Author name: Dr Maxwell Ampong

Local agroeconomic clusters play a crucial role in the growth and sustainability of regional economies. Moreover, by focusing on local buyers, these clusters can create a ripple effect of benefits that extends beyond the businesses themselves, touching the lives of countless individuals within the community. I want to explore ten compelling reasons local agroeconomic clusters should prioritise local buyers. By understanding the advantages of engaging local buyers, businesses can create a more inclusive, vibrant, and prosperous ecosystem that benefits everyone involved. Local companies in this regard can be agro-sector players like Maxwell Investments Group or multinational giants like WILMAR Ghana, which have and continue to invest hundreds of millions of dollars into local manufacturing, hiring hundreds of workers and feeding, by extension, thousands of households indirectly, while engaging in outreach programs, affecting the lives of millions within the walls of Ghana. Here are ten reasons why local agroeconomic clusters should choose local buyers: 1.   STRENGTHENING LOCAL ECONOMIES: Engaging local buyers is pivotal in circulating money within the community, contributing to a stronger and more resilient local economy. When local agroeconomic clusters prioritise local buyers, they directly impact various aspects of the regional economy. a.  Job creation: Local companies generate employment opportunities for the local population, from production and distribution to sales and marketing. This not only reduces unemployment rates but also fosters economic stability and growth. b.  Supporting local suppliers: By prioritising local buyers, businesses are more likely to source raw materials, products, and services from within the community. This support boosts the economic prospects of local suppliers and encourages the development of a robust and diverse supplier network. This strengthens the entire value chain, benefiting all stakeholders involved. c.   Investment in community development projects: Companies prioritising local buyers often invest in community development initiatives, ranging from infrastructure projects to education and healthcare programs. These investments improve community members’ quality of life and create a more attractive environment for further business and investment. For example, WILMAR’s outreach programs and investments in Ghana have significantly impacted the lives of millions. So has the ‘Useful, Affordable Education Drive’ and the ‘Insurance Community Project’, amongst others, from Maxwell Investments Group. d.  Economic multiplier effect: When local businesses engage local buyers, a multiplier effect is created as money spent within the community gets circulated and reinvested. This means every cedi paid at a local business generates additional income for other local companies and individuals, leading to a more prosperous and self-sufficient local economy. e.   Building a resilient local economy: By strengthening local supply chains and creating a network of local buyers and suppliers, businesses develop a more resilient economy better equipped to withstand external shocks and uncertainties. This resilience ultimately benefits the country by ensuring the local economy can recover quickly from adverse events or market fluctuations. Engaging local buyers is instrumental in strengthening local economies by creating job opportunities, supporting local suppliers, investing in community development projects, generating economic multiplier effects, and building a more resilient financial ecosystem. Companies like Maxwell Investments Group and WILMAR are prime examples of how prioritising local buyers can have a lasting and transformative impact on their communities. 2.   BUILDING COMMUNITY RELATIONSHIPS: Prioritising local buyers enables businesses to establish and nurture more robust relationships with community members, which is crucial for long-term success. The various aspects of building community relationships through engaging local buyers include: a.  Fostering trust: By supporting local buyers, businesses demonstrate their commitment to the community’s well-being, which helps build trust between the business and community members. This trust is vital for the company’s long-term success and fosters a healthy business environment. b.  Enhancing loyalty: When businesses prioritise local buyers, they invest in the community’s future and show they care about its success. This commitment cultivates customer loyalty, resulting in repeat business, positive word-of-mouth, and increased customer retention. c.   Encouraging a sense of belonging: Engaging with local buyers fosters a sense of belonging within the community. When people feel connected to a business, they are more likely to support and recommend it to others. This sense of belonging can contribute to a more cohesive and supportive community. d.  Expanding networks: By prioritising local buyers, businesses can expand their network of customers, suppliers, and other stakeholders within the community. These relationships can lead to new business opportunities, strategic partnerships, and collaborations that drive growth and innovation. e.   