SMEs tasked to leverage available opportunities to grow
Small and Medium Enterprises (SMEs) have been challenged to leverage all available opportunities within the system to grow their businesses.
Advertisement
Vice President of Regent University College of Science and Technology, Prof. Samuel Lartey, who gave the advice identified deliberate connections, such as networking, customer engagement, government programmes, and digital presence, as some of the opportunities which are crucial for business growth.
He also mentioned what he described as “unintentional connections, including word-of-mouth referrals, community influence, accidental social media exposure, and local events as a means to sustain growth.”
Prof. Lartey made the call at an SME networking event orgnaised by Access Bank in collaboration with Graphic Business, in Accra last Friday.
The event was attended by over 50 SME owners, entrepreneurs and would-be proprietors.
Access Bank's initiative aims to empower SMEs with the knowledge and resources needed to thrive.
Business Card
The networking event saw the introduction of the Access Bank Business Card.
The card enables users to withdraw a maximum of ¢50,000 from any Access Bank ATM to support their business.
Storytelling
Prof. Lartey also charged SMEs to storytelling to inform people about the success of their business to enable the people to appreciate and patronise what they have on offer.
To buttress his point, he used the biblical story of David and Goliath to illustrate how stories capture imagination, evoke emotions, and create lasting connections.
Against this background, he indicated that SMEs need compelling stories to build customer loyalty and trust.
"Stories outlast strategies, KPIs and formulas may help run your business, but stories create connection, and connection is what helps you thrive,” he added.
GUTA support
The president of the Ghana Union of Traders Association (GUTA), Joseph Obeng, while lauding Access Bank and Graphic Business for organising the event, also called for more networking events to create the platform for SMEs to share their ideas and solicit the necessary solutions on offer to enable them to thrive.
He also singled out Access Bank for praise as he indicated that, seeking the interests of SMEs and micro business owners is the way to go as a bank.
“Many of our members are in this category and are SMEs, so we aim to work closely with Access Bank to leverage on this new business card that they have created to provide loans to our members,” he stated.
Forex stress
Mr Obeng revealed that GUTA is currently reeling under the exchange rate volatilities, a development which is pushing some SMEs out of businesses adding that, there was therefore, the need to work closely with firms such as Access Bank to provide cushion for GUTA members.
“Access Bank has been a good friend to SMEs and this networking event will strengthen this bond, they should keep it up,” he noted.
He added that he will entreat members of his outfit to patronise the Access Bank Business Card.
SME friendly
Executive Director for Retail and Digital Banking at Access Bank (Ghana) Plc, Pearl Nkrumah, said the bank will continue to support and provide financial backing to SMEs in the country.
She said the bank recognised SMEs as strong pillars and the foundation of the economy.
Advertisement