Strategic reviews key to business survival, says consultant
By Solomon Nartey Tetteh
Business consultant and CEO of SEBS Inspirations, Mr. Sebastian Appiah, has underscored the importance of regular strategic reviews in keeping businesses aligned with their core vision and long-term goals.
He explained that conducting strategic reviews allows businesses to reflect on whether they are still on track with their original objectives.
In Ghana and across the African continent, small and medium-sized enterprises (SMEs) often struggle with consistency in strategic planning. Many operate without documented business plans or fail to revisit their goals once operations begin.
According to a 2022 report by the Ghana Enterprises Agency (GEA), a significant number of Ghanaian businesses close within the first five years due to poor planning and lack of strategic alignment.
Speaking on Business Breakfast on Zed FM, Mr. Appiah revealed that many businesses lose their way not because they lack potential, but because they stray from their original strategic focus.
“One thing I’ve observed is that some businesses begin with a clear vision, but over time, they lose focus. Without regular reviews, whether quarterly or annually, an organization can easily veer off course,” he explained.
Mr. Appiah stressed that a company’s vision is not merely a corporate slogan but the very foundation of its existence.
“Vision is everything. If a business loses sight of its vision, it’s as good as dead. It is the soul of the organization; it guides you toward your destination even before the journey begins,” he stated.
The business consultant further explained that strategic reviews provide a valuable opportunity for businesses to assess whether they are still on course to achieve their original goals.
“If you started the year with a specific focus, now is the time to ask yourself: Am I still on track? If not, success becomes very difficult to achieve,” he cautioned.
Mr. Appiah urged business leaders to make strategic evaluations a routine part of their operations, using them to recalibrate and stay focused amid change.
“In today’s fast-evolving business environment, only those who regularly review and realign their strategy and vision will be able to survive and thrive,” he added.
