On 20 May 2020, the EEP Africa team conducted a training in Reliable Financial Management for early-stage companies in Southern Africa.
Sound financial management is critically important for all companies and businesses. Start-ups and early-stage companies especially need to develop robust financial accounting, planning and budgeting procedures in order to build the foundations for growth and commercial sustainability. Strong financial management enables companies to manage operations efficiently and reliably, making them more attractive to investors.
The webinar attracted a very engaged audience from senior management, as well as staff from project and financial management teams. A small group of companies from our portfolio were invited to participate so that an interactive discussion was possible in the online setting.
The EEP Africa team shared best practices in financial reporting and discussed our fund’s reporting requirements. The training also focused on forecasting, planning and budgeting. Special attention was paid to scenario planning as a tool to navigate the financial challenges that many companies are facing due to COVID-19. The development of best-case and worst-case scenarios support effective and forward-looking decision-making on staffing, expenses and sales targets. The specific challenges of companies operating in Africa were a key topic of discussion throughout the webinar.
“The webinar was much appreciated and has been very helpful in further developing our financial management and reporting.” – Priscilla Sani-Chimwele from Wala (Malawi)
Financial management training is part of EEP Africa’s business development support (BDS) services. Our BDS activities are aimed at providing technical assistance and targeted capacity development to project developers in our portfolio. Our team offers specialized business expertise and coaching in key areas of business model and corporate development to support the future growth and sustainability of the company.
EEP Africa will conduct a similar webinar for portfolio companies in East Africa in the near future. Contact your Portfolio Coordinator if you would like to participate.