Poor record keeping by entrepreneurs is a major problem retarding the development of local businesses leading to many of them winding up prematurely, a private business consultant has said.
Mr David Atinga, director of Administration of Rohi Consulting Limited, said poor record keeping accounts for 60 percent of failed businesses and called on entrepreneurs to improve on the practice.
He was addressing a business development workshop organised for some 16 entrepreneurs in Kumasi on Wednesday.
The workshop, dubbed: “Business Survival 09,” aimed at reviving businesses in the face of the current economic challenges in the country.
It was also to provide the entrepreneurs with a sense of direction and guidance towards management of their businesses.
Mr Atiga also tasked entrepreneurs to innovate “healthy” advertising strategies, in order to remain in competition.
They should also step up internal flow of information, he said, and advised managements to always involve their employees in decision making processes to ensure higher productivity.