THE CHALLENGES OF GLOBALIZATION FOR SMES IN TANZANIA. Prepared by Tanzania Chamber of Commerce Industry and Agriculture
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1 THE CHALLENGES OF GLOBALIZATION FOR SMES IN TANZANIA Prepared by Tanzania Chamber f Cmmerce Industry and Agriculture 1
2 1. Intrductin: Definitins Glbalizatin: Every ne f 2,822 academic papers written n glbalizatin and 589 new bks published n the subject in 1998 had different definitins f glbalizatin. An ecnmic phenmenn, invlving the increasing interactin, r integratin, f natinal ecnmic systems thrugh the grwth in internatinal trade, investment and capital flws. It als includes a rapid increase in crss-brder scial, cultural and technlgical exchange as part f the phenmenn f glbalizatin. 2
3 Definitins: Small and Medium Enterprises (SMEs): There is n cnsensus f SME definitin as varius cuntries had different definitin depending n the phase f ecnmic develpment and their prevailing scial cnditins. In this, varius indexes are used by member ecnmies t define the term such as number f emplyees, invested capital, ttal amunt f assets, sales vlume (turnver) and prductin capability. 3
4 2. SMEs in Tanzania In the cntext f Tanzania, micr enterprises are thse engaging up t 4 peple, in mst cases family members r emplying capital amunting up t Tshs.5.0 millin. The majrity f micr enterprises fall under the infrmal sectr. Small enterprises are mstly frmalized undertakings engaging between 5 and 49 emplyees r with capital investment frm Tshs.5 millin t Tshs.200 millin. Medium enterprises emply between 50 and 99 peple r use capital investment frm Tshs.200 millin t Tshs.800 millin. This is illustrated in the table belw: 4
5 SMEs in Tanzania, categries Categry Micr enterprise: Small enterprise: Medium enterprise: Large enterprise: Emplyees Capital Investment in Machinery (Tshs.) Up t 5 mil. Abve 5 mil. t 200 mil. Abve 200mil.t 800 mil. Abve 800 mil. N.B. In the event f an enterprise falling under mre than ne categry, then the level f investment will be the deciding factr. 5
6 3. SMEs characteristics, advantages and disadvantages Characteristic Advantages Disadvantages In Relatin t Glbalizatin Dependence n a limited number f peple (ften wners and managers are ne and the same persns) Lng-term thinking, perspectives Stability N pressure fr shrt-term success High identificatin with the business, stable culture High cmmitment Static thinking, limited t the experiences and the knwledge f the wner(s) Difficulties t adapt crprate culture t new situatins and challenges Ptential cnflicts between crprate bjectives and persnal bjectives f the wner Clse relatinships t custmers and business partners Stable basis fr further business Ability t cperate successfully fr mutual advantage Ability and willingness t enter partnerships Risk t fcus t much n existing basis f business Simple structures High flexibility and adaptability Shrt reactin times Crss-functinal cmmunicatin and cperatin within the rganizatin In many cases nt suitable fr the cmplex planning and implementing f internatinal activities Lw willingness t intrduce mre sphisticated structures 6
7 SMEs characteristics, advantages and disadvantages Small size Basis fr specializatin, ften successful with niche strategies Limited resurces (in terms f financial means and manpwer): Limited funds t finance investments and initial perating lsses fr new activates Spendings fr market research and market entry take a much higher prprtin f ttal spendings in SMEs than in larger businesses Limited number f staff t take n additinal tasks Lack f internatinally experienced emplyees 7
8 Characteristics The abve table gives us fur characteristics which reveals why SMEs have a tugh time in the internatinalized market They dn t have enugh manpwer, they deal direct with custmers, have simple structures and are small 8
9 4. Challenges: Resurces T be able t exprt yu need these amng thers: Energy supply A (prfitable) prduct range; gd turnver A quality assurance system Infrmatin, expertise, knw-hw A gd management system Skilled wrkers, experienced Adequate prductin facilities supervisrs Dedicated staff Gd equipment, cmpnents Cnstant supply f raw/half Gd planning systems materials Time (fr preparatin) Mney (r access t capital) Space (t build, enlarge facilities) Clean water, air 9
10 Challenges: Finance While the demand fr finance is unlimited and lack f it is said t be a majr scare t businesses develpment after crime, yet SMEs are excluded frm btaining the funds. Why s? High interest rate Depsit rate n saving is revlving at 2.6 t 5 percent while time depsit is at 4.5 percent frm 3.8 in 2003/04 Lending interest rate rse t in 2004/05 frm in the previus year The gap between time depsit and verall lending rate has increased frm in 2003/04 t percent in 2004/05 10
11 Finance 11
12 Finance The abve chart shws that the banks have s much mney but can t lend them t the private sectr due t varius reasns. What happens t the surplus? Banks place surplus mney with ff shre banks and with the Bank f Tanzania at relatively lw yields but at the same time at lwer credit risk. Effect n depsit rates: Like with any cmmdity an ver-supply will result in the price f the cmmdity being depressed. The reasn why depsit interest rate is lw 12
