Dr. Kweku Arthur-Annobil, Strategic Lead and Business Manager, at Stanbic Bank Ghana, has advised SME owners to manage their resources more efficiently to survive the current economic situation.
He made this statement at the second edition of the quarterly Graphic Business/Stanbic Bank Breakfast Meeting held at the Labadi Beach Hotel under the theme, ‘The Current Economic Situation and You: What to Expect, How to Cope, and How to Thrive’.
Speaking on the sidelines of the event Dr. Arthur-Annobil advised Ghanaians to look for opportunities that have emerged as a result of the current economic challenges. He said,
“In the face of challenges and uncertainties, it is important that we look beyond the difficulties surrounding us and discover the opportunities available. If you look closely at your ecosystem, you will realize that these difficult times may have birthed a need amongst people that may become an opportunity for you. Crises drive innovation. Beyond the crises what are some of the problems that you can identify and solve? By discovering and finding a solution to the said problem, you will be able to expand your scope and diversify your revenue stream.”
Dr. Arthur- Annobil also took the opportunity to advise SMEs and individuals to manage their resources efficiently to cope with the current economic climate.
“A number of SMEs have been strongly affected by the current economic crisis. I believe that in this situation it is important that SMEs review their operations and structure their activities towards more efficient options to avoid waste. The current financial climate we find ourselves in does not allow for waste of any sort. One effect of these times is that there are constraints on almost everything. From your finances to your taxes and even your revenues there are constraints everywhere. You need to be as efficient as possible to navigate and survive this situation. The same applies to individuals as well. Think carefully about what you want to use your money for and make sure that you only spend on necessary things.”
