Businesses are springing up daily in Ghana. A lot more entrepreneurs are deciding to take the risk of launching out their business ideas; this means the emergence of more Ghanaian brands. The challenge with this is that it creates more and more competition in the system. Meeting up with a few business owners and learning about their frustrations can give you pimples and cause you to worry more about the future of these businesses and other ones which are in the pipeline. A South African fashion designer based in Ghana, in sharing her frustrations about the working behaviors of the Ghanaian industry players, made mention of a few things which I am going to try and bring to light.
Businesses cannot always thrive on income generated from sales of their products or services. It behoves on Ghanaian brands and start ups to seek funding from the government or other financial houses. Researching on some top financial institutions, organisations, or government schemes that grant funding to businesses would be an added advantage to recieving support to establish your business. These funds helps to push the business to a marketable and visible space in the marketplace.
Effective partnerships make businesses more viable aand marketable. It will be great to have businesses to join forces with others to run projects in the society as a way of excercising their social responsibility. A lot more businesses are patnering with larger organizations or individuals who can help increase productivity for their brands.
Most small scale businesses in Ghana do not have a well laid out stucture or models for running their businesses which makes them lose contracts, investors, and even customers. A well researched market and field of work allows the entrepreneur to avoid certain mistakes that could cause the company a lot of losses. This is a step that if well taken can attract a lot of funds and customers for the business. Not foegetting that there is a competition out there and failure to close all loop holes could be detrimental for the organization in question.
How well are Ghanaian businesses thriving in your community? Can you share any more ideas that can make small scale businesses more viable and productive?