By Ernest KISSIEDU
Prof Matthew Tsamenyi, Executive Director of China Europe International Business School (CEIBS), has advised business owners to properly manage their working capital.
This, according to him, will help determine the survival of their businesses.
Speaking on the topic, “Managing Working Capital to Create Value” at the recent Grace Amey Obeng Foundation International (GAOFI)/CEIBS Business Women’s Summit in Accra, Prof Tsamenyi said external financing of businesses can be very challenging, especially the lack of access to a ready market.
“Access to the market is the number one biggest challenge in business development. You need to cultivate healthy relationships with customers and suppliers. And then analyse the composition of your assets to know your financial strengths.”
The GAOFI/CEIBS summit brought together business women and professionals who have excelled at the various fields of endeavours who shared their experiences and ideas on the modern ways of doing business.
Organised around the theme, “Identifying Opportunities To Grow”, the summit also provided the platform for various business stakeholders and entrepreneurs to teach young women on new trends of establishing businesses as well as how to become successful entrepreneurs.
In addition, Prof Tsamenyi called for the need for business owners and entrepreneurs to create the right values in order to manage their working capital without any unnecessary pressures from outside.
For him, one does not need money to start or set-up a business. Rather, the most important thing required is better strategies.
“As a business, you cannot survive without cash; so you need to develop strategies that will help you raise capitals. You need to understand your cash conversion cycle as a business. You need an effective working capital strategy to increase enterprise value. Don’t forget it is all about building the right relationships,” Prof Tsamenyi asserted.
Deputy Education Minister, Barbara Asher Ayisi said entrepreneurship is an important key to national development.
“Independence of thought, originality and self-reliance are important values that drive industrialization and small business.
“Many women in the rural areas face barriers in their entrepreneurship drive. These include cultural prejudices, land acquisition and access to credit,” the deputy minister noted.
Dr Adrienne Booth Johnson, CEO of Infinity Global Connections, USA, opined that, “Don’t put women in business and not help them to be successful.”
She indicated that God starts with small things or ordinary people to do extraordinary things.
“God is no respecter of persons. Dream big and not small. No today does not mean no forever.”
As part of the summit, Mel Consult supported the conference with a business accelerator called E-change which stands for Creative Change. There was the presence of E-change accelerator at the summit which encouraged people to register their businesses into the accelerator.
Mel Consulting Limited facilitated the access to credit for different kinds of businesses that registered at the conference.
Writer’s email: ernestk@businessdayghana.com
