Small and medium-sized enterprises (SMEs) in Singapore can now tap on the expertise and experience of CFOs to prepare themselves for growth under the new SME Business and Financial Management (SME BFM) Programme.
SME BFM is an industry-led programme jointly developed by the Singapore CFO Institute (SCFOI), Singapore Business Federation (SBF) and Singapore Management University - School of Accountancy (SMU). It was launched at the annual CFO Connect Symposium on 27 August 2015 by the Minister of State for Trade and Industry Teo Ser Luck.
Aiming to enhance the financial management capabilities of SMEs, the programme consists of three core elements: practical and skills-based training, mentoring by experienced CFOs, and project work. The programme will require four to five engagement days per month for five months.
"CFOs are now faced with business challenges beyond traditional accounting and finance," said Ho Meng Kit, SBF's CEO. "The SME CFOs also have to deal with the quest to deliver more for less as they need to look at driving cost reductions and be competitive. To help their SMEs stay ahead of the game, CFOs need to have the necessary skills set that will equip them to function not just as accountants and financial controllers, but as business strategists and problem solvers. The SME BFM Programme will provide CFOs with the necessary skills and knowledge to tackle these challenges ahead."
"A key element of the SME BFM programme is the ability to tap on the wealth of knowledge and experience from CFO mentors. This facilitates the peer-sharing of ideas and best practices to instil and nurture a culture of life-long learning among like-minded practitioners within the CFO Community," said Chng Lay Chew, Chairman of SCFOI.
The first edition of the programme is expected to be launched in early 2016. It will take in more than 20 SMEs with each run of the programme.
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