Local businesses operating in the Western Division have been earmarked for the second phase of the Fiji THRIVE program, an initiative under the cross-border partnership between the BSP Financial Group Ltd and the Australian Business Volunteers (ABV).
Speaking at the 27th Australia Fiji Business Forum, held in Sydney this week, BSP’s country head Haroon Ali and ABV chief executive officer Liz Mackinlay jointly presented the Fiji THRIVE Program to further demonstrate the limitless benefit of cross-border and cross sector collaborations.
They also announced plans to extend the program to the Western Division.
Fiji THRIVE denoted by “Together, Helping to build a Resilient, Inclusive and Vibrant Economy”, is a unique 12-month development program for underserved micro, small and medium enterprises (MSMEs).
Mr Ali confirmed that since it was launched in April this year, the program has assisted local businesses in the Central Division operating in various sectors, with the majority being women.
He also informed the forum that BSP had invested around $280k to support the program which empowers businesses to not only recover from COVID, but also to build resilience and improve adaptability to increasing challenges.
The ABV further enriches the program by providing project management support and skilled business professionals who deliver training, coaching and mentoring activities on the fundamentals of business from business modelling and strategic planning to risk analysis, finance, people management, marketing and pricing strategies, to environmental management and occupational health and safety.
Since rolling out the program, some key insights from participants have included:
• Converting program publicity into improved staff engagement, leading to increased client appointments and product sales.
• Doubling of shop space with plans to open a complementary business.
• Negotiation of new courier delivery service and progressing into e-commerce offering online shopping experiences for customers.
• Increased clarity of financial position prompting reorientation of business away from retail to focus on building profitability of wholesale business.
• Improved risk mitigation strategies through business expansion into other business offerings to cover quieter period for core businesses.
The second phase of the Fiji THRIVE program is scheduled to be launched soon in the West and will benefit 25 local businesses from various sectors.
