“I’m losing over $4 million every month,” says McDan Group chairman
Daniel McKorley says for companies to survive, especially in these times of disease, they need to rethink and rediagnose how their business works
The chairman of the McDan Group, said his business is in a rather precarious position due to the pandemic and especially being in the logistics and airline business.
Daniel McKorley said, “No aircraft is flying in terms of passengers, cargo, and it’s only the vessels which are moving. So I’m badly hit. I’m losing over three to four million dollars every month, so that’s what is going on right now with me.”
Dr McKorley believes that for businesses to survive, especially in times of crisis, they need to rethink and rediagnose their business needs. This has become even more crucial for them now, in this era of rampant infectious disease.
Passionate zeal
He said, “It has reawoken us to look at areas we were not looking at in our business. We could be making millions and billions, but we are so content with the little we are making.
“This lockdown has opened my eyes … to look at areas of my business I wasn’t looking at and also to look at the future of certain businesses … putting all of them on a playing field to see which one has a future.”
The McDan Group chairman said, “The passion and zeal aren’t there for most business and it’s complicated further by woeful inadequacies in the education system.”
He was quite blunt, saying, “Certificates matter but attitude supersedes everything … and commitment to work is everything.
“McDan is very passionate in seeing other businesses grow … There are lots of areas I can go but I want to focus … but you grow people, you don’t grow in isolation.”
Not for show
His passion and interest in helping start-up companies, as with most angel investors, are under threat because of the pandemic, as it has undoubtedly affected business. His company has helped over 20 companies through his start-up competion, with the winner bagging US$100,000.
However, he said, “I’m not doing charity for show … I’m doing charity because I want to see results. If I’m not making much money I cannot go sharing … I need to make sure I reserve a percentage of my revenue to support the youth.”
The crux of most economies is highly dependent on the survival of a business and the inherent challenges of most nations’ economies now may seem bleak. Yet Dr McKorley thinks that “this is the time we can do more” to support and cushion these budding entrepreneurs.
“Many a time, McDan set the pace. We come up with the ideas, then you see a lot of people wanting to follow, and that is how the world is supposed to be. We try to be very innovative, very creative in business in a way … It’s about time we look at impact.”
Time to domesticate
The McDan Group chairman said, “COVID is not all that bad … we are going to see real problems … and this is the time we have to domesticate, this is the time we have to look inward. Ghanaians are smart, young Ghanaians are very smart. But we are importing too much.
“Being a patriotic Ghanaian, I want to see a better Ghana, and if we change we will begin to have an export surplus.”
Of the government’s plans to cushion micro, small and medium-sized enterprises, he believes that when state agencies and stakeholders pitch in to help, things will look up.
He said, “The engine of growth in this country is in the small and medium-scale businesses … Ghana in Africa has the highest number of entrepreneurs … and I’m having 100 CEOs under my umbrella and I think I should be proud of that.”
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