By: Ahiador Catherine:
Running a business has become one of the vital means to boost the economic status of a country. Due to this the government has built so many industries to help boost the economic status of the country. As the government is setting up businesses; we have corporate individuals who also have what it takes to run businesses.
Dr. Apotey Gabriel Odeh, Business, Financial and Investment Analyst at the Upper Manya Krobo Rural Bank speaking on Wednesday’s Morning Ride on Rite FM explained that good and strategic planning were key elements an individual or corporate firm must ensure before setting up a business. This he contends ensures business strategic security.
‘When we talk about business security, it’s all about the total ability of an organization to mitigate any form of loss occurring. Business strategy is also a way to prevent losses which are likely to occur in businesses,’ he emphasized.
He further explained that there are key elements that one requires to ensure good business security. Some of the factors he noted included issues that have to do with employees, business property and clientele base. According to the bank manager, as a business person, you must work hard on your clientele base because it is from that point that you would have your customers maintained in your business.
On cost implications in running a business, Mr. Odeh noted that that is also a factor worth considering since that will direct you on what you would do, how you would do it and the cost involved to run your business effectively.
That is not all; environmental factor is another aspect that Mr. Odeh emphasized on. According to him, there is a need for one to consider the environment in which they work and the kind of security personnel one would employ.
Another point worth noting is the avoidance of unnecessary competition. According to him, most people are forced to run particular businesses because many others are involved in it. That, Mr. Odeh noted increases the risk of incurring needless business costs.
Other factors he noted were worthy of consideration included lightening, Insurance as well as period auditing.
Source: ritefmonline.org
