SMEs Encouraged to Adopt Ongoing Business Planning Strategies

Benedict Bentil, Senior Manager at MTN Business, has emphasized the importance of ongoing business planning for small and medium-sized enterprises (SMEs), urging entrepreneurs to move beyond one-time planning and adopt it as a continuous strategic process.

Speaking during the third week of the 2025 Citi Business Festival On-Air Series, where the focus was on “Planning for SMEs,” Mr. Bentil addressed a common shortcoming among SME owners: treating business planning as a one-off requirement, typically completed only at the startup phase.

“Too many entrepreneurs think once they have a business plan, their planning work is done,” he noted. “But business planning is not a static document; it’s an evolving, cyclical process that must align with the changing needs, costs, and performance of the business over time.”

He explained that continuous business planning involves regularly reviewing a company’s performance, reassessing operational needs, and adjusting strategies to meet shifting market dynamics. According to Mr. Bentil, this approach not only supports sustainability but also enhances profitability and value creation over the long term.

“Business planning is about understanding your costs, your business performance, and identifying areas for improvement and growth,” he said. “It’s an active process that must be revisited frequently—at least annually—to remain relevant and useful.”

Mr. Bentil clarified a common misconception by distinguishing between a business plan and the broader process of business planning. He described the business plan as merely one component of a much larger strategic framework. While a business plan outlines initial goals, strategies, and forecasts, it does not account for the ongoing decision-making and adjustments that a business requires throughout its lifecycle.

“Think of the business plan as the starting point. But the real value comes from continuously asking: ‘Is this still working? What needs to change? Where can we optimize?’ That’s where real business planning happens,” he said.

Touching on the classification of SMEs in Ghana, Mr. Bentil referenced guidelines from the Ghana Enterprises Agency to clarify the scope of businesses being addressed. Micro enterprises, he explained, typically have between zero and five employees and generate up to GHS 150,000 annually. Small enterprises employ between six and 30 individuals, with annual earnings between GHS 150,000 and GHS 6 million. Medium-sized enterprises, on the other hand, have staff sizes ranging from 31 to 100 and generate over GHS 6 million in annual revenue.

He pointed out that despite their size, SMEs collectively form the backbone of Ghana’s economy, contributing significantly to employment and GDP. Therefore, equipping them with the mindset and tools for strategic growth is critical not only for individual success but for national development.

Mr. Bentil’s remarks come at a time when SMEs are facing growing challenges—from economic uncertainty to rapidly evolving digital demands. He encouraged business owners to adopt planning not just as an annual formality but as a critical management habit that fosters resilience and innovation.

“Continuous planning gives SMEs the flexibility to adapt and stay competitive. Markets change, costs rise, technologies evolve—and if your business isn’t constantly planning, it risks falling behind,” he warned.

The Citi Business Festival, hosted annually, serves as a key platform for business education and capacity building in Ghana, featuring thought leaders across finance, technology, entrepreneurship, and strategic planning. Mr. Bentil’s contribution highlighted the role of strategic thinking and routine assessment in enabling SMEs to thrive in an increasingly competitive environment.

In closing, he urged SME owners to rethink their approach to planning—not as a document to be drafted and shelved, but as a discipline to be practiced regularly.