Ms Amma Lartey, the Africa Regional Director of Reach for Change, has advised entrepreneurs to frequently update their knowledge and skills in business management and seek training in order to stay competitive.
In a statement issued in Accra by Mr Edem Seshie, a member Africa Communications, Reach for Change and copied to the Ghana News Agency said, this presented an opportunity for the entrepreneurs to be tutored by experienced resource persons to avoid common mistakes.
Ms Lartey was speaking at a training workshop for Small and Medium Enterprises (SMEs) to equip entrepreneurs with practical skills to run their businesses successfully.
It said providing owners of SMEs training in business modelling and management would empower them to use such knowledge to ensure that their businesses are positioned strategically in the market and facilitate their access to regional and global markets.
“It is one thing to own a business, and it is another thing to manage it effectively. A sound financial management plan is always imperative to increasing your finances.”
“Many small businesses are folding up not because they don’t have great ideas, but because there is mostly an absence of effective management plan to run them effectively,” she stated.
The training was the first of a series of workshops organised by Reach for Change this year to empower business entrepreneurs and equip them with the requisite skills.
Mr Benjamin Aflakpui, an entrepreneur working in the health sector, expressed satisfaction about the training and called for more similar events to be organised in future.
“I would recommend this training workshop for business owners especially the youth, adding the modules were insightful and the training was very interactive.
I have learnt so many things that I will apply to my business. I am very happy I took the decision to sign up for this training,” he said
The training brought together entrepreneurs from the health, education and social sectors and were taken through topics such as financial management, business operation and modelling, and marketing strategies to help position their businesses strategically.
Participants were as well supported to develop simple but effective financial processes, marketing strategies and plans for their businesses through practical exercises provided during the training in Accra.
Reach for Change is a non-profit organisation that supports social entrepreneurs who are solving the most pressing issues facing children and youth in 17 countries worldwide.
It runs innovation competitions, accelerators and incubators that unleash the power of entrepreneurship and innovation to create a better world for children.