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Amidst the coronavirus pandemic and harsh operating environment, Group Managing Director, SIFAX Group, Adekunle Taofiq Oyinloye, has urged businesses to build resilience and staying power as a strategy to survive.
He said a comprehensive review of business processes and operations as well as willingness to adapt to new realities is key at this critical moment for the Nigerian economy.
Oyinloye, while reviewing the impacts of the pandemic on businesses in Nigeria, highlighted the major hurdles they are currently facing to include; supply chain disruptions, inflation, hike in prices of goods and services, weakened consumer purchasing power, contracting economy and business collapse, especially among the small and medium enterprises, and high-risk corporations.
He said: “It is not an all-gloom situation, as many businesses will rise from the ashes of this pandemic to recover well and post impressive returns. There are opportunities even in bad situations. Businesses just need to position themselves correctly for these opportunities.
“Ideas, processes and mindset that were useful pre-COVID-19 might become obsolete for businesses as we are gradually transiting to a new era and a new dawn.
“Some of the factors that I recommend at a time like this are critical thinking, new business processes and templates, improved technology adoption, identifying and embracing new business opportunities and ability to adapt and respond to a changing business dynamics.”
Oyinloye further lauded the combined efforts of governments, both at the national and sub-national levels, corporates, development partners, health workers on the frontline and other stakeholders, in tackling the pandemic, adding that such collaborative efforts would certainly help in containing the spread of the virus and better management of the fall outs.
