BusinessDay
Nigeria's leading finance and market intelligence news report.

How to minimize revenue losses for your business as the world standstill

The coronavirus (COVID-19) outbreak has made the first quarter of 2020 unpredictable for all companies across the globe. In order to stop the spread of the coronavirus outbreak, many countries around the world have started implementing tough measures such as strict lock downs which have brought to a halt major production chains.

Companies are now faced with disrupted supply chains, lock down enforcement that has caused the closing of retail outlets, non budgeted hygiene requirements set up for their operations and most stringent of all “WORKING FROM HOME (WHF)’’ for their employees has become the new norm. Companies are learning to quickly adapt and focus on what they can control. This includes providing tools for their employees to “WHF” some which include providing internet package allowances, internet routers, mobile computers and access to software for video conferencing. However, one thing companies can’t control is their employees power consistency. If there is no power employees cannot deliver.

With COVID-19 cases growing globally, many business leaders are having to deal with a retinue of problems, ranging from drop in sales and supply chains grinding to a halt, to keeping employees safe and making sure they can remain productive.

Businesses around the world have swiftly implemented policies adjusted to deal with the coronavirus crisis, with major corporations including Google, Facebook and Microsoft recommending or mandating remote work.

To achieve such successful implementation of the remote work policies in African, one would have to consider a key factor that powers this transition- Electricity. Five of the most populous countries in the African subregion like Nigeria, Ethiopia, Congo, Tanzania and Kenya have acute gaps in electricity access. These countries boast of large workforces that without a proper strategy in place to ensure the continuity in business operations, organizations will most likely record revenue losses in huge numbers.

Using Nigeria as a case study, a significant rise in confirmed cases in just two weeks to 131 has led to the proclamation by President Muhammed Buhari to restrict movement in three key states in Nigeria- Lagos, Ogun and Abuja, for two weeks. This is one of the several measures the Federal Government of Nigeria has put in place to curtail the spread of the virus.

With this new directive, businesses not categorized under essential services are having to make critical decisions to minimize the impact this has on their business operations and revenues. In the previous week, several companies had started implementing their remote work policy, with their staff working from home while skeletal operations continue at their offices or factories, however this brought up a new set of challenges across the entire value chain.

Power supply which is a key factor in the success of the transition to remote work, is not stable or guaranteed. With an average of nine hours per day in major areas in Lagos state, businesses are right to worry about the continuity in business operations and the level of productivity from their staff to meet client or customers’ needs and demands.

To address this electricity gap and not just in Nigeria, ZOLA Electric, a US based power company provides clean 24-hour reliable solar energy solutions for businesses and homes.

ZOLA stands out in providing  solutions that allow optimum use of available energy.

 

Find out more on the various products   www.zolaelectric.com and follow them on all social media platforms @zolaelectric.

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