SMEs require timeless values

The Regional Learning Development Manager, Foreign and Commonwealth Office, Mrs Vida Kwapong-Akuffo, has called on all Small Medium Enterprises (SMEs) in the country to come together to have a voice to shape government’s policies that will be favourable to their businesses.

“Politicians will always talk about an enabling environment but we in the business know what actually an enabling environment is. We, therefore, have to come together to send it out to government since we cannot be heard individually,” she said.

Mr Kwapong-Akuffo made this call at the first SME summit which was held on August 29 in Accra, on the theme: “Small Companies, Big Impact”.

Speaking on the topic, “Building Durable Values”, Mrs Kwapong-Akuffo stated that for a business to be sustainable it needs to have a set of values, which represents the soul of the business.

“Strategic planning is built from time to time depending on the business environment but the values of a company must not change and must be able to suit any environment in the long-term future. They can stand the test of time.”

She said the values also cut across every business, some of which are “leadership, collaboration, integrity, accountability, passion, diversity, and quality.”

Building sustainable business

The Chief Executive Officer of Global Media Group, Mr Edward Boateng, also advised SMEs to build businesses that can be maintained or businesses that can sustain themselves.

Statistics indicate that 70 per cent of registered businesses in Ghana do not start operations at all. This is a worse position compared to elsewhere in Africa where about the same number of SMEs die within their first three years of operation.

He therefore urged them to build businesses that will be resilient against threats and turbulences.

“Your business has to be tough to stand the test of time. If your business will be sustainable, it should be ‘transitionable’ and you should also put in place a good corporate governance system,” he said.

“In business, becoming sustainable involves a conscious and continuing effort to build long-term values for shareholders, stakeholders, employees, customers and society in general,” he added.

Attributes of sustainable business

Mr Boateng further stated that a sustainable business should have a long-term view for decision making and the willingness to take measured risks.

“You need to measure yourself and know your tolerance level for risk, before you take the risk,” he advised, urging SMEs to always adapt and localise best practices by researching to know what will be best for it. GB