Kwabena Antwi Situ, a business expert and an assurance partner from Deloitte Ghana, has enlightened business owners, especially small and medium enterprise owners, on how to succeed in their businesses.

According to him, for business owners to avoid the collapse of their businesses, there is a need for them to always learn to keep records and position themselves to acquire regular knowledge about what they do.

He also gave six (6) fundamental decisions every business owner must take, adding that these would cushion them in their business journey.

He said, “For SMEs to succeed, they need to diligently keep records, distinguish and properly allocate income between profit and capital, and practice a culture of savings."

He said this during an interaction series to enhance business literacy for SME owners held in Kumasi at the Golden Bean Hotel.

The SME interaction series, which was organized by Access Bank Ghana and Deloitte Ghana, was meant to enhance the financial literacy of SMEs and also encourage them to scale up their businesses in a sustainable manner.

Aside from the hundreds of business owners who trooped in to grab the knowledge acquisition series, Access Bank Ghana and Deloitte Ghana have decided to positively impact over 10,000 Small and Medium Enterprises (SMEs) nationwide through their ‘business interaction series’.

Mr. Situ, who walked the participants in Kumasi through the six fundamental decisions every business owner must make, said that for every business to succeed, those key points must be taken seriously.

In listing the key decisions, he said that business owners must decide to grow their businesses, adding that budgeting, business plans, and investment should be key factors.

Another point he touched on was that businesses must be sustainable.

Other points he discussed were that business owners must make profits, insure their businesses, and be stewards.

Describing the engagement as a good move, he said, Deloitte’s collaboration with Access Bank seeks to address the challenges faced by SMEs in Ghana, despite their significant contribution to the country's Gross Domestic Growth (GDP).

“As knowledge partners of the 'SME Business Interaction Series,' Deloitte seeks to equip SMEs through capacity-building clinics, workshops, business advisory services, networking opportunities, access to markets, and financial support. Remarkably, the partnership aims to assist 10,000 SMEs and trade associations within a year,” he added.

He also took the opportunity to advise the government on the need to prioritize tax education by stressing its importance.

"We need to go down and educate the youth about taxation, educate them about understanding the need for taxation, and the government should also be equitable enough in terms of using the resources that are mobilized through these taxes, and once this is done correctly and reasonably, we are of the opinion that it is possible that even the GDP to tax ratio will improve significantly and we may not be saddled with the challenges we find ourselves in within the economy,” he opined.

Representing the Ashanti Regional Minister, Simon Osei-Mensah, I. K. Acheampong who is the Ashanti Regional Coordinator, commended the organizers for organizing such an event for SME owners to enlighten them towards the growth of their businesses

He said SMEs were critical to growth and poverty reduction in the country, which accounts for over 50 percent of private sector output, nearly 70 percent of employment, and 90 percent of business in Ghana.

This notwithstanding, he noted that SMEs were faced with significant challenges that compromised their ability to function and to contribute optimally to the economy, adding that the engagement was going to enlighten them very well.

Reacting to the engagement and describing it as a good one, Anthony Oppong, who is the chairman of the Ghana Union of Traders Association (GUTA), Ashanti Chapter, said some businesses and their owners had given up because they were on the verge of collapse.

He, however, commended Access Bank and Deloitte Ghana for their support of SMEs, adding that such training would strengthen most of these business owners who were on the brink of leaving their jobs.

“Things that they have taught us today, such as bookkeeping, trying to grow your businesses, and others, are going to give us some impetus and energy to make sure we stay,” he admitted.

Mr. Oppong, who sees the imposition of some taxes as the major challenge confronting businesses, appealed to the government to do away with some of these taxes since they contribute to the collapse of their businesses.

"With the decline of COVID-19 cases in Ghana, the government should abolish the COVID-19 levy to avert the collapse of many businesses. There are taxes such as the import levy, which we are pleading with the government to remove since its time has elapsed," he said.