Submit to tenets of companies, Entrepreneurs urged
ENTREPRENEURS in the country have been advised to adopt proper corporate governance structures in order to assess their finances and manage the cash flows in their businesses.
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According to the Chief Executive Officer of UT Bank and President, UT Group, Mr Prince Kofi Amoabeng, there is the need for entrepreneurs to stop treating their companies as theirs, but they should rather submit themselves to the tenets of the companies.
“It is not for nothing that the company is a legal entity by itself. We must learn to be humble and cooperate with all in the company to be able to handle all cash flows of the company,” he said
Mr Amoabeng gave the advice when he spoke on the topic: “Assessing Finance and Cash Flow Management” at the Entrepreneurs Solutions Summit 2015 in Accra.
The summit
The event was organised by African Bagg Recruitment, a human resource and recruiting company.
It was aimed at discussing in detail how small and medium scale enterprises (SMEs) could strategise, sustain and grow their businesses despite the current economic challenges.
It was also to provide an opportunity for young entrepreneurs to tap into the knowledge of experts and game changers of Ghanaian industries.
Some of the speakers included the co-founder and former Chairman of the Databank Group, Mr Ken Ofori-Atta; Founder and Chairman of Groupe Nduom, Dr Paa Kwesi Nduom; Inventor of Kenteoke Fabric, Nana Hemaa Yaa Asaa Safoa II; an agricultural economist and politician, Mr Hackman Owusu-Agyemang, and an international entrepreneur from Singapore, Mr Ian Lee.
The rest were Mr Alex Adjei Bram of SMS GH, Mr Kofi Agyei of Bullion Financial Services and Mr Albert Osei, the Chief Executive Officer of Koko King.
They covered areas such as how to bring dreams to reality, financing and optimising cash flows, growing businesses in contemporary times in Ghana, business planning, creativity and innovation and promotions.
Invest
Mr Amoabeng urged entrepreneurs to invest in their company structures and as much as possible submit themselves to accountability and take the lead in bringing about change.
“Do not dip your hand in the company’s monies and also make sure that nobody in the company does the same,” he added.
Highlighting the success and challenges in his business, Mr Ofori-Atta, in his presentation on the topic “From Dreams to Reality”, encouraged businesses to be innovative in whatever they did.
“If you really do what you love and you persevere irrespective of the circumstances that you find yourself in, it might take longer but if it’s a product that is needed by the market, you will eventually prevail,” he added.
The Chief Executive Officer of African Bagg Recruitment, Ms Yasmin Boama, urged entrepreneurs not to be discouraged but to remain positive during difficult periods while focusing on solutions.