Director of Business Banking at Absa Bank Ghana, Grace Anim-Yeboah has highlighted four strategic areas that Small and Medium Enterprises (SMEs) must focus on as part of efforts to restrategize and scale up their businesses in hard times like the Coronavirus pandemic.
She was speaking on the second day of the on-air series of Citi FM/TV’s Business Festival on Tuesday, June 2, 2020.
It was on the topic “keeping your business alive during a crisis”.
Mrs. Anim-Yeboah identified leadership, pivot, cash flow, and value as the four critical areas business must prioritize to turn around their operations in difficult moments.
“There is a whole myriad of elements one can look at and different strokes will work for different types of businesses. Leadership is a big piece here in times of crisis and how you restrategize your business. Pivot will be the second element. And then cash flow because cash is the breath of a business so how you handle your cash in these times, will also go a long way in how you survive. Finally, we look at the value that the business module brings to customers. And within these four, there will be elements of digitization.”
She added that business owners must critically assess the impact the crisis might have had on their operations to decide on their next line of action using the above-mentioned point.
“Based on your observations, you need to reorient. What decisions, actions, or steps you are taking to ride the wave. Are you in a sector where there is nothing you can do, so you have to buckle down and wait till it is over? Or are you in a sector where you can pivot and bein to supply some of the demand or you are in a sector where you can tap into the ecosystem to keep your business alive? So you need to look at all these factors to be able to make a decision. In times of uncertainties, there will be confusion. But in all of these, you need to guard yourself and lead your team”, she emphasized.
The 2020 edition of the Citi Business Festival started on Monday, June 1, 2020. The festival promises to deliver an array of radio and TV programs.
The month-long festival of business events and on-air activities provides inspiration, business ideas, and information for persons who are starting, building, or growing their businesses.
This year’s Citi Business Festival will feature virtual business forums and will be live on Citi TV.
This year’s edition of the Citi Business Festival is sponsored by Absa Bank, GIPC, Citi 97.3FM and powered by the most comprehensive business news website; citibusinessnews.com.