TWO financial consultants from Singapore were invited to deliver a talk yesterday on financial management to 35 participants from various BSP contract companies as part of the BSP Local Business Development Coaching Scheme Initiative (CSI) to develop the sustainability of small and medium local companies in the oil and gas industry.

The workshop – jointly conducted by Baiduri Bank – focussed on managing financial resources effectively and maintaining good relations with financial stakeholders.

Mr Stephen Chew, one of the financial consultants from Summit Planners Advisory Group in Singapore, said the talk gave insights to business operators on facilities offered by the bank and how to utilise these facilities efficiently and effectively.

Apart from that, the workshop helped to develop understanding among participants on the use of financial statements as banks rely on financial statements in their assessment.

Additionally, participants were taught about the proper tools to display their company’s financial positions in order to make proper financial decisions to support their overall strategic planning, Mr Chew said.

The topics delivered at the workshop facilitated by Baiduri Bank included ‘Getting ready to talk to your banker,’ Best practice cases – Will your bank lend to you?’ Understanding your financials” and “When things go wrong.”

The CSI is part of BSP’s commitment in developing local businesses and acts as a platform for sharing and obtaining best practices to help develop the capability, competence and competitiveness of other small and medium local businesses.

The scheme is supported by Mashhor Group of Companies, Syarikat Kejeruteraan Sistematik Sdn Bhd, SKS Woods, Petrokon Utama Sdn Bhd and Baiduri Bank by providing qualified coaches to share their experiences as part of their individual commitment and contribution towards local business development and generally, the economic aspirations of Brunei Darussalam.

The workshop was part of CSI’s eight-month programme which was yesterday held at the Oil and Gas Discovery Centre in Seria.

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