Importance of Financial Literacy for Business Success – Insights from CEO of I-ZAR Group

An entrepreneur and the Group Chief Executive Officer (CEO) of I-ZAR Group and founder of Alhaji’s Wife, Rashida Saani Nasamu, has underscored the importance for business owners to monitor the alignment between their investments and outcomes, in order to achieve success.

She highlighted the vital role of tracking investment outcomes for business owners in achieving remarkable success emphasizing the significance of this practice in driving business growth and ensuring long-term stability.

Madam Rashida Saani Nasamu, made the assertion at a financing and capacity building for Small and Medium Enterprises, SMEs, owners in Accra as part of the Small and Medium-sized Enterprises Day organized by the Universal Merchant Bank (UMB).

It was on the theme: “Financial Literacy and Capacity Building, a Tool for Wealth Creation for Women-Owned SMEs. The Small and Medium-sized Enterprises Day is a day recognised by the United Nations to raise awareness of entrepreneurs’ positive contributions to sustainable development and the global economy.

The programme was aimed at discussing how women in SMEs can maximize the resources within the financial sector to grow their businesses for future generations.

It also sought opportunities for women in SMEs and how it has shaped the future of the sector.

Delivering her speech, she stated that “they say, ‘for lack of knowledge, my people perish.’ In this case, for lack of knowledge, businesses perish,” emphasizing the detrimental consequences of insufficient financial understanding.

Madam Rashida Saani Nasamu, related her insights to the success story of Alhaji’s Wife Waakye, a thriving restaurant she established.

According to her, on monthly basis there is no Waakye joint she doesn’t visit for comparative analysis to improve on her own.

She stressed that a solid grasp of financial matters, equips business owners with the ability to budget effectively and comprehend their profits.

Conversely, the absence of sound financial literacy leads SMEs to “operate in darkness,” resulting in their eventual demise.

Madam Rashida Saani Nasamu, bemoaned the absence of financial literacy in existing interventions designed to support business owners, emphasizing the need to equip entrepreneurs with the knowledge and skills necessary to maintain and ensure sustained growth.

She concluded by highlighting the power of empowering oneself with financial understanding, stating that by comprehending money matters in their businesses, entrepreneurs can surpass the critical fourth year and exceeds conventional expectations.

Source: Theheraldgana