Solid business models provide framework for sustainable growth – SMEs told
Dr. Andrews Ayiku, lecturer at the University of Professional Studies, Accra (UPSA), shared valuable advice at the Citi Business Festival forum held on Tuesday, June 13, 2023, on the topic of ‘Building Resilient SMEs.’
During his engaging session, Dr. Ayiku stressed the importance of having a well-defined business model.
He expressed concern over business owners who operate without a clear model, merely waking up and selling to anyone.
“Every strong SME needs to have a business model. It is a misconception to believe that a business can thrive without one. A solid business model provides a framework for sustainable growth and strategic decision-making,” Dr. Ayiku emphasized.
In addition to a business model, Dr. Ayiku highlighted the need for businesses to develop strategies to guide them towards their goals.
He pointed out that many businesses in Ghana overlook the importance of strategic planning, mistakenly thinking it is only for larger enterprises.
“A successful business needs a strategy. Having a well-defined strategy allows SMEs to navigate challenges, identify opportunities, and optimize their operations, he affirmed.
He also stressed the importance of flexibility and innovation for SMEs, highlighting that being open to change and embracing innovation can expose businesses to a multitude of opportunities.
“In a dynamic and evolving business landscape, adaptability is key to staying relevant and competitive. By continuously seeking new ways to improve products, services, and processes, SMEs can enhance their resilience and growth potential.”
Furthermore, Dr. Ayiku emphasized the power of building strong networks.
He debunked the notion that businesses can thrive in isolation and underscored the value of strategic partnerships and collaborations. “I have seen businesses thrive because of networking. It provides access to a wealth of opportunities,” he stated.
Source: Ghana Business
