By Juliet Aguiar DUGBARTEY
Chief Executive Officers (CEOs) have been urged to use data to their advantage when making high-impact business decisions.
“Data-driven decisions enhance efficiency, innovation and success across various industries,” said Dr. Seyram Kawor, Senior Lecturer at the University of Cape Coast (UCC).
He explained that data-driven decision-making involves collecting, analysing and interpreting data that assists in making a choice while running a business.
Dr. Kawor was speaking at the CEOs breakfast meeting organised by the Ghana National Chamber of Commerce and Industry – Sekondi-Takoradi Branch.
It was on the topic ‘The private sector in 2025, the economic outlook, survival strategies and growth prospects’.
Key areas discussed include ‘Positioning to tap into the new government’s economic agenda’; ‘Business survival and growth strategies’; as well as ‘Funding opportunities for businesses’.
He advised businesses: “Regardless of the government in power, remain neutral. Keep your business running by staying informed and going into the field to understand what’s happening”.
On internal ‘killers’ of businesses, he mentioned poor customer relations, lack of innovation, cheating on customers, concept of overtrading and lack of cheaper funding sources.
He noted that some employees are not practical and fail to think outside the box, which hinders business growth.
He added that CEOs should treat employees as part of the family to foster effective communication and feedback, which are essential for business growth.
Nana Kaku Bulu, a member of the Council of Elders at GNCCI, encouraged business owners to know what customers want and then train employees to know how to relate to customers very well.
“As a business owner, involve yourself in the business; but don’t invest and sit somewhere to think that everything is going on smoothly,” he said.
Also, he said: “Keep training yourself as the CEO and update your clients on new things by keeping proper data”.
“Choose alternative disputes resolution (ADR) to settle cases than going to the court, which is a waste of time and resources,” he added.
Samuel Gameli Gadzo, a Senior Lecturer at the University of Education, Winneba (UEW), advised businesses to take advantage of government policies to expand their operations.
Lord Segbeawu, Regional Chairman of GNCCI, stated that the chamber’s new administration marks a shift in economic priorities. He emphasised the need for members to align with government policies, anticipate regulatory changes and leverage strategic partnerships to drive growth and resilience.
He noted that the current economic climate requires business owners to rethink their models, embrace innovation and adopt forward-thinking approaches to enhance competitiveness and long-term sustainability.
