“It is important to have a business plan and constantly monitor what is happening around and within your business to be able to improve upon what you do as well as meet your customers’ needs,” he said.

He urged entrepreneurs to be creative and adapt to changes in the environment in which they operated to be able to succeed and compete favourably with others.

Dr Obeng said this at a three-day training programme for Small and Medium Enterprises (SME’s) within the Sekondi-Takoradi Metropolis on: “Business Plan Development”.

It was organised by the Ghana Supply Chain Development Programme in Takoradi designed to help participants understand their business structure, make business decisions and develop business strategies.

It offered participating companies the skill to have a working business model that would guide them to become fully resourced and stay in business as well as help SMEs to design their business in a way that would make them competitive.

The training was also tailored to equip human resource departments with a roadmap for achieving their organisational goals and objectives and to provide a benchmark for SMEs to use in assessing their strengths and weaknesses and make midcourse corrections.

Dr Obeng said most businesses operated without business plan asking that; “what would your employees follow to work on when you are no longer around?”

“Having a business plan would not give you the guarantee of succeeding in your business but improve your chances of succeeding. Business plan document attracts investors, key employees as well as various stakeholders,” he added.

Dr Obeng said businesses thrived when entrepreneurs saw the customer as important and built a long term relationship with them while improving on their products and services.

He said in the global village, continuous improvement was key to success and encouraged the SME’s to explore new ideas and solutions and use the internet for business information.

Dr Obeng reminded participants that government policies and other economic factors have bearing on business growth and urged them to monitor such key indicators and adjust to the changes as and when necessary.

Source: GNA/News Ghana


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