Experts from various industries have offered various strategies for business survival in a challenging economy.
The experts gave the advice recently when they converged on the Lagos Business School (LBS) Executive MBA Symposium in Lagos to seek solutions to the challenges posed by a volatile, uncertain, complex, and ambiguous (VUCA) business environment.
In recent times, businesses have been going through excruciating times informed by the harsh economic conditions influenced by high interest rates, poor purchasing power, exchange volatility and poor electricity supply.
The meeting, a first of its kind by any EMBA cohort, was put together by the EMBA 28 set of the Executive MBA Programme of LBS, themed, “Business development & sustainability in a VUCA world.”
In his remarks, Akinsanmi Olusinminrin, governor of EMBA 28, acknowledged the escalating challenges businesses face due to VUCA conditions. He urged participants to adopt innovative and forward-thinking strategies to ensure sustainability.
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Owen Omogiafo, president and group CEO of Transcorp Plc, highlighted the transformative role of social media in navigating a VUCA world.
She described it as an indispensable source of information and a tool for strategic decision-making. Citing Transcorp’s experience during the COVID-19 lockdown, she shared how her team turned challenges into opportunities through intensive brainstorming and innovative strategies.
Samuel Nwanze, executive director/CFO of Heirs Energy Limited, traced the origins of the term “VUCA” to the U.S. military, explaining its relevance in today’s interconnected and unpredictable business environment. He emphasised the need for businesses to continuously innovate and adapt, as traditional models often struggle to meet the demands of the evolving market.
“Our environment is more interconnected than ever. Businesses must embrace complexity and develop models that align with this reality,” Nwanze advised.
The first panel session which focused on ‘strategies for business continuity and resilience in a VUCA world’ was moderated by Gbolahan Aina, managing director of Cordros Asset Management Limited and a member of the EMBA 28.
Taiwo Adetokunbo Oshisanya, former executive director/CFO of TotalEnergies EP Nigeria, stressed the importance of flexibility. She cited how her organisation restructured operations during COVID-19, such as identifying quarantine facilities and rethinking workflows.
On his part, Steve Ojeh, director, corporate services at SEPLAT Energy Plc, advocated cultivating a culture of resilience. He emphasised the importance of understanding one’s environment and adapting work strategies to emerging challenges.
Toyin Abiola Salami highlighted how corporations can inculcate VUCA-readiness into their organisation culture.
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