COVID-19: SIFAX Boss Identifies Recovery Strategies For Businesses in Nigeria
* Calls for new business processes, templates, technology
By Silas Onuoha:
“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”.
These were the words of Mr. Adekunle Oyinloye, the Group Managing Director, SIFAX Group.
According to him, “While reviewing the impacts of pandemic on businesses in Nigeria.
It is important to highlight 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 corporations, as well as operators of SMEs to build resilience and staying power as a strategy to survive.
His assertions, “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 changing business dynamics.”
Oyinloye further commended 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.