According to the Deputy Managing Director of NDK Financial Services, Kuorkor Ayisa, this is key for enterprises that want to expand and generate more profit.

She explained that challenges hampering the growth of SMEs go beyond poor record keeping.

“Apart from poor record keeping, there is also a challenge with staff as there is a skill gap. Sometimes the people they expect to have or think they have are not necessarily competent," she said.

"So what you need in terms of skill is not available. Sometimes it’s the willingness to pay. SMEs must be willing to pay for the expertise but it’s important to pay for the expertise and professionalism so the business can grow” she explained.

She was addressing participants at a seminar organised by NDK Financial Services for SME’s - as part of activities to mark the company’s silver jubilee celebrations.

The seminar was held at the company’s head office at Omanye Aba building at Osu in Accra. It was on the topic “Positioning your Business for Investments and Succession”

Facilitator for the event, D.N.O Sackey, Managing Consultant of Ephesus Consulting also emphasized the need for SME operators to separate company’s finances from their personal expenditure.

“A very fundamental weakness among SMEs is that, in many cases, the owners are not able to separate their persons from their business. Therefore, you find out that in many cases the business assets or resources are being applied to personal use," he said.

"It is important for SME operators to understand that once you establish a business it becomes a separate entity and therefore you pay yourself from the business and let the business run on its own steam - that way accountability becomes obvious” he noted.

The seminar which the company’s hopes to make an annual event was to explore proven ideas and strategies for scaling up and aiding SME’s access to finance.