Business Outlook beyond 2017

  

Globally, both small and larger business play an important role in the promoting grassroots economic growth and equitable sustainable development.The revitalization of small business will greatly contribute to the socio-economic development of Africa continent if all stakeholder work toward creating enable environment for growth.

   Business  in both developed and developing economic have proved to be engine for economic growth.In developing country like Ghana,small business provide vast majority of job and that there is clear evidence that growth is a driver of economic growth. 

    However, small business in Africa experience a little to no growth and have low success rate of transformation small business to more productive company.This may dues to the lack of awareness of the right place to follow and inability to access to right information and support to develop such as access to finance.

    Despite all the challenging most business encountered last years,  but they are confidence that about the future  business prospects, optimism about the economy and strategies to put in place to  thrive in an age of uncertainty.The research carry out across 15 countries in  reveal that both small and larger business are confidence in their ability to deliver, increase revenues and profitability in 2017.

    Business across the globe are optimism about the health of the economy over the next 12 month with policy maker are more than twice as likely to be positive in than negative about the economy climate.There various reason that may drive the growth of africa small business and compete with their counterpart in the international markets.


Expansion and sale Growth Focus
     Business are likely to focus more on growth and expanding strategy to improve their financial performances either  through expansion into new domestic or international market or grow their share in the current market if the current market is their main focus. Along side theses growth, business are likely to increase their  operational efficient to achieve their financial objective as this will form the main driver toward the financial performances/

Increase Exportation
   Exporting is a core pillar of many business growth strategy. Many businesses are likely to expand into international markets as a pathway to improve financial performances over the next three years. They believed that right plan were in place to increase export revenues as this reflected in their sale turnover projection.Economy and political uncertain in domestic market is seen as the largest threat and business are continually working around the clock to identify uncertain  in their export market as a way of improving their business performance.

Source of finance to fund Growth
    Many business in the past struggle to finance require investment for growth. Hence most business rely on their cash flow, bank loan and private equity to fund their investment.Over the next years, more business are likely to take advantage of a diverse set of funding option such as crown funding,venture capital etc as the pathway to access to capital to growth

Top-notch Technology
   Small business are likely to build a sophisticated business and technology infrastructures in 2017 and beyond as a way of revamping their operation.Cloud computing, manufacturing and distributing capabilities are now available with cost structure that allow small business to scale up their operation and to improve their financial performance

 Customers and business Growth
  Access to insightful data is giving small business the capability of gaining deeper customers and business insights.Access to machine learning has taken much of the complexity of data analysis, which allow small business to make faster and better decision toward the business

objectives. 

Online marketplace and Adverting
     Online adverting has made its cost-effective to connect with customers worldwide and  more businesses are likely to deliver their message across  through online medium to their target audiences in 2017. Online outlet/ market also create greater avenues for business to extend their products and services as way of creating awareness as way of controlling operation cost and improve financial performance

1.                                                                                                   By: Akinola Taofeek
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