Business Botswana’s (BB) financial performance in 2018 was boosted more by subscriptions. Affiliated member s contributed P3.2 million, a 34% increase from the P2.4 million amassed in 2017
It was revealed at BB Annual General Meeting (AGM) that membership subscriptions have stood out to be cash cow for the organisation though having adopted other diverse strategies of making more extra money.
BB President Gobusamang Keebine, who was re-elected for the second term in office, said the organisation is still struggling to make money.
He said the core source of revenue remains the membership subscriptions as the number of affiliated members continue to grow strongly despite reluctance from other home businesses.
“We continue to experience financial struggle for running our operations. However, the positive increase in our membership subscriptions helps us to make money but we are coming up with other ways of raising funds to avoid dependency only on the subscriptions area,” said Keebine.
He said plans are afoot to develop the 26 hectare land plot owned by BB in Francistown to undertake business developments that would be means of generating extra cash for BB too.
Moreover, he said, their five year strategic plan – running from 2018-2023 – speaks to enhancing private sector growth by continuously exploring new markets for sustainability.
Business Botswana Treasurer, Dennis Alexander, said 2018 was a better year as compared to 2017, a year which he said a lot of deficit was incurred across some crucial revenue streams.
The difficulty, he said, was attributable to the fact that the organisation lost very important members who made immense contribution to subscription fees, hence crippling the revenues.
He, however, expressed concern that one of the very crucial revenue streams in 2018 being the Seminars, Workshops and Conferences noted a decline in income from P1 million to P 590 063.
The total income for yearly Business Botswana Trade Fairs registered increase of P719 668 in 2018 compared to P656 351 in 2017 due to tough conditions of members pulling out.
Business Botswana Chief Executive Officer, Norman Molele, said they have recently intensified their membership recruitment drive.
He expressed discontent that some of the businesses that are not subscribing to BB are still getting a lot of business from the Public Procurement and Assets Disposal Board (PPADB).
Moleele said this is not seating well with the affiliated businesses, saying that they have since submitted code of conduct to PPADB to suggest that preferential be given to their members.
The AGM re-elected Keebine as the president for the second term from 2019 to 2021 as nominated by the board and endorsed by members. Odirile Merafhe was also re-elected as BB Vice president South for the second consecutive term as well.