Stage is set for Top 100 awards ceremony today

Dar es Salaam. It is all systems go for the unveiling of the 2016 winners of Tanzania’s Top 100 Mid-Sized Companies awards at a gala ceremony at the Mlimani City complex in Dar es Salaam tonight.

Organisers of the survey of hundreds of thriving businesses across the country said the awards are a testimony to the popularity of Top 100-Mid Sized Companies competition, now in its sixth year.

They noted that the  awards gala is a celebration of local businesses that have shown resilience by recording strong growth in different sectors of the economy.

The survey was initiated by Mwananchi Communications Limited and KPMG in 2011 with a vision to mobilise more Tanzanians to become efficient business operators. The competition has won backing of partners such as Bank M, the Dar es Salaam Stock Exchange and Azam TV.  Speaking yesterday ahead of today’s ceremony, the managing director of Research Solutions Africa, Jasper Grosckuth, said findings this year show some improvement over last year’s survey.

Mr Brosckuth said 57 per cent of surveyed companies have indicated preparedness to trade across the boarders compared to 47 per cent last year. Some 90 per cent of participants supported the development of East African Community.

He said more than half of the companies which participated were drawn from the construction and manufacturing sectors, with three quarters of participants coming from Dar es Salaam.

This year, the survey reached remote areas such as Babati, Sumbawanga and Kahama. Firms surveyed have been in operation for between 18 and 20 years. Only one company was 100 years old.

Mr Brosckuth noted there is more space for SMEs to grow because there are ample resources which are not fully utilised.

Speaking at the forum, the Director General of Export Processing Zone Authority Col Joseph Simbakalia, said the government has set aside $200 million (Sh440 billion) for the development of SMEs through the TIB Development Bank.

Simbakalia said he funds were earmarked under the 5-year plan for industrialisation. He said the private sector was expected to play its part in reducing the financing gap. “The government has set an ambitious plan for building an industrial economy. The government recognises the role of SMEs in this vision,” said Simbakalia.

Chief Executive Officer of IoDT, Mr Said Simba, talked about the need for Tanzanian SMEs to build a culture of good corporate governance as an important vehicle to grow fast.

“SMEs must abandon the one-man show because under such a system the management can be easily overwhelmed by increasing business needs,” said Kambi.

He also talked about the danger of family run SMEs which have limited capacity for expansion due to regular infighting that hamper creativity and innovations.

The Top 100 Mid-Sized Companies brand identifies fast growing firms in terms of excellence in business performance, innovations in operations, labour productivity, contribution to corporate social responsibility and leadership qualities.

The survey is meant to help the firms to benchmark themselves against successful peers. Firms that take part in the survey are those with a turnover of not less than Sh20 billion.