Business Insight

COVID-19; Doing Right by Business conduct, Law, Customers & Stakeholders.

In a matter of weeks, Nigeria went from do-not-panic mode to complete lockdown. Businesses across the country barely had time to prepare for this explosive reality. Small businesses and large corporations were dealt the same hand by the wildfire spread of Coronavirus.

While people are in lockdown, markets have experienced record falls. with businesses hanging in limbo, shedding off what they can in operating and financing activities. Country-wide quarantines, travel restrictions, and social-distancing measures have led to a sharp fall in consumer and business spending producing a recession.

The harsh realities of this period can put a strain on relationships between partners and stakeholders. It will test the codes of conduct upon which a business is built.

As you navigate through unchartered waters, here are mindsets you should have;

  1. Empathize & Strategize- It is essential to keep our relationship with existing clients alive. Empathize- they are as severely hit as you are. Consider creating a pipeline of business through digital outreach. Look at the older leads that were on the back burner due to one reason or another
  2. Offers: Check if there is merit in diversifying your offering to keep yourself relevant in a post corona world. Think about your stakeholders, yourself, consumer, and employees.
  3. No Knee-Jerk Reactions: Businesses are getting affected but don’t get lured into ultimately diversifying to a new, unrelated stream of business. It is only a matter of time until the situation settles and allows business houses to take more informed calls. Knee-jerk reactions won’t do any business any good.
  4. Morality & Law: As a business, don’t cut corners. Don’t make the mistake of doing something not in consonance with morality or law. It is imperative to be on the right side of the law as well as ethics- something, which will hold the key to tiding over these difficult times and creating a sustainable value proposition.
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