Ama Bawuah, the Board Chair of Access Bank Ghana, has emphasized the importance of Small and Medium Enterprises (SMEs) incentivizing their staff effectively to unlock their full potential, ultimately benefiting their businesses.
Addressing the audience at the Vodafone Business Runway event in Accra, which centred around the theme “Good to Great with Vodafone: Innovate, Comply, and Expand,” Ms. Bawuah shared valuable insights on “Structuring Your Business for Success.”
Ms. Bawuah stressed the significance of recruiting and incentivizing employees based on their quality and expertise. She urged SMEs to prioritize competitive compensation packages to motivate their staff, ensuring that they remain committed and consistently perform at their best.
Such a commitment, she noted, is instrumental in driving positive growth within a business.
“Recruit and incentivise for quality and expertise. Pay staff well. That way they always want to come to work and do what is expected of them well and that helps the business grow.”
In addition to the importance of employee motivation, Ms. Bawuah underscored the necessity for SMEs to establish clear operational milestones and set financial goals.
To achieve sustainable success, she emphasized the need for a well-defined structure within these businesses. This structural framework should encompass governance, effective management practices, a team of key personnel, access to banking and financial services, and a robust internal and external communication network.
Highlighting the broader perspective of successful businesses, Ms. Bawuah emphasized that they prioritize long-term profitability and sustainable growth while adeptly adapting to the evolving needs of their customers.