As some states in Nigeria open their economy after strict and flexible measures taken in the last few weeks for the containment of Covid-19, Engineer Femi Akintunde, the Chief Executive Officer Alpha Mead Group has reiterated the need for business leaders to tweak their strategy towards successful business activities in the new normal.
The Chief Executive Officer of one of the leading Total Real Estate Solution companies made this call while expressing his views about the impact of the virus on businesses globally on his professional medium page a few hours ago.
Discussing under the title “WARNING: Don’t waste the crisis!”, Engineer Akintunde notes that many business leaders are worried and panicking over the likely effect of the current pandemic on their businesses, the uncertainties around how long it will last and in what state it will leave the economy and the people afterwards. Experts have advised that the disease has come to stay so rather than worrying about when it will go, we should think more about how to leave with it.”
To further buttress his position, he cited a number of companies that emerged during crises and making significant growth today. According to him, over 50% of the Fortune 500 companies today were established during one form of crisis or recession. He copiously cited GE, GM, IBM, HP, Microsoft, Google, Airbnb and Uber as companies that evolved between 1892 and 2009.
Contributing, Praveen Kapur notes that “there is no adversity that does not present opportunities. Only we need to have a vision to locate these opportunities. Such opportunities may not necessarily be in the profession that one has been in or the education that one has taken. But an opportunity is an opportunity; and we must have the courage to take it forward.”
Stating his strategy for business leaders, Engineer Akintunde points out that “my strategy is encapsulated in this 3-letter word CAR. CAPACITY: Use the opportunity to develop capacity to grow and become more efficient; people, processes, systems, technology and strategic alliances. AGILITY: Study & learn from the situation, decide and act fast. RESILLENCE: Develop resilience to withstand the shock, minimise impact on the biz and be able to recover quickly.”
Reacting our analyst notes that “going forward companies would be better when your CAR approach is viewed and utilized collaboratively. In your industry, as I noted in my forthcoming article, those components you mentioned under Capacity will be more useful for sustainable value creation and capturing when businesses don’t necessarily see themselves as competitors. This is necessary considering the emerging nature of the FM industry in Nigeria. Many smaller players need the bigger ones to survive post Covid-19. And, as a matter of fact, this is the time Alpha Mead Group must prove its status of a company that inspires other companies towards growth and survival through value co-creation and capturing platform.”
“The CAR approach will keep any business afloat. The reality to absorb and live with the norm is so important. Many decisions will need to be made fast and without all the relevant information, a hard one I must say,” Michael Damilare, a Project Manager, says.