Financial sector operators in the country will find it hard to match their 2012 performance levels because of reduced business opportunities in the current slow growth economy.
But they should remain focused, eliminate waste, make sure they are efficient, and work closely with their clients.
The advice was given in an interview in Accra by the Chief Executive Officer (CEO) of financial services provider Dalex Finance, Mr Kenneth Thompson.
�Even if we were not in this current economic climate, we will still have new players coming onto the market and offer stiff competition, so it behoves on us to become more and more efficient, and indeed the best time to look at efficiency is when things are slow so you have a bit more time to focus on the core issues.�
He explained that apart from the challenges inhibiting the business sector, �in terms of the financial sector, this year financial opportunities have been limited because the economy hasn�t grown much, so companies may struggle to meet the 2012 performance levels.�
According to Mr Thompson, this is the time for businesses to deepen their relationship with clients.
The concept of client-business relationship has to be redefined and made to centre more on a partnership model, he said.
�We need to stay focused on what we are delivering to our clients and work on improving efficiency in terms of looking at the way we do things.�
He said car manufacturers, for instance, have developed the method of working closely with sub-contractors to make sure that they provide the needed services just in time.
Another area to consider in times like this is staff development, he said.
The Dalex CEO said investing in staff is the basis for long-term success in business.
�Staff who feels valued by their organisation is motivated and likely to perform better,in turn adding value to your business; so providing useful, focused training and development is key to that motivation,� he advised.
Citing the case of Dalex Finance, Mr Thompson indicated that the company has for the last few years been refining its model and working with business people to execute their projects, �so for us it�s a partnership and we think outside the box, always aiming at providing more value for our customers because it�s in our interest that whatever they do succeeds.��At Dalex, our tagline is �collaboration that profits�, which means working with the people we do business with to achieve their objectives,� he said.
The adoption of these strategies will enable businesses to position themselves to take advantage of future opportunities since the current trend would pass, Mr Thompson surmised.
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