Niesbud partners with Intuit to train MSMEs on finance | SupportBiz


Niesbud partners with Intuit to train MSMEs on finance

Financial documentation is a grey area among MSMEs. Banks often complain about the unavailability of proper documentation of the entrepreneur’s organizational finances. The problem arises mainly due to the fact that, the entrepreneurs usually do not have right form of financial literacy.

Considering this as a challenge, the National Institute for Entrepreneurship and Small Business Development (Niesbud) and Intuit have joined hands to initiate financial literacy programme for Indian MSMEs. The four-hour training module on financial literacy and management will mainly target the small businesses in the country.

Arun Kumar Jha, Director General of Niesbud commented on this new initiative, “The objective of this new training module is to provide critical financial management skill to the MSMEs. This skill is very important in running the business operations in an increasingly competitive environment. Considering the changing business dynamics, entrepreneur must learn proper accounts handling. This training will help the entrepreneurs to deal with the banks in a more compelling manner.”

While highlighting Niesbud’s aggressive roadmap towards training and skill development, Jha informed, “We have so far trained almost 50 thousand people, who after finishing the training either became self-employed or landed a job. This year we are planning to train close to 1 lac people.”

While talking about the training, Nikhil Arora, Managing Director of Intuit India said, “The Intuit training is designed on an interactive and discussion-based format. The training modules incorporate both strategic and tactical guidance, supported by group exercises based on real business situations that enhance the insight of small business participants.”

The module of this training is comprised of three stages: How to Start a Business; How to Manage a Business; and, How to Grow a Business, which is expected to empower the participants with content and skills to help them improve their financial outcomes. Before unveiling the module across India to small businesses in the coming months, the curriculum will first be introduced during the forthcoming Training of Trainers (TOT) organized by NIESBUD in Nainital from May 21 to June 6 for the Senior Faculty of its Partner Institutions. The TOT is expected to train 40 to 45 trainers from across the country including a few small business owners themselves.

“The desirability of timely, adequate and cheap financial resources in a small enterprise cannot be over-emphasized. However, a generally forgotten aspect of this crucial element is the paramount necessity to manage financial resources optimally. I hope that this joint initiative with Intuit would go a long way in dawning upon the owners of small businesses the importance of managing their financial resources optimally and equipping them with the requisite skills for the purpose,” Jha added.

While sharing positive hopes from this collaborative approach of Intuit and Niesbud, Arora, said “Collaborating with Niesbud to fill a gap of financial literacy through training and skill development for small businesses is going to be a great exercise. Our earlier work with Niesbud and the Ministry of Micro, Small and Medium Enterprises helped us understand the barriers which the small businesses were facing in technology adoption. Trainings, particularly in the areas of technology and financial management, are the greatest learning opportunity for the entrepreneurship ecosystem. We are honoured to be a part of this training with Niesbud.”