The Director of Business Banking at Absa Bank Ghana, Grace Anim-Yeboah, has advised Micro Small and Medium Enterprises (MSMEs) who intend to secure credit facilities to expand their businesses to formalise their operations.
Madam Anim-Yeboah in an interview with Ahenkan Dwadie Kasiebo explained that these enterprises stand a better chance at securing funding when they are well-structured and better positioned.
She also said formalising the operations of the business is important for growth.
“Formalise your operations; there are a lot of businesses around town, and you need to stand out. Bring yourself up to speed with the various regulatory stakeholders. It is part of preparing your business for growth. Also, invest in your people. Find the right people on the journey with you, so that as a business owner you can take a break
“One of the important things to do is bookkeeping. You need to get your records together, not only for the purposes of accessing credit from banks. It helps to track the viability of the business you are running. It is important to get the right structures in place, have a plan and begin to forecast how your business will look like in some years to come, and make decisions to drive your business.”
Source: ahenkan dwadie kasiebo