Muslim Executive Foundation Embarks On A Day Seminar For Business Owners.
As part of measures to meet their social responsibilities as a leading Muslim Non Governmental Organization (NGO) in Kumasi in the Ashanti region, the executive members of the Muslim Executive Foundation (MEF) on Saturday October 28, 2023, organized a one day special business seminar for businessmen, women as well as other prospective and incoming business minded citizens in Kumasi particularly those within the Zongo communities respectively.
The program which has the theme; “Implementing Effective Marketing Strategy For Competitive Edge” took place at Haske Height Hall at Asawase, suburb of Kumasi.
Participants were undertaken through topics like financial management, strategies to attract customers and profit making, the need on why business owners should treat themselves as a separate entity from their businesses, business location, keeping proper books of accounts, sales and market research, customer relationship, avoidance of adopting over crediting behavior that leads to business collapse, proper strategic ways to achieve business goals among others.
In his welcome address, Mr Abdul Razak an accomplished businessman lauded the Muslim Executive Foundation for the fruitful seminar which in his view, would benefit the participants to become abreat on how to run a successful business entity.
Razak described the occasion as a “School of Prophet” apparently referring to the ideologies of the Holy Prophet Mohammed who though was not highly educated, yet through Divine knowledge he was able to teach his followers how to run a perfect and successful business entities.
Making his presentation, the first speaker, Sheikh Abdul Mushin Baafi expressed his gratitude to the members of the Muslim Executive Foundation for the organization of the seminar to help create awareness in the business owners to benefit the society and the country at large
Sheikh Mushin Baafi a Bsc holder in many fields of education sector, philantropist and Chief Executive Officer who runs a group of companies observed that the seminar which is a yearly affair program is timely because not all business owners have the opportunities to go to schools to learn how to run an effective business.
He said many business owners have the resources to expand their businesses to yield positive results, lack of experience have crippled their business entities.
Sheikh Baafi reiterated that since the setting up of a business consists of risk and profit making, there is the need for business owners to remain focused and draw lines between what methods that could make his business to survive or become successful.
He spoke against wrongful siting of business location, acceptances of unnecessary credit facilities from products manufacturers, misuse of company’s funds and improper business planing,
He also talked about the need to protect business capital and the importance of engaging of qualified workers.
Sheikh Abdul Mushin Baafi further highlighted among others modern technology and the important role which a business owners should play to carry out market and sales research work to help meet the current business trends.
According to Sheikh Abdul Mushin Baafi many business owners fail to identify the demands of their customers and instead of going down to make research for identification purpose,they quickly torch down to place advertisements in the social media platforms, TV stations, radios and newspapers at huge cost which ended them up to losing huge sums of monies.
He added that for the fact that advertisements enhances profitability in the business circles caution must be taken before taking steps to go public with your business
Careful business management is one of the best strategies to protect your business capitals, and without such qualities a business owner risks to mismanagement his business and cannot stand the storm when he or she is confronted with least challenge, Sheikh Abdul Mushin Baafi pointed out.
Speaking on the topic ” Effective Strategies To Achieve Positive Results In Business Circles” Mr Mohammed Muntaka, Senior Lecturer of the School Of Business ( Kwame Nkrumah University Of Science And Technology (KNUST) noted that strategic business plan is the source of attaining business success.
Muntaka said in business, locations and proximity count, sometimes long distance and undeveloped areas can also be considered to run businesses like warehousing among others before the place becomes well developed
He spoke about the need on why business owners should accept and access contracts on Build, Operate and Transfer BOT) Build, Operate and Own (POO) and Build, Operate and Partner (BOP)
The Lecturer concluded that to become a strategic and successful business owners one needs to be law abiding and meet his tax obligations according to the laws devoid of hide and seek tactics that can lead one to imprisonment when caught.
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Attached picture: Sheikh Baafi middle together with some officials o MEF
