As we live with the coronavirus pandemic, businesses are battling with practical strategies of staying afloat.

The President of the Ghana Chamber of Commerce and Industry (GCCI), Nana Appiagyei Dankawoso I has outlined strategies all businesses must use going forward. 

In an interview with Joy Business, the GNCCI President cited effective business leadership, restrategizing, exploring opportunities, and being attuned with digital transformation.

Effective business leadership

Already, the government has injected a 1-million-cedi stimulus package for SMEs to stay afloat in these times. I sat with the President of the Chamber who says now is the time for business leaders to make pragmatic decisions even if it means downsizing.

“Business leaders and executives have to take very concise and pragmatic decisions at this particular time. We must look at lean and mean policies that have to be put in place. Downsizing is another thing that has to be considered because we are looking at your fix cost, variable cost and total cost.”

According to him, effective Corporate Governance is most needed at these uncertain times to keep businesses afloat.

Restrategising

Many businesses are turning to various reforms to adjust to the challenges accompanying the threats of the Coronavirus.  The President of the Chamber believes one important way of strategizing must take a relook into the work culture – “if this means working from home” or better yet “piloting remote outsourcing of human capital”. According to him, every well-run business has a crisis or continuity plan, and many will have a specific pandemic plan and must implement one if they are yet to have one.

Exploring opportunities

The impact of the Coronavirus Pandemic has been varied – ravaging to a large section societies and economies and also positive for some businesses meeting wide consumer demands that come with the Pandemic. Here in Ghana, the food and beverage, garments, pharmaceutical and telemedicine industries have tapped into the business demands of the Virus.

“Take a closer look at all these sectors and you will be amazed at the opportunities there are in these areas. Now is the time for businesses to at least explore investment options in these areas,” The GNCCI President revealed.

Digital transformation

Amid travel restrictions and cases of self-isolation and quarantine, the flow of business in the human interface has reduced drastically. An outlook on the world of business shows that digitization and online transactions have skyrocketed amid the coronavirus Pandemic. This – the GNCCI President warns – could spell doom for business laggards who fail or delay in adapting to the era of digitization.

“We have seen the government roll out a massive digitization agenda. There is no way your business will survive a year or more if 90 percent of your transaction in human-to-human. Times have changed and technology has taken over. Profit margins will thus spike if businesses recognize the power of technology,” he advised.

The coronavirus has exposed Ghana’s over-dependence on the West for raw materials, goods and services. This has had a toll on manufacturing and pharmaceutical firms. Nana Appiagyei Dankawoso I suggested that this could affect businesses who fail to adapt.

Businesses operating in nine selected sectors of the economy are the ones to benefit from the ¢600 million stimulus package meant to cushion micro small and medium enterprise (MSME) from the negative impact of the coronavirus disease.

The beneficiary sectors are healthcare and pharmaceutical, manufacturing, agriculture and agri-business, water and sanitation, tourism and hospitality, education, textiles and garments, commerce or trade, and service.