Be innovative, embrace more technology, LCCI advises business owners

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The Lagos Chamber of Commerce and Industry has highlighted strategies for businesses to survive the ravages of the Coronavirus pandemic and continue operating.

The President, LCCI, Mrs Toki Mabogunje, indicated the highlights  while speaking during a recent press briefing on the state of the economy.

She advised businesses to “maintain a flexible operational structure by embracing technology to adapt to changing market dynamics. This will facilitate smooth transition when implementing remote working structures.”

While emphasizing the need for business owners to effectively communicate continuity measures, the LCCI president explained that this would help to responsibly manage diverse expectations from employees, customers, partners and other people.

She recommended a review of operating models for corporate entities, adding that this would help in identifying activities that could be discontinued during the covid-19 period to reduce operating cost and support margin.

She stated, “These disruptions should propel businesses to look beyond their traditional operations and identify new business ideas, that can complement their existing operations.

“The need for policymakers to expeditiously develop a framework that would ensure the country has a well-diversified revenue base given the volatilities of crude oil price. This is imperative for macroeconomic stability.

“Deepening efforts to improve and sustain investment in human capital development, particularly education and health infrastructure, is crucial.

“The imperative of self-reliance with respect to food security, drug security and energy security.”

Mabogunje stressed that it was important to create an enabling environment that promotes business continuity and sustainability while also boosting investors’ confidence.

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