Zenith SME Business Empowerment Lab: SMEs urged to identify business risks and adopt mitigation strategies to ensure sustainability

Small and medium-sized enterprises in Ghana were urged to identify potential business risks and implement mitigation strategies at the Zenith Bank Ghana's SME Business Empowerment Lab. The event, held virtually on October 29, 2026, emphasized the importance of proactive risk management in building resilient businesses capable of adapting to disruptions.

Industry experts identified various red flags for business risks, such as poor cash flow, inadequate record-keeping and excessive dependence on a single customer or supplier. The Chief Operating Officer of Ghana Incentive-Based Risk-Sharing System for Agricultural Lending (GIRSAL) emphasized six main internal and external risks that can disrupt agricultural SMEs.

To address these vulnerabilities, he presented a five-step business resilience plan that includes identifying risks, assessing financial implications, developing response measures, assigning responsibilities and regularly reviewing contingency plans. The Chief Operating Officer of the Ghana National Chamber of Commerce and Industry also stressed the importance of leveraging periods of economic stability to build preparedness for potential disruptions, such as natural disasters, cyber threats and regulatory challenges.

He encouraged entrepreneurs to develop a simple crisis management plan, maintain accurate financial records, protect financial resources and ensure employees are ready to respond to emergencies. Additionally, the Head of Alternative Distribution and Customer Experience at Hollard Insurance Ghana urged SMEs to adequately protect their operations against unforeseen losses through proper insurance coverage, regularly reviewing and renewing policies to align with changing business needs and risks.