In order for businesses to survive the current economic crunch as a result of the COVID-19 pandemic, a comprehensive review of business processes and operations as well as willingness to adapt to new realities will be key.
According to Mr. Adekunle Oyinloye, Group Managing Director, SIFAX Group, while reviewing the impacts of the pandemic on businesses in Nigeria, highlighted the major hurdles they are currently facing, including supply chain disruptions, inflation, hike in prices of goods and services, weakened consumer purchasing power, contracting economy and business collapse, especially among SMEs and high-risk corporations.
In the midst of this harsh operating environment, Oyinloye urged them to build resilience and staying power as a strategy to survive.
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 frontlines 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.