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Family firms urged to utilize business plan

FAMILY owned food processing industries have greater chances to achieve high efficiency and sustainability in a competitive world through the use of business plan.

This was said by the Institute of Rural Development Planning (IRDP) Dodoma campus, Lecturer Mr Galinoma Lubawa while commenting on how to successful run family business.

“I would like to encourage family firms in Tanzania to fully use business plans to achieve greater levels of engagement so as to increase the chances of business survival,” he said.

According to him food processing is one of the fast-growing manufacturing sub-sectors in Tanzania and is important in boosting farmers’ incomes.

According to Economic Survey, 2018 currently the sector contributes 38.9 per cent of the value-added production and 36.9 per cent of total employment.

He argues that the use of business planning determines how family-owned Food Processing Small and Medium Entreprises (Fo-SMEs) operate in the market economy.

“This business planning seeks to use relevant information from the market, government policies and elsewhere in the hope to promote business growth and regulate business strategies,” Lubawa said.

Mr Lubawa further asked the government to coordinate the integrated industrial plans by collecting and disseminating relevant information from the food processing firms and agricultural sector.

The integrated projects can improve agricultural production of industrial raw materials which serves as an input for processors / traders.

“This approach to trade integration supports industrialization growth, enabling developing countries access to SDGs-9 equipment and secure access to the industrial economy,” he said.

According to him, the business plans are inevitable due to the possible emergence of issues, demands and divergent interests between a family and a business as legal entities.

To achieve the sustainable economic growth and eradicate poverty, the government broadens the economic growth base through improved manufacturing and crop processing.

Mr Galinoma made the remarks in Dodoma while addressing the launch of a new book titled “Handbook of Research on Institution Development for Sustainable and Inclusive Economic Growth in Africa”.

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