A lecturer at the University of Professional Studies, Accra (UPSA), Dr. Andrews Ayiku, has urged Small and Medium Enterprises (SMEs) to prioritize their competitiveness in order to thrive and achieve success.
Speaking at the Citi Business Festival forum on ‘Building Resilient SMEs’ on Citi TV in Accra, Dr. Ayiku said in order for SMEs to survive and succeed, they must have a deep understanding of the competitive landscape and differentiate themselves within the market.
He emphasized that the focus should be on the competitive nature of the business itself, rather than competing solely at the company level.
“In order for you to survive and be successful, understand the competitive nature and differentiate yourself in the market. The focus should be on the competitive nature of the company. Don’t compete at the company level, but at the business level. There are products and services that you compete on. So focus on what differentiates you – a niche market,” he stated.
Furthermore, Dr. Ayiku stressed the importance of considering the profile and needs of customers. He urged SMEs to thoroughly understand their target customers and tailor their offerings to meet their specific requirements.
In addition to Dr. Ayiku’s advice, Taaka Awori, Chief Executive Officer of Busara Africa, a consulting firm, emphasized the significance of assembling the right team for SMEs.
Awori urged SMEs to prioritize hiring individuals who possess humility, hunger for success, and intelligence.
“SMEs should get the right people on board. Their teams should be humble, hungry and smart. They should also be able to get the bad people off the business. These persons could have star performances but have the wrong attitude and that is not good for the business,” she added.
About the Citi Business Festival
The annual Citi Business Festival is a month-long initiative marked with on-air and outdoor events in the month of June to equip Ghanaian businesses with strategies to grow and scale up while meeting emerging trade and commerce trends.
This year, it is themed generally around the Made it Ghana Agenda.
Aside from the on-air series, there will be weekly forums on Citi TV every Tuesday to hold discussions on the theme for the week as well as special TV feature stories aimed at showcasing indigenous Ghanaian businesses.
The Citi Business Festival 2023 is powered by Citi TV and Citi FM in partnership with Absa Bank and is proudly sponsored by MTN MOMO, MTN Business, and Zeepay with support from GIRSAL.
