Small and Medium scale Enterprises (SMEs) must always seek advice from experts in order to improve on their business operations, Samuel Asiedu, Senior Business Advisor at the National Board for Small Scale Industries (NBSSI), has said.
They should also develop banking culture and make use of the banking and other financial institutions to grow and expand their businesses.
Mr. Asiedu made the call at a business clinic, organised by GCB Bank Limited for its customers and operators of SMEs, in Kumasi.
It was to sensitise the participants on what to do to improve on their business operations in order to grow, as well as accessing products and services offered by the banks to support SMEs in the country.
Mr. Asiedu said improper records keeping, poor management practices and lack of understanding of the banking system had been some of the major challenges facing the SMEs.
It was therefore important for SME operators to seek advice from experts to get a better understanding of some of these issues in order to improve on their operations.
He said SME operators should also try to delay instant gratification and rather, re-invest profits into their businesses to enable them to grow and expand.
Mr. Samuel Sarpong, Acting Managing Director of GCB, said the bank, which had branches in all major towns in the country, was wide open to SMEs to access a range of products and services, which had been tailored to meet their needs.
He said the GCB Bank was partnering small businesses, which were in the majority in the country, to have easy access to credit facilities to improve on their operations to speed up national development.
What the bank needed was proper business plan and accounting records from business operators to enable them to benefit from these credit facilities.
The GCB Bank also used the occasion to organise the mini grand draw of its ‘Big Money’ promotion.
Mr. Satikir Joshua of Burma Camp branch won the grand prize of GH¢100,000.00 with Ms Georgina Amankwa of Nkawie winning a 5KVA generator.
Mr. Munadeen Naba of Bimbila won a Samsung galaxy X6 Urge, while Mr. Augustine Afum of Asante Mampong won a tablet with Ms Gladys Agbenu of Kpando taking home a 1KVA generator.