Facilitating knowledge exchange: When businesses engage local buyers, they create knowledge exchange and learning opportunities. This can result in the sharing of ideas, best practices, and expertise, ultimately contributing to the overall growth and development of the community. f.     Promoting local culture and identity: Businesses can help preserve and promote local culture and identity by engaging local buyers. This, in turn, can contribute to a stronger sense of pride and unity within the community, which can positively affect the overall social and economic well-being of the region. Prioritising local buyers allows businesses to build strong community relationships by fostering trust, enhancing loyalty, encouraging a sense of belonging, expanding networks, facilitating knowledge exchange, and promoting local culture and identity. These strengthened relationships contribute to a supportive and prosperous community where businesses and residents can thrive. 3.   ENHANCING LOCAL SUPPLY CHAIN RESILIENCE: Prioritising local buyers bolsters businesses by reducing dependence on global suppliers and mitigating risks linked to supply chain disruptions. This leads to a more resilient local economy with numerous advantages: a.  Adaptability: Local supply chains can rapidly react to market changes, ensuring businesses can maintain operations during unexpected situations. This adaptability enables companies to stay competitive and adjust their strategies as needed. b.  Collaboration: Establishing solid relationships within local supply chains fosters collaboration, knowledge sharing, and innovation. These partnerships can result in improved products and services and new solutions to meet market demands. c.   Sustainability: Local supply chains often have a smaller environmental footprint, supporting sustainable business practices that benefit the community and the planet and promoting environmentally responsible practices. d.  Economic diversification: A resilient local supply chain encourages economic diversification, allowing businesses to explore new markets and opportunities within the community. This diversification can create jobs and a more stable regional financial foundation. By investing

Entrepreneurship is often associated with individualism, risk-taking, and innovation in today’s fast-paced world. While these traits are undoubtedly essential for any successful venture, the critical role of the community in fostering entrepreneurial success must be considered.  In reflecting on the recent MIG Business Forum and the exciting initiatives discussed, we want to emphasize the importance of community and extend a humble call to action for everyone to contribute to and benefit from a collaborative, entrepreneurial ecosystem that will be enhanced as we continue to surge forward. COMMUNITY SERVES AS THE BACKBONE OF ENTREPRENEURSHIP FOR SEVERAL REASONS.  A Strong Support System One of the primary reasons community is integral to entrepreneurial success is the support system it provides. Entrepreneurship can be a lonely and challenging journey with setbacks and uncertainties. A robust community allows entrepreneurs to share their experiences, learn from one another, and pool resources to tackle challenges. Celebrating Victories Together A supportive community helps entrepreneurs face challenges and celebrates their victories, both big and small. This celebration of success motivates and inspires entrepreneurs, fuelling their passion and drive for their ventures. Additionally, it fosters a sense of belonging and camaraderie, reminding entrepreneurs that they are not alone on their journey. Collaboration and Collective Wisdom Another key benefit of a robust entrepreneurial community is the opportunity for collaboration and the pooling of collective wisdom. Entrepreneurs who are part of a community can tap into their fellow members’ diverse skills, experiences, and perspectives, generating new ideas and finding innovative solutions to problems. Collaboration can also lead to strategic partnerships, helping businesses to grow and expand their reach. Embracing Diversity and Inclusivity Diversity and inclusivity are vital components of a community-driven entrepreneurial ecosystem. We create a dynamic environment that encourages creativity and positive change by welcoming individuals from different backgrounds, industries, and perspectives. A diverse community generates new ideas, challenges established paradigms, and leads to unique solutions that cater to a broader audience. The Ripple Effect of a Supportive Community The positive impact of a strong community extends far beyond the entrepreneurs themselves. By fostering an environment where entrepreneurship can flourish, communities can experience significant economic growth and job creation. Moreover, a thriving entrepreneurial ecosystem can inspire future generations, instilling a culture of innovation and ambition that spans generations. UNLEASHING THE POTENTIAL OF ENTREPRENEURSHIP: KEY INITIATIVES FROM THE MIG BUSINESS FORUM The recent MIG Business Forum showcased a range of initiatives designed to harness the power of the community and propel entrepreneurship forward. These are the Soya Beans & Agro-Commodities Project, the Useful Affordable Education Drive in partnership with KNUST-AISWAM, the Community Insurance Project in collaboration with Cosmopolitan Health Insurance, activating the Ghanaian Bamboo Industry with a ready market and processing capacity, and the Maxwell Homes Project.  