Coronavirus: Businesses must embrace change for growth

David Ofosu-Dorte, a Senior Partner at AB & David has called on Ghanaian businesses to confront changes in the business environment and get ready to benefit from African Continental Free Trade Area (AfCFTA).

He said they should also be ready for the opportunities that would be available in the post-COVID-19 era.

A statement issued in Accra said Mr Ofosu-Dorte was speaking at the Virtual Annual Business and Leadership conference organised by the Seed Transformation Network (STN) Ghana Chapter.

He reiterated the need for businesses to prepare for change, saying having the right mindset and approach to doing business was critical for the success of future businesses.

Dr Tony Oteng-Gyasi, Chief Executive Officer (CEO) of Tropical Cable and Conductor Limited, said: "change is a variable that is inevitable in every business environment.”

He, therefore, encouraged business leaders and entrepreneurs to pay attention to their environment, be receptive and adaptive, and work to resolves challenges that might negatively affect their businesses.

“Businesses need to be aware of the change and identify the business opportunities that they present. Businesses that think and prepare for change, and have it engraved in their policies, survive best,” he added.

Ms Esther Cobbah, CEO of Stratcomm Africa, who spoke on scaling up in diverse cultures, said solutions to life's circumstances were found in different social contexts.

“Businesses exist to serve people, and people, are located in the culture in which they operate," she said.

She said business offerings were designed to meet human needs and a context analysis needed to be done to help understand the culture of the intended audience and how that could impact the operations of the business.

"There is, therefore, the need for businesses to have a clear communication strategy in place to support their operations and engagement with key stakeholders,” she added.

Mrs Linda Yaa Ampah, President of STN Ghana Chapter, said the business environment would become more challenging post-COVID-19 with the coming into force of the AfCFTA.

She said, hence the need for business leaders and entrepreneurs to understand their environment would impact their businesses and find appropriate ways to manage them for growth.

"We can contribute to the growth of the Ghanaian economy if business leaders and entrepreneurs have the right knowledge, information, experience, and skills to face the new challenge that lies ahead," she said.

The Seed Network Business Conference is the Networks programme instituted to empower business leaders and entrepreneurs to scale and thrive in the face of challenges.

This years conference was streamed LIVE on Zoom, Facebook, and YouTube due to the COVID-19 pandemic on the theme: “Embracing forced change within diverse cultures.”

The conference provided the platform for participants, who are business leaders and entrepreneurs, to gain valuable insights from seasoned business leaders on how to leverage change to scale up their businesses.