Chairperson Vanguard Assurance, Daniel Awuah-Darko, has urged businesses to be conscious of ever-evolving changes in their business ecosystem and adopt innovative solutions for business sustainability.
The astute business mogul emphasised that innovation and adoption are the new bedrock ideology on which any business can thrive, and COVID-19 has shown that it’s not negotiable.
Speaking on the topic of pursuing growth, business sustainability and legacy as a blueprint for business leaders at the Stanford Seed Network (SSTN) Business Conference 2023, he stressed that to ensure sustainability it is not enough for businesses to only cater for current needs of clientele – but must also anticipate their future needs by taking cues from technological advancement and trends in societies around the world.
“To stay ahead of the game, it is important to regularly evaluate products, services and customer feedback to identify opportunities for growth and improvement. While doing that, keep eyes on industry trends and emerging technologies to identify ways in which you can better meet the needs of your clientele,” he said.
Mr. Awuah-Darko urged business leaders to accord staff the necessary respect and take them along as a team and vital stakeholders. “When working with people, let them feel some form of ownership of the business; this ensures full commitment from each player and fosters their ability to achieve intended goals.”
Furthermore, he noted that the business is as successful as the team of staff – so it’s important to motivate the team and make them feel part of the business
Chief Executive Officer-International Community School, Dr. Charles Yeboah, touches on values to hold as a business leader for growth and sustainability: humility, honesty and hard work.
He mentioned that some common mistakes young business owners in the country encounter which often cuts short a promising business model is their inability to separate personal lifestyles from business inflows.
“One challenge of business owners in the country is their propensity to show success before the business is successful. Instead of investing in the business to grow, they end up investing in their personality too quickly.”
He also talked about owners being in a hurry to show that the business is already successful. “Don’t be in a hurry to show success. Separate business from the individual, and don’t use the business funds to make personal donations or charity activity that is not approved by the business,” he emphasised.
He reiterated the need for businesses not to feel content with little successes chalked up, but to constantly innovate, adapt and learn new ways of doing things.
Sustainability of family business
Sustaining a family business is not about forcing children to take over when the interest and skill is not available, but rather building a system that will sustain the business for them to own and benefit as shareholders when it’s listed on the stock markets.
“Once a framework is in place, anyone who comes after the owner is retired will have to follow; and it’s a way to ensure sustainability,” Mr. Awuah-Darko said.
SSTN Business Conference
The Stanford Seed Transformation Network (SSTN) annual business conference provides a platform that fosters leadership development and business transformation.
This year’s edition, themed ‘Balancing Wellness, Growth, and Legacy: The Complete Leader’s Conversation’, brought together hundreds of business leaders to digest critical issues that can be catalyst for business growth and avoiding pit-falls.
The resources people shared that change will always be part of business; however, leaders must build networks and relationships – and never underestimate anyone, because sometimes help comes from where one least expects.
President-SSTN Ghana, Carl F. Richards, urged participants to explore the very foundation of peak performance – the vital synergy of physical and mental well-being.
“Our conversations delved into how wellness can be an unassailable competitive advantage, propelling business to new heights,” he said.
