While acknowledging that businesses have been grappling with declining top-line revenues due to the decrease in purchasing power among consumers, Kwabena Boamah emphasized the importance of a growth mindset in helping businesses navigate the current turbulent times. He said “Businesses must embrace a growth mindset to find hope and navigate through these turbulent times. It is a mindset that has a belief that the current challenges are temporary and that opportunities for improvement and expansion still exist. This involves reassessing product offerings, pricing strategies, and marketing approaches to attract and retain customers in the face of adversity. Once the business has a growth mindset, it means that there is hope.”

Mr. Boamah further encouraged businesses to reinvent themselves and seek opportunities to increase revenues. According to him, “Businesses should look for innovative ways to increase their revenues. This may involve reevaluating their product or service offerings, pricing strategies, and marketing tactics. Secondly, companies should scrutinize their operating costs and identify areas where efficiencies can be improved. This might include relocating to more cost-effective office spaces or reassigning staff to roles that directly contribute to revenue generation.”

“Additionally, the rising operational costs have exacerbated the situation. Businesses must rethink their cost structures and find innovative ways to streamline their operations. Businesses can also review their internal processes and adjust staffing levels to match current demand, effectively reallocating resources to revenue-generating areas,” Mr. Boamah added.

While Ghana faces its share of economic challenges, the message of hope and growth mindset resonates with businesses, encouraging them to not only weather the storm but also thrive in the face of adversity. The Graphic Business/Stanbic Breakfast Meeting is a quarterly event hosted by Graphic Communications Group and Stanbic Bank Ghana. The event brings together subject experts to discuss topical issues affecting the country’s socio-economic development. The September 2023 edition discussed the topic “Thriving during Economic Turbulence”