Effective strategies for survival of businesses post Covid-19 economic crisis will include adopting new business ideas and improved technologies as core components of a comprehensive business processes and operations, SIFAX Group has said.
In his review of the impacts of the pandemic on businesses in Nigeria, the indigenous multinational’s Group Managing Director, Mr. Adekunle Oyinloye, listed the current major hurdles as supply chain disruptions and inflation.
The others include “hike in prices of goods and services, weakened consumer purchasing power, contracting economy and business collapse, especially among SMEs (Small and Medium Enterprises) and high-risk corporations,” a statement by the Corporate Affairs Manager, Olumuyiwa Akande, cited him to say.
To survive this harsh operating environment, Oyinloye urged businesses to build resilience and staying power, stating: “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 correctly for these opportunities. Ideas, processes and mind-sets 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 commended the combined efforts of the federal and other levels of governments, corporates, development partners, health workers on the frontlines and other stakeholders in tackling the pandemic.
He expressed confidence that such collaboration would help in containing the spread of the virus and better management of its fall-outs.