By focusing on innovation, education, skill development, wealth via health, and sustainability, these initiatives have the potential to transform the entrepreneurial landscape and create lasting, positive change in our communities. One key initiative discussed at the Forum was the establishment of collaborative economic clusters for entrepreneurs to work, network, and share ideas, suggested by world-renowned Economist Naa Dr Alhassan Andani. He is a former Director/CEO of Stanbic Bank Ghana and enskinned as the chief of Pishigu in the Northern Region of Ghana.  These economic clusters can act as incubators for innovation, helping entrepreneurs bring new concepts to life and fostering a culture of creativity within the community. By providing resources, guidance, and support, these spaces can also help entrepreneurs overcome the challenges they may face in the early stages of their ventures. Yet another vital aspect of the Forum’s initiatives was the emphasis on education and skill development. By educational courses from KNUST that are useful, affordable and productive, these programs will be tailored to the needs of entrepreneurs and the community and ensure that its members have access to the knowledge and skills required for success in the ever-evolving business landscape. In addition, this focus on education empowers individual entrepreneurs and contributes to the community’s overall competitiveness and resilience. This is why all those that complete the courses under this Project will receive a KNUST-accredited certificate, signed by the Vice Chancellor, giving course participants a competitive edge in the job markets. Sustainability was another central theme at the MIG  Business Forum, with several projects aiming to create environmentally friendly and socially responsible business opportunities. By encouraging the development of sustainable enterprises, the community can contribute to long-term economic growth and environmental stewardship. In addition, these initiatives can also promote inclusive growth by ensuring that benefits are distributed equitably among community members, regardless of their socioeconomic background. To guarantee the success of these initiatives, we must all play our part in supporting and participating in them. By working together, we can create a vibrant, thriving entrepreneurial community that drives positive change and delivers lasting benefits for all its members. You can see pictures and complete coverage of the recent MIG Business Forum here; www.bit.ly/MBFv1 CALL TO ACTION: CONTRIBUTING TO A COLLABORATIVE ECOSYSTEM The initiatives discussed at the recent MIG Business Forum exemplify how community collaboration can advance entrepreneurship. To ensure the success of these initiatives, we all must take an active role in supporting and participating in them.  Here are some ways you can contribute to a collaborative, entrepreneurial ecosystem: THE TRANSFORMATIVE POWER OF COMMUNITY COLLABORATION Embracing the power of community is essential for realizing the full potential of entrepreneurship. This often-underappreciated aspect is critical in fostering a vibrant, inclusive, and supportive ecosystem, contributing to entrepreneurial success.  By working collaboratively and engaging in shared initiatives, we can create lasting, meaningful change in the lives of many individuals. Now is the time to seize this opportunity, transforming our collective vision into reality and stepping forward with a unified purpose. By doing so, we can significantly impact our society, economy, and the world at large. I hope you found this article insightful and enjoyable. Subscribe to the ‘Entrepreneur In You’ newsletter here: https://lnkd.in/d-hgCVPy.  I wish you a highly productive and successful week ahead!  ♕ —- ♕ —- ♕ —- ♕ —- ♕ Disclaimer: The views, thoughts, and

In Africa’s challenging and dynamic business environment, success can be hard to come by. The continent is home to a diverse array of markets and economies, each with its own unique opportunities and obstacles. To thrive in this environment, businesses need to be agile, innovative, and laser-focused on results. Yet, too often, businesses in Africa prioritize ideas over performance – chasing after the latest trends and buzzwords instead of focusing on the fundamentals that drive success.  