Work hard to actualise your dreams - Jim Baiden tells SMEs
The Managing Director of Fidelity Bank, Mr Jim Baiden, has urged chief executive officer’s of small and medium enterprises in the country not just to dream about the successes of their companies, but put in all the necessary work and sacrifice to translate those dreams into success.
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He advised them to burn the midnight candle and carry out researches about the industries in which they operate in order to understand all the dynamics at play and see how they could come out with a winning strategy.
Mr Baiden said this when he delivered a speech at the launch of a forthcoming summit in Accra.
“In most cases, you will need to carry out a comprehensive SWOT analysis to understand all the issues pertaining to your strength, weaknesses, opportunities and likely threats to your success,” he said.
He also urged SMEs to define their target markets clearly and develop a smart and compelling selling proposition which would translate into market shares.
The MD also urged them to hire the right people, stating that “your business is as good as the quality of the personnel making the critical decisions on daily basis.”
Corporate governance
Mr Baiden also called for the need for SMEs to build strong corporate governance structures.
“Ensure you have a strong competent board to help drive your strategy. A company is only as good as its governance structures,” he said.
“Build structures that will outlive you. Build your brand from day one. Have a set of values to govern the ethos and work ethics of your people. A culture of excellence has to be embedded,” he added.
Leveraging technology
He also advised the SMEs to leverage on smart technology to turn their businesses around.
“Our world is fast evolving and this comes with its own set of opportunities and risks but the beauty of this same technology is that you do not have to re-invent the wheel.
There is a lot of knowledge and information out there that you can tap into,” he noted.
“Stay ahead of the game and the competition. Be industry leaders not followers. Constantly re-invent yourself and your business model to stay relevant,” he added.
SME CEOs Summit
The CEO of the Chief Executive Network, organiser of the summit, Mr Ernest De-Graft Egyir, said at the lunch that the country’s economic growth was a case of growth that had failed to be inclusive.