Adekunle Oyinloye, Group Managing Director, SIFAX Group, has identified comprehensive review of business processes and operations as well as willingness to adapt to new realities as survival strategies for businesses amid current economic crunch resulting from the outbreak of coronavirus (COVID-19) pandemic.
Reviewing the impact of the health crisis on businesses in Nigeria, he listed supply chain disruption, inflation, hike in prices of goods and services, weakened consumer purchasing power, contracting economy and business collapse, especially among Small and Medium Enterprises (SMEs) and high-risk corporations as major hurdles businesses are currently facing.
According to Oyinloye, businesses need to build resilience in the midst of a harsh operating environment.
“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,” he said.
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He stated that ideas, processes and mindset that were useful pre-COVID-19 might become obsolete for businesses as the world gradually transits to a new era.
“There is a need for critical thinking, new business processes and templates, improved technology adoption, identifying and embracing new business opportunities and ability to adapt and respond to changing business dynamics,” he stated.
Oyinloye further lauded the combined efforts of governments, corporates, development partners, health workers on the frontlines and other stakeholders, in tackling the pandemic.
He added that such collaborative efforts would certainly help in containing the spread of the virus and for better management of the fallout.
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