Cameroon: Foretia SBEC Drills Small Business Operators on Business Formalization, Planning & Taxation

By Boris Esono Nwenfor

BUEA, Cameroon – The Denis and Lenora Foretia Foundation, through its flagship Small Business and Entrepreneurship Centre, SBEC, has equipped some sixty small business operators in Buea, South West Region with skills in business formalization, planning, taxation, marketing and sales and the use of technology for SME growth.

The training which took place from February 28-29, bringing together small business owners and potential business owners in Buea, is part of the organisation’s drive to accompany small and medium-sized enterprises and businesses through a very delicate period marked by digitalisation.

Desmond Kum, SBEC Assistant at the Foretia Foundation said: “If businesses have to live beyond three to five years, they have to be sustainable. And for them to be sustainable, they have to understand the contours of the business ecosystem. We are here to make sure that entrepreneurs in the South West understand how the business environment works, and how they can manage their finances effectively."

“If entrepreneurs can master their environment and how to go about the tax system, their businesses are going to be sustainable. When you join the SBEC network, your growth, and sustainability is assured."

The goal of the training which is being done across the Littoral, Centre, South West, North West and West Regions also aims to get SMEs to join the SBEC network. The SBEC network gives administrative support to those SMEs that join the network.

Desmond Kum added: "As of 2023, the SBEC Network counts 85 members. This year, new members have joined and the network continues to grow. Those in the network benefit from administrative support, like the writing of business plans; assisting them in building financial account systems for their businesses and ensuring that they are up to date with their taxes. We make sure that when an SME is in our network, the SME can grow and is sustainable."

Laye Mbunkur, a business consultant working with the Foretia Foundation, highlighted the importance of business formalisation and taxation. To him, these two things are just so important for the life of every business.

Legalising businesses, he said, helps the entrepreneur know how to deal with taxes. Registering their businesses, no matter the size, Laye said, will enable them to understand the best tax regime for their businesses when they analyse its advantages and disadvantages.

“Taxes are something that businesses cannot escape from as far as they are operating businesses in any country. It is important that SMEs know and understand how the tax system works. This will enable small businesses to avoid paying unnecessary taxes and penalties," Laye Mbunkur said.

Tambe Beldine Ngie, a participant and assistant project coordinator at the Mike Yanou Foundation said: "As a small business owner, the training is beneficial because I now have a focus on my business; I can analyse unforeseen circumstances and forecast how my business will look like in the future. I can see how I can grow not just as an entrepreneur, but also solve societal problems in the community, I plan to use all the knowledge gathered from the session to implement in my business.”

The training is in line with the PEF Project funded by the Rising Tide Foundation and John Templeton Foundation. The project targets five regions of Cameroon and teams from the SBEC network have been engaging SMEs in the assigned regions with training on business creation amongst others.

About SBEC

The Small Business and Entrepreneurship Centre (SBEC) was founded by the Denis & Lenora Foretia Foundation to support SMEs across the country and to promote business-friendly policies that stimulate innovation and job creation. Through the SBEC Network, member SMEs receive training and administrative support to increase productivity and efficiency.