The Chief Executive Officer of Affinity Ghana, Abdul-Jaleel Hussein, has provided some tips that can help Small and Medium-size Enterprises (SMEs) to thrive in Ghana.
He says although economic indices might not be too favourable for small startups to thrive, it is possible for them to maneuver only if the proper steps are taken in setting up the business.
Disclosing that this country is considered globally as one of the countries with the highest entrepreneurial spirit, especially amongst women, he reemphasised the need for Ghana to consolidate that spirit to maintain that global accolade.
Speaking at the Affinity Ghana-sponsored Onua FM Small and Medium-size Enterprises forum on the theme; Building a Resilient Business in Economic Uncertainty Wednesday, April 17, 2024, the CEO said business owners should check viability of their intended merchandise and start with any amount, no matter how small.
“You need to study your environment to know if what you want to do will sell,” he said.
According to him, although some businesses are quite capital intensive, they could be started in their own small ways before they become stable.
He also stressed on the need to be patient and resilient in order to sustain the business. Mr. Hussein counseled that a business will thrive only if the owner is patient and resilient.
“We also need to get an available market because most at times we don’t consider that in setting up businesses,” he advised, adding that, one needs to develop strategies to become competitive on the market in order not to collapse.
He spoke about treating customers well, something that came up at the forum as one of the major factors financial institutions consider in giving out loans since it partly tells whether a business would be able to repay its loan or otherwise, based on how well you can attract customers.
The CEO of Affinity Ghana also advised startups to abreast themselves with regulations and policies that guide the type of businesses they want to venture in, in order not to fall foul to the law.
The forum also took questions and suggestions from the audience and advised on how to navigate the system to help their enterprises flourish.
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