The Founder of Clever Lines, Stephen Asiedu has cautioned local printers not to invest in expensive printing machines when they have not secured huge businesses or contracts.
He explained that investing in fixed assets should be timed and demand driven since acquiring huge machines is not a guarantee for big jobs.
Speaking on ‘Time with the CEOs’ on Monday on Starr fm, Stephen Asiedu said building capacity one does not need is meaningless and a waste of resources especially when there is no ready job.
“People come into printing and always fold up. They buy big machines, set up big offices and expect the job to come to them. Don’t just invest because you have money; printing machines are very expensive so buying and putting them in one big house with employees and not getting jobs, how do you sustain it?
I only buy a machine when I have a job that guarantees that I am going to make money on that machine to pay back”, he said.
He added that industries such as manufacturing need investment to push out products and therefore investing in expensive machines makes sense.
Stephen Asiedu, cited examples of some printing companies in New Town a suburb of Accra that are mostly sitting idle with no jobs.
He said doing jobs for GHC300 and GHC500 and buying a machine for almost $360,000 is a complete waste of resources since the business owner will have challenges paying back the price of the machine.
He further advised printers to think outside the box and leave their comfort zone where they are only content with the little jobs that comes in daily.
Speaking as a seasoned banker with 10 years’ experience, Stephen Asiedu charged local printers to look beyond their usual clientele and go for bigger jobs which comes with good money and can keep them in business for years.
He said the local Ghanaian mentality of ensuring that one’s family does not lack basic amenities such as cloths, food, shelter and the ability to pay school fees on time must be totally erased from the minds of business owners if they indeed want to catch up with the international market.
The young entrepreneur said businesses must live beyond its owners, expand and have the ability to employ more people.
He advised local printers to understand the job, stay focused and refrain from unhealthy competitions.
He was optimistic that the printing industry can scale up to meet international standards if business owners invest wisely, avoid complacency, stay focused and remain accurate and timely at all times.
Stephen Asiedu is a nominee for the 40 under 40 awards for the Printing/ Press and Publishing Category.
The award comes off this Friday, 4th October at the Kempinski Hotel, Gold Coast City.
The Forty under 40 Awards is to identify, honour and celebrate a cross-section of the nations most influential and accomplished young business leaders under age forty from a wide range of industries.
These young business leaders must be committed to business growth, professional excellence and community service and must have risen up the ranks of their companies or industries at a relatively young age.