Will Promoting Corporate Governance among Ghanaian MSME’s Improve Business Sustainability?

A common challenge most Startups face is, ‘Proper Governance’. This is a big issue in the world of business. Most people narrow their minds to ‘legal related issues’ anytime they hear of Governance in Business. It goes beyond the policies, manuals, contracts, MOU’s etc. Governance actually determines Business Sustainability. These items are core and the fundamentals of businesses.

Most Startups are not concerned with Governance. They are driven by making it big, fast. However, The excitement of owning a business can make you overlook some key features essential for businesses.

Create a mental picture of two startups where one ignores to capture details of items purchased for office use, little revenue gained, tips from clients etc., and another startup that particularly records every iota of information about the business. It is obvious the former is likely to face lots of issues backtracking progress so far.

As simple as it may sound, developing a certain culture for your business, does everyone involved in your business a lot of good. Things repeatedly done in a certain mannered way becomes a lifestyle. Now the question, “What lifestyle do you choose for your business?”

The system of corporate governance is to set as a mechanism to establish the nature of ownership and control of organizations within an economy therefore it is important for SMEs today to apply the right corporate governance strategies to assist their companies to function proficiently, eliminate threat and fight against misconduct, and improve access to capital that will increase the growth of the company as well as encourage new investments, provide employment opportunities which will lead to economic growth.

Corporate governance strengthens the foundations of which most companies eventually transform into a public company through primary public offering. Introducing corporate governance in businesses would position SMEs in good structure and will encourage swift growth approach to earn rapidly; this will oblige the company to go public for higher finances.

Numerous workshops including the forthcoming Business and Financial Workshop themed “Failing and Starting” by Ghana Center for Entrepreneurship Employment Innovation, (GCEEI) seek to enlighten the minds of owners and CEOs of young businesses and SMEs.

The event, which is scheduled to take place on Saturday, September 30th at Prestige Suite located in Osu, will bring together entrepreneurs, SME’s, and individuals with business ideas. Topics to be treated are Corporate Governance and Legal Structure, Engineering Your Business Model, Financial Reporting and Marketing Essentials for Business. It is hoped that the interrelationship between these subjects will practically (in application) assist these entrepreneurs in growing their business.

GCEEI, organizer of this workshop, is an award-winning Business Advisory Firm that supports Startups, SME’s, Young Entrepreneurs and Executive Clients in Business Development, Consulting, Business Financing and other Support Services. GCEEI has in the past organized GCEEI Business Finance Workshops, pioneered the Ghana Youth Agrifair and Africa Youth Economic Forum — both held at the Accra International Conference Centre. GCEEI continues to organize innovative workshops to build the Capacity of Businesses across the country.

Want to be a part of this event? Follow this link to register now bit.ly/2iI4Ep9 or call 0303970 723

Writer:
Aisha Wellington
Business Development Officer
GCEEI