In this article, I hope to explore why it is so important for African businesses to prioritize performance over ideas, and outline some strategies for making this happen. By doing so, businesses in Africa can overcome the challenges they face and achieve long-term success. African Businesses Can Achieve Results That Matter In today’s fast-paced and competitive business environment, having great ideas is not enough. To truly succeed, businesses need to focus on performance, which involves executing on those ideas. This is particularly important in Africa, where the business landscape can be challenging and success requires a combination of innovation and effective execution. There are several reasons why performance is more important than ideas. First and foremost, performance is what separates successful businesses from those that fail. According to a study by Harvard Business School, high-performing companies consistently outperformed their competitors in terms of profitability, growth, and customer satisfaction (Davenport et al., 2010). This suggests that while having innovative ideas is important, it is the ability to execute on those ideas that ultimately drives success. In Africa, where the business environment can be challenging, performance is even more critical. Businesses operating in Africa face a range of obstacles, including limited infrastructure, regulatory barriers, and political instability. In this context, the ability to perform effectively is essential to achieving long-term success. Furthermore, focusing on performance is what builds credibility and trust with customers and other stakeholders. In Africa, trust is a particularly vital component of business relationships.  According to a survey by PwC, trust is the top factor influencing customer loyalty in Africa, with 73% of respondents citing it as a key driver of their purchasing decisions (PwC, 2018). By delivering consistent, high-quality results, businesses can build trust and earn the respect of their customers, which can help them to achieve even greater success in the long run. In addition, performance is what drives innovation and growth. When businesses focus on performance, they are forced to find ways to improve their processes, products, or services continually. This drive to innovate is what sets successful businesses apart from their competition and helps them stay ahead in the long run. In Africa, where innovation is essential for economic growth and development, the ability to perform effectively is particularly important. Several studies support the idea that performance is more important than ideas for driving innovation and growth. According to a study by the University of California, Berkeley, high-performing companies are more likely to invest in research and development, leading to more innovative products and services (Folta et al., 2010).  Similarly, research by the African Development Bank found that the most successful African businesses are those that are able to innovate and adapt to changing market conditions (African Development Bank, 2019). Let us explore some strategies that businesses can use to prioritize performance and achieve better results. Strategies for Prioritizing Performance in African Businesses While it’s clear that prioritizing performance over ideas is important for achieving success in Africa’s challenging business environment, it can be difficult to know how to make this happen in practice. Here are some strategies that businesses can use to prioritize performance and achieve better results: In conclusion, prioritizing performance over ideas is essential for businesses to achieve long-term success, particularly in the challenging business environment of Africa. By focusing on performance, businesses can differentiate themselves from their competition, build credibility and trust with their customers and other stakeholders, and drive innovation and growth.  By setting clear goals and metrics, focusing on efficiency and process improvement, investing in training and development, fostering a culture of continuous improvement, and collaborating with partners and stakeholders, businesses can prioritize performance and achieve better results.  Ultimately, businesses that prioritize performance will be better equipped to overcome the challenges of the African business environment and achieve long-term success. ♕ —- ♕ —- ♕ —- ♕ —- ♕ References African Development Bank. (2019). African Economic Outlook 2019: Macroeconomic Performance and Prospects. https://www.afdb.org/sites/default/files/documents/publications/2019AEO_full-report_En.pdf Davenport, T. H., Harris, J. G., & Morison, R. (2010). Analytics at Work: Smarter Decisions, Better Results. Harvard Business Press. Folta, T. B., Delmar, F., & Wennberg, K. (2010). Hybrid entrepreneurship. Management Science, 56(2), 253-269.  PwC. (2018). Winning in Africa’s consumer market: A transforming landscape. https://www.pwc.com/gx/en/ind ♕ —- ♕ —- ♕ —- ♕ —- ♕ I hope you found this article insightful and enjoyable. Subscribe to the ‘Entrepreneur In You’ newsletter here: https://lnkd.in/d-hgCVPy.  I wish you a highly productive and successful week ahead!  ♕ —- ♕ —- ♕ —- ♕ —- ♕ Disclaimer: The views, thoughts, and opinions expressed in this article are solely those of the author, Dr. Maxwell Ampong, and do not necessarily reflect the official policy, position, or beliefs of Maxwell Investments Group or any of its affiliates. Any references to policy or regulation reflect the author’s interpretation and are not intended to represent the formal stance of Maxwell Investments Group. This content is provided for informational purposes only and does not constitute legal, financial, or investment advice. Readers should seek independent advice before making any decisions based on this material. Maxwell Investments Group assumes no responsibility or liability for any errors or omissions in the content or for any actions taken based on the information provided.