• About Us
  • Contact Us
Account
GTB
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
No Result
View All Result
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
No Result
View All Result
Account
Ghana Talks Business
No Result
View All Result

Where will your business be in 50 years?

03/05/2021
Reading Time: 2 mins read
Building in a hand businessmen

Building in a hand businessmen

0
SHARES
Share on FacebookShare on TwitterShare on WhatsApp
Most small business owners I encounter do not have longevity as a focus. The two common reasons for this are:

The business was setup as a lifestyle business or
The entrepreneurs do not have the know-how to develop a solid succession plan.

Working sustainability into your business strategy is a must (even if you have a lifestyle business – after all, there is no reason the next generation must not benefit from all your hard work). Below are some recommendations for getting started:

Commit to making longevity a key business focus

Mentally committing to making your business outlive you means that you will not take business decisions that threaten long-term goals. Get a board or advisory team that will hold you accountable to this goal.

Get help

This can come from the board or advisory team you have assembled. You can also get external help (consultants and experienced executives who have helped other companies create effective succession plans). For young businesses and startups, there are ways in which you can get this help at affordable rates.

Ensure compliance to the right business structures

The result of #2 above will be a well laid out plan with the right policies and internal controls to ensure success. The effectiveness of the succession plan will result from a concerted effort from the leadership team to adhere to and enforce succession plan regulations.

Build the right team

To me, this is the most important factor. A bad team in an excellently structured organization is like adulterated oil in a fine machine. Hire right and invest in building your team to lead the organization.

Author: Sam Yeboah || Mirepa Capital

Previous Post

How to prepare vegetable salad the Ghanaian way

Next Post

The Business of Fashion, the Internet & Corporate Style – with UK’s Susie Bubble

Related Posts

carbon emissions

Ghana Begins Receiving Payments for Reducing Carbon Emissions in Forest Landscapes

30/01/2023
Employers and employees

The silent war between employers and employees will have no winner 

27/01/2023
Electric cars in Africa, ghanatalksbusiness.com

Africa’s push for electric vehicles

24/01/2023
Functioning dddress system, ghanatalksbusiness.com

The next “AMAZON” in Africa will need a Functioning Address System

23/01/2023
Catalyst fund, ghanatalksbusiness.com

Catalyst Fund announces $2 million investment into 10 startups accelerating Africa’s adaptation and resilience to climate change

20/01/2023
shifts in globalisation

Globalisation Redefined as Manufacturing Moves Closer to Home

20/01/2023
Next Post
fashion business

The Business of Fashion, the Internet & Corporate Style – with UK’s Susie Bubble

Ghana cocoa

Why Ghana doesn't get the full value of its cocoa beans - and how this could change

  • About Us
  • Disclaimer
  • Privacy Policy
  • Advertising
  • Contact Us

© 2021 Ghana Talks Business

No Result
View All Result
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
  • Login

© 2021 Ghana Talks Business

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In