Globally there is a recession due to the pandemic, and every aspect of ecological, social and economic life is threatened.
Families are losing loved ones, and corporate organizations are faced with numerous challenges resulting in lower income earnings of individuals and employees.
The central governments, mandated to provide social protection to individuals, businesses and families are challenged regardless of the nature and size of their economies.
Legitimate issues of health care and education coupled with fiscal planning to support and maintain economies have dared authorities to the core.
Job losses and the collapse of enterprises have threatened the very existence of life as several human activities have been put to a halt and many remain unemployed.
However, it is believed that COVID -19 has opened several opportunities to central governments, business owners, individuals and corporate groups.
Businesses are learning, and putting up strategies to be resilient and innovative, so as to have a competitive advantage over others.
Despite the pandemic, central governments and their allied agencies in developing economies like Ghana, have recorded a proliferation in the registration of businesses. Several informal businesses have moved to formalize their operations, showing a good sign of high tax returns in the ensuing years with an unusual number of startup businesses being recorded.
The question is, how sustainable are these startup models beyond COVID-19 and what strategies are the central governments putting in place to ensure these businesses survive to be able to accrue the estimated government revenue from taxes?
Sustaining the startups and existing businesses must be a sure way of increasing government revenue post COVID -19, meanwhile the individuals and the private sector must be ready to work to improve the quality of service. Also, on record is the high unemployment associated with the inability of some enterprises to withstand the effect of the pandemic on their business operations which the business community in Ghana is no exception.
The decision by the central government of Ghana to throw support at individuals and the business community is certainly not a bad idea as some countries globally have taken to that as a relief mechanism for communities, but how effective and efficient can that be? Will businesses and individuals be able to survive post COVID 19, if government financial support is reduced and withdrawn?
Ensuring sustainable development of enterprises largely depends on the pragmatic strategies by the central government and allied agencies with the involvement of the private sector, whiles taking to depoliticize all undertakings in this regard.
Amidst all the challenges lies opportunities to revive the once buoyant and robust Ghanaian economy (2000-2008), and this is possible through skills development and enterprise building. It is the right time for developing economies to concentrate, and heighten their interest in skills development and strategic enterprise building techniques to ensure enterprise growth and development.
As entrepreneurs and small business owners, our reliance on government financial support only, will not be enough.
The following five (5) steps will ensure your enterprise survival beyond the pandemic.
1 .Seek information, get well informed
Undoubtedly the pandemic has brought about a shift in consumer behaviour, and business models need to be adjusted. An erudition to innovative digital technologies will impact a long-term economic change in businesses but requires gathering adequate data and information to re-strategize.
2.Identify, maintain or strengthen your value proposition
Within the period, most businesses have the opportunity to revise their strategies, identify new strengths and strengthen their value propositions to appeal to their clients and remain competitive.
The inability of most organizations to perform task whiles holding on to clients is an opportunity for emerging enterprises to get into business process outsourcing activities as most organizations are willing to outsource task to reduce financial and operational risk.
This in effect, creates an overwhelming opportunity for start-ups and entrepreneurs with the right mindset and expertise to get on the go.
Identify opportunities in any industry, speak to consultants to provide you with the right approach to execution.
Your entrepreneurial leadership qualities at this stage opens a lot of opportunities. Your ability to adapt to, and embrace change is a sure way to inspire and motivate your team as an entrepreneurial leader.
Be compassionate and lead with empathy. Always have in mind that, the post pandemic business environment will place human capital alongside advancing technology, stay creative and innovate as a team.
4.Maintain a Work-life balance
These are not normal times, avoid stress, stay focused and maintain a work-life balance to stay safe and healthy.
This in effect, will provide you enough creative space to be innovative towards your venture, and to identify and harness the right opportunities to upscale your business and stay competitive.
5.Challenge your excuses; learn to recover
Doing business, the usual way has been compromised, so step out of your comfort zone, this is the new normal.
Challenge whatever may come up, put up strategies to recover from the shock and stay competitive.
Never respond to challenges with anxiety and aggression, be more open and receptive to new ideas as an entrepreneurial leader. Stay in contact with your professional and entrepreneurial network.
Stay safe, Observe the protocols
Kwabena Anokye Adu Appiah
Business Development Consultant
GIGGS & PARTNERS
Tel. 0507 473 715