How businesses can benefit from 24-Hour Economy policy

By Andrews AYIKU (Dr)

Ghana’s ambitious 24-hour economy goal has placed the country on the cusp of an economic recovery by 2025. This ambitious initiative aims to extend firm operations around the clock, thereby promoting job creation, enhancing productivity, and boosting economic growth.

For Ghanaian business owners, this legislation provides an excellent opportunity to rethink operations, explore new markets, and boost profitability. However, success requires strategic preparation, adaptation, and a proactive approach to maximizing extended operational hours.

This article examines practical and innovative ideas that Ghanaian entrepreneurs can utilize to thrive under this transformative legislation, so making their businesses more competitive and adaptable in a shifting economic environment.

Optimize Workforce Management for Shift Systems

To prosper in a 24-hour economy, firms must employ shift systems that divide the workday into morning, evening, and night shifts to ensure uninterrupted operations. Staff availability and burnout can be managed more effectively with scheduling software.

Training people to undertake a variety of jobs improves operational efficiency, while cross-training increases adaptability across roles. Restaurants that provide night shifts, for example, can tap into late-night markets.

The Fair Wages Commission has offered incentives such as bonuses or greater hourly pay to promote staffing during less preferred hours. Businesses that encourage flexibility and employee well-being retain service quality and high productivity while fully embracing the responsibilities and opportunities of 24/7 operations.

Leverage Technology for Efficiency

Technology enables businesses to compete in the 24-hour economy by automating operations, decreasing costs, and improving customer experiences. Tools like IoT-enabled systems provide continuous monitoring and reduce industrial downtime. Businesses should invest in automation for stocks, orders, and customer queries to boost efficiency. Enhancing your online presence with e-commerce platforms, mobile apps, and chatbots allows customers to interact with you at any time. A 24-hour retail outlet can serve both local and foreign clients. Data analytics indicates client behaviour at various hours, such as determining peak staffing times in a barbershop. Embracing digital tools allows firms to meet demand, maintain efficiency, and drive growth around the clock.

Expand Market Reach and Diversify Offerings

The 24-hour economy opens new commercial potential by allowing customers to access services at unusual hours. Businesses might expand their offerings to reach new consumers, such as late-night food delivery, entertainment, or 24-hour convenience services. A café might serve midnight food to students and night-shift workers, whilst a gym might provide 24-hour access with specialised packages. Targeting specific populations such as tourists or shift workers reveals previously untapped revenue streams.

Enhance Supply Chain and Logistics

To succeed in a 24-hour economy, businesses require a dependable supply chain that allows for continuous operations. This includes optimizing logistics and developing strong supplier connections to ensure timely deliveries, particularly in inventory-sensitive industries such as retail and dining. Flexible delivery schedules are essential, and investing in last-mile solutions allows for round-the-clock service, such as grocery stores collaborating with local couriers for late-night deliveries. Inventory management with just-in-time technology reduces storage expenses while maintaining fresh stock availability. Pharmacies, for example, can keep their inventory low by refilling them frequently.

Focus on Customer Experience and Marketing

In a 24-hour economy, businesses must match increased convenience demands through exceptional customer service and strategic marketing. Staff should be taught to provide consistent service throughout all shifts, with AI chatbots handling basic enquiries and escalating sophisticated ones.

Promoting round-the-clock availability on social media, such as a bakery showcasing midnight sweets, might increase attention. Engaging audiences on platforms such as X increases brand loyalty. Off-peak incentives, such as fuel reductions for night shift workers, increase traffic during quieter hours. Businesses that engage in service quality and focused outreach can develop client connections, grow revenue, and prosper in today’s fast-paced commercial environment.

Ensure Financial and Regulatory Compliance

Running a firm in the 24-hour economy necessitates careful financial planning and regulatory compliance. Owners must budget for higher expenses such as utility bills, night shift wages, and maintenance charges; energy-efficient instruments can assist minimize these.

Adhering to labour rules, particularly those governing shift systems and hourly pay, prevents legal problems, and contacting specialists ensures adequate counsel. Economic variables such as the cedi-dollar exchange rate influence import costs, therefore tracking variations is critical. Businesses that spend wisely and stay compliant can negotiate extended hours while being viable and competitive in a 24/7 industry.

Conclusion

The 24-hour economy policy is a game changer for Ghanaian business owners, providing unparalleled prospects for expansion and innovation. Entrepreneurs can prepare their firms for success by optimizing staff management, using technology, expanding market reach, improving supply chains, prioritizing customer experience, and maintaining compliance. The goal is to approach this policy with creativity, agility, and a customer-centric perspective.

Dr Ayiku is a Lecturer/SME Industry Coach Coordinator (MBA Impact Entrepreneurship and Innovation) University of Professional Studies Accra

[email protected]

IG: andy_ayiku

@AndrewsAyiku

F: Andyayiku

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