Keep family, pastors, politicians and chiefs at bay if you want your business to thrive – Amoabeng

Founder of defunct UT Bank, Prince Kofi Amoabeng, has advised business owners to desist from certain categories of people if they want their business venture to thrive on longevity.

According to him, pastors, politicians, traditional rulers and families must be kept at bay as they have the potential to pose significant problems for the business leading to its eventual collapse.

Speaking at the 25th-anniversary launch of Fairgreen Limited on July 26 in Accra, the former bank boss described these influencers as “necessary evils” which he believes must be handled with caution to avert business decline.

“Politicians and pastors are necessary evils because they can give you the right connections. However, they also need to milk you, and they can raise your company to a high status if you have the right relationships. But be careful. Don’t accept chieftaincy titles,” he advised.

He continued, “They will drain your finances and time, and you will be responsible for the expenses of durbars. These are the things that have set this country back. Make sure you don’t fall prey to any of them, whether it’s the church, chiefs, politicians, or your own families. You have to navigate carefully.”

Touching on influence by family members with regards to employment practices, Mr Amobeng cautioned business owners not be swayed by their family members on that front.

“When you start a business, you are under the radar and can be a bit protective. But as you grow, you come under pressure. I call this pressure ‘dealing with the devil.’ You must deal with them. You can’t avoid them. Family, friends, and relatives will ask why you are always employing strangers when your family members are available. They want to kill the company. You need to be strong enough to fire them when they do something wrong. If you don’t have the will to fire them, don’t appoint them,” he urged.

Meanwhile, the former bank boss called on management of Fairgreen Limited to continue to develop a conducive working environment to foster growth and longevity.

“You need to create a culture that is different from the Ghanaian culture. Ghanaian culture is generally one of laziness, pulling people down, disrespect, jealousy, trying to shift blame, and over-dependence on religion to the point that people don’t come to work. When you have a team, you must create a culture that will protect the company against these influences,” Amoabeng advised.

MA/NOQ

Watch the latest edition of BizTech and Biz Headlines below: