Kwabena Boamah
The Managing Director of Stanbic Investment Management Services (SIMS), Kwabena Boamah, has called on businesses to embrace a growth mindset to find hope and navigate through these turbulent times.
According to him, it is a mindset that believes that current challenges are just transitory and that opportunities for growth and improvement still exist.
“This involves reassessing product offerings, pricing strategies, and marketing approaches to attract and retain customers in the face of adversity,” Mr. Boamah said this on the sidelines of the third quarter edition of the Graphic Business/Stanbic Breakfast Meeting in Accra.
He emphasized that having a growth attitude in business implies there is hope, and he expressed optimism about the prospects of businesses in the country despite the difficulties they are now facing.
He also acknowledged that businesses have been grappling with declining top-line revenues due to the decrease in purchasing power among consumers, but contended that a growth mindset will help businesses to navigate the current turbulent times.
Mr. Boamah further encouraged businesses to reinvent themselves and seek opportunities to increase revenues.
He said businesses should look for innovative ways to increase their revenues, and suggested products’ reevaluation or service offerings, pricing strategies, and marketing tactics as some of the strategies to employ.
He also wants companies to scrutinize their operating costs and identify areas where efficiencies can be improved.
“This might include relocating to more cost-effective office spaces or reassigning staff to roles that directly contribute to revenue generation,” he pointed out.
A Business Desk Report