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Financial Management Training for Co-operative Businesses

Financial management training is crucial for co-operative businesses to enhance resource management, ensure sustainability, and make informed strategic decisions while complying with regulations.

Twenty-five co-operative business owners from the Western Division participated in the two-day Financial Management Training organized by Business Assistance Fiji (BAF) on January 24-25 at the Foodhut Restaurant on Main Street in Ba Town.

The trainer for the Financial Management Training was Mr. Lagi Fisher, Business Advisor Fiji from Niudawn Resource Procurement and Consultancy.

The first day of training covered the definition and significance of financial management, along with an overview of financial statements and key financial ratios. Participants also engaged in budgeting and forecasting techniques, emphasizing their importance through practical exercises. They also learned about cash flow management strategies, including forecasting and monitoring, through case studies and group discussions.

On day 2, topics such as decision-making, financial analysis, internal controls, fraud prevention, compliance for co-operative businesses, and regulatory requirements were covered. Participants actively engaged in interactive sessions with real-life examples to enhance learning and implementation.

Fiji Development Bank (FDB) spoke about the loan products available specifically for MSMEs, the importance of business plans, and financial literacy.

BAF will conduct similar training in other divisions in the future.

ENDS

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