Coronavirus: There are opportunities even in bad situations – SIFAX Group MD

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WorldStage NewsOnline— Mr Adekunle Oyinloye, Group Managing Director, SIFAX Group on Friday urged business organisations to position themselves correctly to  tackle the challenges posed by COVID-19, saying there are opportunities even in bad situations.

In a statement in Lagos,  Oyinloye  said that for businesses to survive the current economic crunch due to the COVID-19 pandemic, a comprehensive review of business processes, operations as well as willingness to adapt to new realities would be key.

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, and so 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,” he said.

Reviewing the impacts of the pandemic in Nigeria, he said that the major hurdles businesses were facing include supply chain disruptions, inflation, hike in prices of goods and services.

He listed others as weakened consumer purchasing power, contracting economy and business collapse, especially among SMEs and high-risk corporations.

In the midst of the harsh operating environment, Oyinloye urged business owners to build resilience as a strategy to survive.

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