The Chief Operating Officer of Absa Bank Ghana Limited, Michael Mensah-Baah, says partnerships and the ability to control an organization’s cash flow are essential items needed to restart businesses post COVID-19.
Citing the opportunities created in the delivery services sector for instance due to restrictions, he said interested businesses can merge to reduce the cost of starting and sustaining such ventures.
Michael Mensah-Baah made the remarks at the first virtual business forum as part of the Citi Business Festival on Citi TV.
“Partnership is key in these times to keep your business alive because during the crisis, I realized that lots of companies adapted to doing home deliveries. Does it mean that you will need to invest in delivery business too? No, you can actually partner with another third-party to be able to provide that service. The other thing that is key is that, you need to manage your cash. It seems like a very basic thing. But if you are cash-trapped, all your plans and ideas or your ability to keep your business ability alive is next to impossible,” he said.
“You can speak to your bank. At Absa Bank, we have given payment holidays and moratorium to our customers. We have given them a breather because if revenues are going down they will not be able to generate the same revenue as before,” he added.
Meanwhile, the CEO of Busara Africa, Tarka Awori, says leaders who are agile and able to adapt should be able to surmount the challenges posed by the Coronavirus on their operations.
According to her, the global pandemic presents an opportunity for leaders to exhibit unique principles needed to thrive.
“I have seen leaders who have a particular strength and that is all they know. Maybe their strength is that they drive things, whereas at certain moments adaptability means this is the moment not to drive. Maybe this is the moment to take a step back, listen to my team, so that they feel part of the change. Also, agile leaders are connected to their customers and employees. You do this with consistent and regular communication and with emotional sensitivity,” she noted.
Following the severe impact of COVID-19, businesses are being affected negatively no matter how established they are.
The 2020 edition of the Citi Business Festival started on Monday, June 1, 2020, with a line-up of radio and TV programs. It will feature virtual business forums and will be live on Citi TV.
This year’s edition is sponsored by Absa Bank, GIPC, Citi 97.3FM, and powered by the most comprehensive business news website; citibusinessnews.com.
