A new programme that taps on the expertise and experience of Chief Financial Officers (CFOs) to mentor Small and Medium (SMEs) was launched on Thursday (Aug 27).
Minister of State for Trade and Industry Teo Ser Luck announced the launch of the SME Business and Financial Management Programme (SME BFM) at a the CFO Connect Symposium, the Singapore Accountancy Commission (SAC) said in a news release.
The industry-led programme comprises three core elements: Practical and skills-based training, mentoring by CFOs and project work, SAC said. The programme was jointly developed by the Singapore CFO Institute, Singapore Business Federation and the Singapore Management University’s School of Accountancy.
Mr Ho Meng Kit, CEO of the Singapore Business Federation said: “CFOs are now faced with business challenges beyond traditional accounting and finance. 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 first edition of the programme is expected to kick off in early 2016. It is structured over five months with four to five engagement days per month. More than 20 SMEs are set to benefit with each run of the programme.
news source & image credits: channelnewsasia.com