In pursuing profit, businesses constantly seek ways to lower costs and enhance efficiency. And economies of scale provide one of the most effective strategies for achieving these goals. Economies of scale occur when companies increase production and reduce the cost per unit, making them more competitive. This concept relies...
By Dr. Maxwell Ampong
In today’s highly competitive global market, the pressure on businesses to minimise costs and enhance efficiency is greater than ever. This is particularly true for Ghana, where both large corporations and small-to-medium enterprises (SMEs) are navigating the same dynamic economic landscape.
Amid the challenges of rising operational...
In today’s highly competitive global market, the pressure on businesses to minimise costs and enhance efficiency is greater than ever. This is particularly true for Ghana, where both large corporations and small-to-medium enterprises (SMEs) are navigating the same dynamic economic landscape. Amid the challenges of rising operational costs, fluctuating...
Imagine a persistent drip, drip, drip in the quiet of your night. Annoyance builds, sleep eludes you, and eventually, you get up to turn off the tap. A bad boss or manager can feel much the same, slowly draining your energy, morale, and productivity with every condescending remark, lack...
The role of interest rates in shaping economic landscapes is deeply rooted in history. It has been influenced by evolving monetary policies, cultural beliefs, and responses to financial crises. By tracing this historical evolution, we can better understand the current role of rates and anticipate how they might adapt...
These articles, particularly ones like this, are my love letter to posterity, for they are my thoughts formed from all I have known as I witness the dynamic structures of what is and pontificate on what could be. It is much harder to choose between two timelines when all...
The Affirmative Action (Gender Equality) Bill 2024 represents a landmark legislative effort in Ghana's ongoing journey towards achieving gender parity across all sectors of society. This bill, recently passed by the Ghanaian Parliament, seeks to address the historical and systemic gender imbalances that have long permeated the nation's political,...
A striking paradox exists in Ghana: despite our people's abundant talent and wisdom, many capable individuals shy away from pursuing innovative ventures. The primary reason for this hesitation is a pervasive fear of financial inadequacy. This fear hinders the entrepreneurial spirit and stifles economic growth as potential business leaders...
I. IMPORTANCE OF DIGITAL TRANSFORMATION FOR SMES
In today's fast-paced and highly competitive business environment, digital transformation is no longer a luxury but a necessity, especially for SMEs. That is why if you’re reading this in the newspaper on Monday or my LinkedIn over the weekend, know that the place...
The break-even point (BEP) and break-even analysis are related financial concepts used to assess a business's financial health. The break-even point is the specific level of sales at which total revenues equal total costs, meaning there is no profit or loss. It is calculated by dividing fixed costs by...