Senior Country Partner of KPMG, Antony Sarpong, has urged small and medium enterprises (SMEs) to embrace governance structures to secure their survival beyond the first generation.
Speaking to the media, Sarpong emphasized that many family-owned businesses face challenges when the original founders exit, risking their continuity.
“Governance is often taken for granted, but including professionals in management ensures a business can thrive across generations, not depend solely on one person,” he explained.
“we need to embrace governance structures that ensure that we include professionals in the management of our small businesses.”
“That way we learn from those professionals and we also bring in our natural entrepreneurial instinct and wisdom to run the business. That way the business is not depending on one person, it is allowed to be able to survive pass generations.”
Sarpong also spoke on the need for businesses to strengthen their operations amid a rapidly evolving e-economy.
Drawing lessons from the COVID-19 pandemic, he emphasized the importance of focusing on sustainable business practices.
“In the face of changing environments, businesses must adapt and explore new opportunities,” Sarpong concluded, highlighting the role of price stability and sound monetary policies in driving long-term economic growth.
