The Chief Executive Officer of Morrison Records Bureau (MRB), Emmanuel Kwame Morrison, has challenged businesses to be creative so as to stay competitive.
According to him, COVID-19 coupled with the current economic challenges has compelled companies to reduce their workforces as part of cost-cutting measures. He added that this business environment has the potential to harm start-ups which fail to lay strong foundations, particularly in the area of innovation.
“I urge Ghanaians companies to stay focused, build strong foundation and diversify their revenue streams; and most importantly, invest in innovation to stay competitive in these challenging times.
“The businesses that have started making these waves will one way or another affect us as start-ups or a nation that is a bit new to these things; but we need to stay afloat by diversifying our revenue streams so we do not get stranded,” he said.
Through innovation, he said, businesses across multiple sectors can significantly reduce production costs, improve performance and profits while ensuring sustainability.
Commenting on development of the tech space for instance, he said the industry has evolved over the years – from having few players to now boasting many innovative companies creating solutions for daily challenges faced by Ghanaians.
“There are so many tech companies that are doing well, and the world is looking at us. We are making waves and growing rapidly,” he said.
He added that through collaboration with digital and creative firms, businesses can successfully improve their product and service delivery to meet customer demand and taste.
In recent times, the tech space has experienced a couple of developments – including Google’s decision to lay-off workers and Microsoft’s intention to cut nearly 5 percent of its workforce.
This, he noted, calls for proper planning and partnerships to ensure the local tech space is cushioned against any potential setbacks.