Citi Business Festival: 10 tips to building resilient SMEs
How can the ordinary Small and Medium Enterprises (SMEs) operating in Ghana possess the ability to withstand the shocks in the business climate?
That was the focus of the second forum of the 2023 edition of the Citi Business Festival organised by Citi TV/Citi FM.
It was on the topic “Building Resilient SMEs”.
Four renowned guests with expertise in the field shared great insights on how SMEs can be successful by recovering quickly from tough business situations.
Discussants included Taaka Awori, CEO of Busara-Africa, Dr. Andrews Ayiku, Lecturer at the Graduate School of Business, UPSA, Audrey Abakah, Head of SME at Absa and Ruka Sanusi Ghana Climate Innovation Centre.
After the one-hour 30 minutes in-depth conversation, the panellists proffered some tips on building successful and resilient SMEs even in difficult economic times as follows:
1. Strategic partnerships to minimize risks
2. Building customer loyalty to boost sales
3. Having a clear market and business niche
4. Running a successful SME requires discipline
5. Businesses having the right mindset for resilience
6. Leveraging on support systems from financial institutions
7. Transformational leadership key to building successful SMEs
8. Continuous personal and professional development for SME managers
9. Creating valuable and marketable products and services to be competitive
10. Building strong business models, strategy, and networks for better opportunities
About the Citi Business Festival
The annual Citi Business Festival is a month-long initiative marked with on-air and outdoor events in the month of June to equip Ghanaian businesses with strategies to grow and scale up while meeting emerging trade and commerce trends.
This year, it is themed generally around the Made it Ghana Agenda.
There are live radio on-air series at 9:05am every Monday to Thursday on the Citi Breakfast Show. On Fridays however, it airs at 7:10am.
There will be a repeat broadcast every weekday at 6:30pm.
Aside from the on-air series, there will be weekly forums on Citi TV every Tuesday to hold discussions on the theme for the week as well as special TV feature stories aimed at showcasing indigenous Ghanaian businesses.
Later from June 26-July 1, there will be a residential executive management booth camp to help business managers reach new markets and develop new revenue sources through innovation.
Themes for this year’s business festival are as follows:
Week 1: The Digital Economy
Week 2: SMEs in Ghana
Week 3: Retail and Consumer Markets
Week 4: Agribusiness Ecosystem
The Citi Business Festival 2023 is powered by Citi TV and Citi FM in partnership with Absa Bank and is proudly sponsored by MTN MOMO, MTN Business and Zeepay with support from GIRSAL.
Source: Ghana Business
