Every entrepreneur wants their small business to be successful so every segment of professional advice can go a long way in obtaining business goals. Consultants to a business offer invaluable expertise that aim to help your business succeed, or achieve its goals.
According to the latest survey done on the ease of doing business in Ghana, Ghana was ranked (see diagram below) out of the 183 countries surveyed.
Businesses become insolvent on average 5 years after they start. So what are some of the factors which contribute to the demise of SME’s within a five year period and how can entrepreneurs protect their business from going under? Challenges most businesses face are competition, insecurity and debt collection, lack of working capital and power interruptions in Ghana.
Operating a business is one thing, making it profitable is another. Marketing and operational strategies are essential in ensuring that your business is profitable. Business owners fall short and leave their customers disappointed. Business owners should seek professional management consultation solutions to give it the edge. If you want to have a profitable business you need to seek the right consultation solutions to your business needs.
There are three major elements of every small business which can be taken into consideration by consulting firms to style a general method for your business.
1. Business Development
3. Consumer demands
A consulting firm can design an overall organizational and operational strategy for the small business to follow.
Any small business regardless of whether it’s a mid-size or a small company should through this consultation method, have knowledge of locations and marketing demographics that need to be targeted, and why. These factors could seem unimportant to begin with, yet in the long run; these minimal factors could determine the success for your business.
In many situations individuals and entrepreneurs’ are protective of their businesses, and they let pride get in the way of success. Those who are able to brave the un-chartered waters of seeking professional help are the ones who are ready to take the actions necessary to make their business profitable.
Seeking Business Advice from your Bank is not always the best solutions. A Banks focus is to make profit from doing business with you. The advice they will provide your business may not always be the best advice for you. Management Consultants have a different focus than your bank, the aim of the Consultant is to help you maximize your profits and growth of your business. When you succeed so do they.
Kate Nkansa-Dwamena is a Business Development Consultant. She holds a Bachelors in Economics and Business Finance from the University of the Witwatersrand Johannesburg. She’s has experience in product management and credit and Change Analyst working as a banker and in the retail industry for a number of years. She has worked on three continents (Europe, Asia and Africa) and brings with her a unique perspective on creating a world class business. She was trained through the Gordon Institute of Business Science as a part of the ABSA Management Program in South Africa. She serves as an advisor for the Ghana Youth Employment project of the World Bank in Ghana.
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Doing Business, Ghana’s Economic Profile 2012