COVID-19: GMD SIFAX Group gives recovery strategies for businesses

The Group Managing Director, SIFAX Group, Mr. Adekunle Oyinloye, has urged businesses to build resilience and staying power as a strategy to survive the current economic crunch as a result of the COVID-19 pandemic.

Oyinloye in a statement, also said it was important for businesses to do comprehensive review of processes and operations as well as willingness to adapt to new realities.

While reviewing the impacts of the pandemic on businesses in Nigeria, Oyinloye said the major hurdles currently include 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.

He said: “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 a changing business dynamics.

The SIFAX Group GMD further lauded 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.