By Laudia Anyorkor Nunoo
Tema, Oct. 23, GNA- Mr Ian Tabalor Okwei, Chief Operating Officer of Big Joe’s Foods, has urged aspiring entrepreneurs to start with available resources, exercise financial discipline and establish effective business systems to ensure long-term sustainability.
Mr Okwei gave the advice at ‘The Innovate Agenda’, a gathering of businesspeople and entrepreneurs to share ideas and experiences on business development.
He said starting a business did not necessarily require substantial capital, noting that individuals could begin with their skills, talents, knowledge, and willingness to provide solutions to people’s needs.
Using his waakye business as an example, he advised entrepreneurs to start by serving friends and acquaintances, gathering feedback, improving their products, and gradually entering the wider market as demand increased.
He said customer feedback was essential for understanding market needs, improving product quality, and building customer loyalty.
Mr Okwei also urged entrepreneurs to comply with relevant regulatory requirements, including business registration, licensing and applicable industry standards, to establish credible and sustainable enterprises.
On business continuity, he stressed the need for systems that would enable businesses to operate efficiently even when their owners were absent.
He said Big Joe’s Foods, for instance, had established procedures across its production and delivery chain to ensure continuity and reduce dependence on the physical presence of any one individual.
Entrepreneurs, he said, must move beyond personally managing every aspect of their businesses and develop clear processes for production, quality control, delivery, record-keeping, and other essential operations.
“Make sure that even if you are not around, the work will still go on,” he advised, emphasising the importance of clearly defined procedures and responsibilities.
Mr Okwei cautioned entrepreneurs against withdrawing business funds indiscriminately, urging them to separate their personal finances from their business finances.
He recommended maintaining a dedicated business bank account for receiving proceeds and paying business expenses, noting that sole proprietors also needed clear financial boundaries.
He advised business owners to pay themselves a defined salary or owner’s remuneration instead of taking money from the business at will.
He underscored the importance of keeping proper books of account, recording income and expenditure, and using bank transfers to pay workers where practicable to strengthen accountability and maintain verifiable financial records.
Such practices, he said, would help entrepreneurs monitor financial performance, control expenditure, and make informed decisions about business growth.
He added that accurate financial records could help business owners assess profitability, meet tax obligations, access financing, and identify opportunities to manage costs more effectively.
On pricing, Mr Okwei urged entrepreneurs to prioritise the long-term viability of their businesses rather than focus solely on maximising short-term profits.
He encouraged them to adopt competitive pricing that considered production costs, the value offered to customers, and prevailing market conditions.
He said affordability needed to be balanced with financial viability, requiring business owners to manage overheads and maintain reasonable profit margins to sustain operations.
Mr Okwei further advocated gradual expansion, saying entrepreneurs should build a loyal customer base and strengthen their operations before pursuing growth.
He said successful entrepreneurship required more than access to capital or the pursuit of profit, stressing the importance of discipline, proper planning, sound management and systems that could sustain businesses over time.
GNA
Edited by Linda Asante Agyei
Reporter: Laudia Anyorkor Nunoo, GNA
Email: [email protected]