International advisory and knowledge consulting firm Harley Reed has said lack of capacity in logistics, supply chain and finance is hampering small and medium enterprises (SMEs) in realising growth, which is vital in maintaining profitable businesses.
“If companies’ resources are being misused for other purposes other than the intended company operations, then what we expect is poor customer service, which reduces the company’s chances of realising profits essential for growth,” he said.
Uko said there is need for companies to invest in skills development for people working in procurement, logistics and finance.
“About 70 percent of companies’ finances are spent on procurement and if companies do not have the right skills for that, they end up having larger value of percentages of disposal of waste and excess capacity,” he said.
Harley Reed is a multi-disciplinary organisation founded in 1991 with headquarters in the United Kingdom and offices across Africa.