The Director of Business Banking at Absa Bank Ghana, Grace Anim-Yeboah, has advised businesses to regularly review their models to meet the changing trends.
The disruption of most activities by the novel coronavirus pandemic globally, has caused some businesses to overhaul their operations altogether, while others have been compelled to fold up.
Nonetheless, new opportunities have been created for other businesses.
In order for thriving businesses to be sustainable in the long-term, Grace Anim-Yeboah says businesses will require constant adjustments.
She spoke on the second day of the on-air series of the Citi Business Festival which looked at how to keep your business alive during crisis.
“So basically pivoting what it means is taking a look at your game plan. When we started January there were snippets of COVID around, but nobody knew it would come to this proportion. After all SARS has come and gone, so nobody knew it would come to this point where quite a number of countries have gone into various versions of lock-down, to a point where there was panic buying because you didn’t know what’s going to happen next and whether you would have enough stock to feed your household,” she said.
“Now in a time like this, it’s important that you look at your business model and it’s important that you assess whether you can continue to operate in the same model you have been operating. You may be delivering a critical service, but can you continue to deliver that service in that same mode,” she quizzed.
She also urged businesses to scan for opportunities that will most likely push them through the crisis and also leave them stronger in the post-covid era.
This year’s edition of the Citi Business Festival is sponsored by Absa Bank and supported by GIPC. It is also powered by your most comprehensive business news website; citibusinessnews.com.