Businesses in the country have been urged to build immunity to be able to withstand the adverse impacts of the Covid-19 pandemic.
According to financial advisor and business transformation strategist, Dr Richmond Kwame Frimpong, businesses need to build immunity for at least six (6) months to survive in the present uncertain and disruptive business environment occasioned by the pandemic.
Speaking during a webinar themed “Doing Business in Today’s Economy” held by business consultancy firm, MalletWricketts in partnership with norvanreports, Dr Frimpong posited that businesses that cannot survive in the absence of loans from banks, government grants and in the extreme case of zero sales and receivables, lack immunity against adverse economic conditions.
To build immunity, the business transformation strategist advised businesses that, for the start, they should assess and identify their total operational costs over a six months period and then as a business, build an emergency plan through savings.
These savings, he asserts, are expected to cushion the business and give it immunity against a disruption such as the Covid pandemic for a minimum of six months (it can be for several years as well).
Despite the adverse economic impacts and uncertain business environment occasioned by the Covid pandemic, Dr Frimpong asserts businesses, particularly those with built immunity can take advantage of the pandemic and grow.
According to him, businesses on the African Continent, amid the Covid pandemic have the biggest opportunity to grow.
Per data available, the continent has a consumer spending value of $1.4 trillion which businesses across the continent can tap into.
Touching on making profit as a business, Dr Frimpong urged businesses to create seven (7) sources of income stream.
The seven sources of income stream together with the built immunity, he notes, will make every business resilient to any disruption and in any uncertain environment.
The seven income sources he listed include: earned income (profit) which can be leveraged to create the other sources of income like interest income, capital gains, dividend income, royalty income and rental income.
The webinar as held by MalletWricketts and norvanreports, is to equip business owners and managers with financial and operational strategies for survival in times of hardship as the Covid era.
As the state of the economy continues to worsen, businesses need to build resilience so as to be able to withstand the harsh economic conditions on their operations and survival.
Source:norvanreports
