Mr Daniel Awuah-Darko, Chairman, Vanguard Assurance, said a sustainable family business was not about forcing children to take over even when they did not have the interest and skills.
He said rather it was for the business to build a lasting system to keep the enterprise successful for the children to own and benefit as shareholders when it listed on the stock markets.
Mr Awuah-Darko was speaking at the sixth edition of the Stanford Seed Network Business (SSTN) Conference in Accra.
The Conference was on the theme:” Balancing the wellness, Growth and Legacy: The Complete Leaders Conversation.”
The event explores challenges faced by business leaders such as harmonizing health goals, relentless business pursuit, and leaving a legacy.
The Conference brought together hundreds of business leaders to digest critical issues that can be catalysts for business growth and avoid pitfalls to share invaluable insights and their wealth of experience to help business leaders and their teams bounce back from business setbacks.
He said once a framework had been developed, anyone after the owner’s retirement would have to follow and ensure its sustainability.
Mr Awuah-Darko urged businesses to be conscious of ever-evolving changes in their business ecosystem and adopt innovative solutions for business sustainability.
He said innovation and adoption were the new bedrock ideology on which any business could thrive, and COVID-19 had shown that it was unnegotiable.
The Chairperson said to ensure sustainability, it was not enough for businesses to only cater to the current needs of clientele but to also anticipate their future needs taking cues from technological advancement and trends in societies around the world.
“To stay ahead of the game, it is important to regularly evaluate products, services, and customer feedback to identify opportunities for growth and improvement,” he added.
He noted that the business was as successful as the team of staff so it was important to motivate the team and make them feel part of the business.
Dr. Charles Yeboah, Chief Executive Officer of International Community School, said business leaders needed to uphold values like humility, honesty, and hard work for growth and sustainability of the business.
He said some common mistakes young business owners in the country encountered which often cut short a promising business model was the inability to separate their personal lifestyle from the business inflows.
“One challenge of business owners in the country is the owner’s propensity to show success before the business is successful. Instead of investing in the business to grow, they end up investing in their personality too quickly,” he added.
Mr Carl F. Richards, President, SSTN Ghana, urged participants to explore the very foundation of peak performance, the vital synergy of physical and mental well-being.
“Our conversations delved into how wellness can be an unassailable competitive advantage, propelling business to new heights,” he said.
He said their purpose was to embark on a transformative journey, delving into the theme that deeply resonated with the challenges and opportunities facing them as business leaders.
He said the network was more than an alumni of graduates of a transformative experience and it was a cornerstone for continuous leadership development and business growth.
“Our network proudly operates active chapters in West, East, and Southern Africa, as well as in India, offering a vibrant platform for members to connect, learn, and collaborate with like-minded business leaders across the globe,” he said.
