Poor management practices, major causes of loses in business

Kumasi, July 12, GNA - Poor business management practices has been identified as the major cause of loss and collapse of most business, including small and medium scale enterprises.

Mr Frank Opoku Afriyie, a Senior Accountant at the Biological Science Department of the Kwame Nkrumah University of Science and Technology (KNUST), therefore, called for prudent management practices such as good record keeping, regular stocktaking and auditing to keep businesses on its feet. Mr Afriyie said this in Kumasi on Tuesday, when he delivered a talk on the theme, "How To Sustain Your Business," at the Saint Paul's Catholic Church at Amakom, as part of their annual Professional Week celebration. He called on people to plan their expenditure especially women, who indulge in impulse buying of clothing and others, which he said could easily lead to business loss. Mr Thomas Kofi Boama, President of the Saint Paul's Parish, who is also a businessman, urged people to create good human relationship with their customers, by just giving them a smile at all times to retain them. Mrs Akoma Gyamfi, also a businesswoman, who chaired the function, commended the church for the programme, which she said had not only serve as a wake up call but also educated them for proper business practices. She, therefore, appealed to people especially Christians to support their businesses with prayers, since that was the surest way of sustenance. 12 July 06