Piu Jacob

COMMUNITY SERVICE REPORT

As part of my community service, on Monday, 15th September 2025, I, Piu Jacob,

embarked on shop-to-shop interactions with traders at Adabraka Market in the Greater Accra Region of Ghana. Among the key ideas I shared with them as a financial accounting student are as follows:

• Sources of funding for startup businesses: Money is the lifeblood of every

business. Most businesses are out of the market today as a result of obtaining funds from various sources without considering the impact of interest rates. Through conversations with them, I was able to recommend susu schemes as the best source of funding for startup businesses since they come with no issue cost and no interest rates.

Funding from banks was also discussed. I advised that they consider effective interest rates on loans rather than the nominal rates to ensure that finance costs associated with the loans are not overcharged.

• Methods to improve sales: During a conversation with the traders, Madam

Janet, one of the traders in beverages, confessed she was having difficulty with her inventory movements. I advised her to consider incorporating credit sales to allow retailers who do not have money for instant payments to purchase goods from her. I also advised her to maintain an optimal mix of credit and cash sales to ensure she has enough money to run the business while she waits to be paid by her customers.

• How to build customer loyalty: Customer loyalty is created through

quality, personalized experiences and the business’s ability to meet customer

expectations. Loyal customers offer long-term value through repeat purchases and positive word-of-mouth recommendations. Customer loyalty is a tool a business needs to stand out in a competitive environment. It is an asset, and startup businesses that want to succeed cannot play games with it.

The service was interactive. I had the chance to learn as well as to share the knowledge I have concerning startup businesses.