Minister for Trade and Industry, Alan Kyerematen has advised CEOs of Small and Medium Enterprises (SMEs) without governing boards and proper management systems to adopt measures to put them in place as great entrepreneurial skills are not all that is needed to succeed as a company.
Giving SMEs tips to promote their business at the first edition of the Ghana SME CEO Summit in Accra on Monday, the Trade Minister said the governing boards provide companies strategic direction for their operation hence the need for all SMEs to have one.
“If you’re an SME and you’re a CEO sitting here, you’ve not had the opportunity of putting in place a board that can help you think through what it will take for your company to become more competitive then please start thinking about it now,” he said.
He added that “most CEOs are who they are because of their entrepreneurial skills and not necessarily because of their management capabilities, for most SMEs the two become blurred… please ensure that you have the full complement of functional management experts and that is the only way your organisation can grow and become competitive.
The Minister also advised CEOs of SMEs to have good succession plans in place, so they can successfully pass on responsibilities to their successors.
He also urged them to take advantage of the stock exchange when thinking of scaling-up their businesses as there is now a category of listing on the stock exchange that favours SMEs.
Mr Kyerematen said, “most of you are aware that if you can get infusion of capital through the stock exchange, it is probably a more preferable, less costly capital infusion source than when you have to borrow”.
The maiden edition of the Ghana SMEs CEO Summit under the theme ‘Digital Disruption; How the Digital Revolution is Transforming SMEs’ brought together CEOs, business leaders, stakeholders, investors, service providers, regulators, government representatives and thought leaders to engage in common current issues, discuss related topics, major trends, opportunities, government policies, legislature, new projects and also challenges.
The summit is believed to enable global and local CEOs to interact and foster knowledge acquisition, learning, partnerships and synergies that can drive increased personal as well as business growth.
Each year hundreds of SME CEOs gather to get inspired and reenergize to become bolder and more focused to bring their business to greater heights.
The Expo component of Ghana SME CEO summit 2017 is a trade-show established specifically for the interest of SMEs, allowing sponsors, exhibitors and visitors alike to forge new business opportunities and showcase their products.
