Small and medium enterprises (SMEs) play a critical role in Sri Lanka’s transition to a circular economy. Recognising this, the EU-funded PLASTICS Project has been equipping 152 SMEs in the plastic recycling value chain with vital business skills to drive sustainability and profitability.
In collaboration with the Industrial Services Bureau (ISB), the project has successfully conducted seven intensive 5-day Business Plan Preparation Training programmes in Sri Lanka’s Western Province. These sessions, held in Gampaha, Colombo, and Kalutara districts, have already resulted in the creation of 113 detailed business plans, with eight more in progress. An additional training session is scheduled for December 2024, targeting another 15-20 SMEs.
Building a Foundation for Success
The training sessions go beyond the basics of business planning, focusing on integrating principles of sustainability and innovation into long-term strategies. The business plans incorporate:
- Vision, Mission, and Objectives to guide organisational growth.
- Marketing, Production, and Human Resource Plans to streamline operations.
- Financial Projections and Ratio Analysis for informed decision-making.
Participants were trained to include critical elements such as resource efficiency, cleaner production, green investments, and social and gender inclusion—aligning their businesses with the circular economy.
Turning Plans into Progress
The impact of these training programmes has been transformative for many SMEs:
- Structural Improvements: Participants gained practical knowledge to refine operations and enhance productivity.
- Better Financial Insights: SMEs now understand profit and loss analysis, enabling smarter investments.
- Access to Funding: Several businesses have already secured bank loans and grants by presenting their professionally crafted business plans.
These plans also provide a gateway for SMEs to access other opportunities offered by the PLASTICS Project, including:
- Green financing and RECP (Resource Efficiency and Cleaner Production) assessments.
- QEMS (Quick Environmental Management System) certification and ISO 14001 compliance.
- Participation in buyer-seller forums, fostering valuable market connections.
A Collaborative Effort
The success of these training sessions is a testament to the collaborative approach of ISB, ACTED, and the PLASTICS Project. Experienced trainers and business development experts led the sessions, supported by ACTED staff who ensured smooth logistics and organisation.
A Path Towards Sustainability
This initiative has become a turning point for many SMEs, empowering them to adopt sustainable practices, improve operations, and thrive in a competitive market. By integrating circular economy principles into their strategies, these businesses are not only reducing environmental impact but also strengthening their resilience and profitability. The PLASTICS Project remains committed to fostering sustainable SME development, one business plan at a time.