13 Finance Lack f cllateral Mst banks insist n immvable assets Weak prperty rights hinder cllateral availability s as capital frmatin Creditwrthiness Lack f adequate mechanisms t prvide infrmatin n creditwrthiness Smetimes it is a mere perceived risk, evasin f risky ventures 13
14 Finance Lack f innvative instruments t reach small brrwers by banks Grwth rate f the cmmercial bank credit t the private sectr averaged 33 percent during the year ending June, 2005, ne percent less than expected The prprtin f bank credit t the private sectr t GDP is 9.8 (June 2005) as ppsed t an average f percent in Latin America. This is an imprvement frm 8.6 a previus year. This suggests hw credit t the private sectr has remained shallw despite f the increasing rle f the sectr in the ecnmy. SMEs are the lsers 14
15 Finance Dmestic Credit prvided by Banking Sectr (Percentage f GDP) France United States Nrway Finland Chile Sweden Brazil Clmbia Peru Argentina Ecuadr Mexic Venezuela Surce: Wrld Bank, Wrld Develpment Indicatrs (2005) The prprtin f bank credit t the private sectr t GDP is 9.8 (June 2005) as ppsed t an average f percent in Latin America 15
16 Finance Obstacles due t firm size and nature f business SMEs are said t have high failure rate cmpared t relatively large cmpanies This brings abut anther prblem: High mnitring csts faced by banks 16
17 Finance SMEs cnstitute a higher credit risk because: They ften lack diversificatin in their surces f incme and/r are cncentrated relative t large firms, with the pssible exceptin f SMEs riented t the cnsumer segment (niche market). Significant uncertainty regarding ptential tax liabilities Opaqueness in balance sheets reflecting weak accunting practices and nn-transparent infrmatin 17
18 Regulatins Distrtinary regulatins affecting SMEs (Unfavrable legal and regulatry framewrk) Tanzania is listed amng the tp 10 difficult cuntries t build a warehuse It takes 12 prcedures t register a prperty ¾ f Tanzanian businesses cmplain f taxatin administratin (lcal and central) 18
19 Regulatins It takes 13 prcedures t start a business And 35 days lng At a cst f 161 percent incme per capita It takes 26 days t btain license and 313 days t btain a license 19
20 Regulatins In the judicial system: Unwarranted injunctins High cmpliance csts (Land Disputes Settlement) Act, N. 2 f 2002, where fur institutins are empwered t reslve disputes Sme banks are sighting Bank f Tanzania Act as being ne f the bstacle t banking innvative initiatives (minimum requirement rati) 20
21 Regulatins These all add up t already: High cmpliance csts, they tend t reduce the resurces needed fr investment High peratinal csts which results int uncmpetitive ness f lcal dmestic prducts bth in internal and external markets 21
22 Training Mst Small and Medium-sized Enterprises (SME) wh want t exprt, t which 9 ut f 10 cmpanies belng, are manufacturers rather than traders/ exprters. As such, trading is secndary and usually restricted t the familiar hme market. Selling t freign custmers, fighting with glbal cmpetitrs fr a share f the market, culd be even mre cmplicated. Beside mney, time, dedicatin they mst f all need training as well. 22
23 Training Hwever, in the past trainings ffered have been either: ineffective, expensive r SMEs nt appreciating the services which emanates frm a culture f thinking business can be dne nly if yu have mney and the rest are secndary 23
24 Infrastructure Transprt: makes it difficult and cstly t mve gds frm ne pint t anther within the cuntry and adds up t csts Pwer Unreliable and unstable, can disrupt deadlines Cmmunicatin Undevelped and cstly fr SMEs 24
25 Other Challenges N r less expsure t internatinal market and business skill Crude technlgy r lack f capacity t engage in research and develpment Insufficient wrking premises Matching the prduct with market, market adaptatin 25
26 5. Way frward Finance: Design a risk-based prvisining regime that takes int accunt the different risk characteristics f bank lans t different sectrs. The refrm f the judicial system is an essential cmpnent fr increasing credit access. 26
27 Way frward Finance: Adequate bankruptcy laws, prperty and creditr rights are key legislatin t facilitate: (a) mbilizatin f cllateral; (b) develp a culture f repayment and (c) allw banks t enter riskier sectrs f the markets. Have in place effective credit bureaus that banks can access. Refrm registry systems t deliver a true guarantee f wnership. Adequate prperty recrds can allw SMEs t better supply cllateral and can reduce banks transactins csts in their search fr adequate lan dcumentatin 27
28 Way frward Infrastructure Pririty shuld be given t imprvement f infrastructure bth scial and ecnmic, cnstructin f rads is ne example but railways have t be imprved as well Laws and regulatins Bad laws and regulatins which have been identified will have t be amended 28
29 Way frward Institutinal Supprt: Strengthen SMEs department r intrduce Ministry f Small and Medium Enterprises s that it can be able t devte time and mney in the sectr Centres like that f Lndn shuld be beefed up t be able t transmit relevant infrmatin and advice t lcal peratrs fr actin Business Supprt Institutins need t crdinate and ffer services demanded 29
30 Way frward Training: Effrts like that initiated by Faculty f Cmmerce f UDSM are upheld but trainings shuld nt be expensive fr SMEs and als nt academic Awareness creatin f imprtance f training and utilizatin f the same 30
31 THANK YOU FOR LISTENING 31
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