Entrepreneurs told to develop appropriate strategies

Mr Andrew Osei Akoto, a partner at KPMG, an accounting and auditing firm, has called on businesses to craft appropriate strategies to help them survive in these challenging times of the economy.

He urged them to develop meaningful vision statement; and compile their mission, strategies and action plans into a strategic plan document, which should be updated when the need arises.

Mr Akoto, who is the Partner in charge of Risk and Compliance at KPMG, said though strategic planning could be a tedious, costly and time consuming effort, it is still the essential thing to do in the current economic environment with its erratic power supply, high cost of credit, cedi depreciation and competition from imported products.

He was speaking at a business enhancement skills programme, organised by the Ghanaian-German Economic Association (GGEA) in Accra.

Mr Akoto said the strategic implementation process should be equally stated in the strategic plan and followed up, adding that businesses ought to be mindful of poorly defined tasks, inadequate information systems, and spending more time than planned on an intended activity.

Mrs Nadine Rix, Director of Nyansa Africa, said her company was established to help foreign and local businesses seeking to create value through effective team building and workforce management.

She said her company was established to facilitate growth and businesses in West Africa, adding that by developing their employees businesses could add more value to their entities.

Mrs Rix said as entrepreneurs add value to their entities, it improves productivity but more importantly leaders need to recognise the quality of the work provided by their employees.

Mr Patrick Dughan, Assistant General Manager, KEK Insurance, said many unforeseen opportunities come from risk taking and succeeding in this regard distinguishes a business entity from others.

He said a careful assessment of existing risks ought to be made before a venture is initiated.

Mr Dughan noted that in the challenging Ghanaian economic environment, one cannot eliminate risks saying “we can only manage, share and reduce them”.

Mr Stephen Antwi, President of the GGEA, said businesses operate in a globalised environment where foreign companies partner with local ones for shared benefits.

He said local businesses need to manage their efforts and resources well in order to reap good results as more German and other international firms are seeking for reliable partners to work with.

Mr Antwi said the current state of the economy calls for integrity and the employment of useful cultural values during interactions with interested partners or clients.