Since the outbreak of the Covid-19 pandemic, many heads of companies have been busy jostling with business strategies to navigate and overcome challenges of the pandemic.
For this reason, the Institute of Directors-Ghana (IoD), which is made up of directors and board chairs of the various companies in Ghana, held a round table discussion in Accra on Wednesday, May 20, 2020, to brainstorm on some of the best business strategies to get businesses out of the shackles of the pandemic.
At the end of the meeting a number of recommendation were made, one of which include the need for businesses to develop strategic plans to save their business in the short term.
In an interview on Joy News’ ‘Business Live’ programme, few hours after the meeting, the Chief Executive Officer of the IoD, Fred Aryeetey, says since the outbreak of the pandemic, directors and board chairs of companies have been grappling with how to stay in business and save jobs.
The meetings, which will be held from time to time, he said, will aid them synergize ideas to address issues of concern for businesses.
He said the outbreak of the Covid-19 viral disease, which resulted in the closure of borders, has impacted on the movement of goods and service.
This development, he added, has badly affected the fortunes of businesses in the country, hence the importance of a workable business strategies to them deal with the challenges that businesses are currently facing in the wake of the Covid-19 disease.
“The vaccine will not show up very soon and from now to the time that the vaccine shows up what should we do? And so we looked at short-term, medium-term and long-term. Now for the short-term, it is important that we are look at up to September”, he said.
Consequently, the IoD further asked businesses to assess their local environment to see what they can get out of it to save their business.
He said the pandemic has brought about many new ways of doing things and this require businesses to have strategic capacity development coupled with a new mindset about the emerging “new normal”.
The new normal, he said, will require businesses to consider their sources of supply, how to manage demand and their continuity plan.
‘So if you are a director, it is very important that you put your team together and also bring experts within the industry that you operate and make sure that you identify short-terms solutions to make that you survive”, he added.
By Salifu B.B. Moro