is one of the key services provided to enable existing as well as potential investors to make well researched and informed investment decisions. Business plan is a comprehensive document that enables a business to define its objectives, identify critical areas of operations, design relevant strategies and prepare financial forecasts.
Business plans, contrary to popular belief, are not only meant for new businesses but are equally important for better management of existing businesses.
The document must represent realistic and practical information based on authentic and current data.
A business plan is not a ‘stagnant’ document and must be reviewed and updated periodically.
It provided smaller businesses with an easy-to-manage bank account, financing to cover day-to-day operations, loans that help firms expand, and assistance in trading across borders.
It also offers services in English and Urdu, the latter something most lenders don’t provide.
And many entrepreneurs lack even basic business training.
As a result, roughly 95 percent of SMEs will never employ more than five people and only 4 percent of smaller businesses will survive to their 25 birthday.
A few years ago, Chaudery landed a major contract with one of Pakistan’s biggest conglomerates, the type of deal that could take Electrum to the next level.
But the company, which employs 20 people, was facing a conundrum: it didn’t have the manpower or equipment to complete the project.