Banajah: 85% of the business pioneers do not know how to read financial lists.

​In an introductory lecture of the program "Riali" organized by Asharqia Chamber.
 

              The vicar of the President of SUDCO Holding group Omar Banajah said that 87% of  the pioneers are interested in increasing their financial culture, and 94% understand the importance of financial knowledge to manage their business.
In an introductory lecture in Riyali Program for the Management of Financial Affairs for  pioneers, organized by Asharqia Chamber, represented by the Businesswomen Center in the headquarters on Monday March 28, 2017,  Banajah said that 85% of  the pioneers do not know how to read financial  lists.  As statistics confirmed that 79% closed during the first 3 years of its establishment.
Banajah stressed that  pioneers need to learn how to read financial lists so they can manage their business, especially financial management, which is one of the most important aspects of the project, saying that accounting is the recording of all operations, and the finance department is an analysis of those operations.
He pointed that when the business pioneer starts his project, he needs to be familiar with reading the financial figures from several sources such as cost, expenses and profits, noting that the main  goal of any project is profitability, the  revenue must be greater than the cost.
Banajah said that Riyali financial awareness program is one of the most important programs launched by the group within its social initiatives. The program aims to enhance the financial awareness of the community and  improve their skills and provide them with the knowledge that will enable them to face their financial responsibilities.
It also aims at raising the awareness of the society about the principles of financial planning, preparing budgets, instilling a culture of savings and investment, and dealing with financial loans, and providing them with the tools that will help them to make financial decisions to enable them to live a decent life and aim to reach more than two million beneficiaries by 2020.
The program discussed a number of  topics, notably: increasing financial awareness of  business pioneering, how to manage financial affairs in emerging companies, increasing the chances of sustainability, and the quality of  the pioneers in preparing feasibility studies, identifying financing opportunities and how to deal with them, and indicators and financial reports. In conclusion, the guest was honored with a memorial  shield.