POSTCOVID OPPORTUNITIES

Covid-19 offers opportunity to restructure business for resilience

The pandemic which resulted into a new normal saw various business shift in many ways from working from home, to holding virtual meetings

In Summary
  • In a recent webinar hosted by the Kenya Association of Manuafcturers, Kwame Owino CEO Institute of Economic Affairs noted that all businesses need markets and supplies to work and Covid 19 has impacted on the value chain, making it difficult for businesses to continue with normal operations.
Thika town where businesses have been adversely affected by Covid-19
ECONOMIC STIMULUS: Thika town where businesses have been adversely affected by Covid-19
Image: /JOHN KAMAU

Various leaders in business have been able to see the need to restructure businesses beyond the pandemic, even as they adapt to the struggling economy.

The pandemic which resulted in a 'new normal' has seen various business shifts in many ways from working from home to holding virtual meetings.

In a webinar hosted by the Kenya Association of Manufacturers, Kwame Owino CEO Institute of Economic Affairs said Covid 19 has impacted on the value chain, making it difficult for businesses to continue with normal operations.

Owino however said that since the country has already experienced the Covid-19, the most important thing is to figure out how to get back as quickly as possible to our 6 per cent GDP growth potential.

According to Daisy Amdany, executive director CrawnTrust Kenya, the crisis has highlighted the need for this country to prioritize agriculture and agricultural value chains

“To ensure we are food secure, we need to develop a post-harvest value addition strategy and this goes hand in hand with manufacturing, which shall enable us to develop skills,” said Amdany.

On the other hand, some of the leaders noted, that businesses should be able to learn and adapt to new ways of business to ensure resilience.

'People have shifted from their typical routines and as businesses we need to go out there and find out what they are shifting To; so that we can cater to that.” Said Flora Mutahi, Chairperson Women in Manufacturing, KAM.

She added that a crisis doesn't have to be defined only by losses but we can also come out of this with home-grown innovations.

“For many businesses who had banked on manual processes the shock was worse but also these new ways of driving operational outputs will shift people's capabilities& redefine jobs" said BAT Kenya MD, Beverly Spencer-Obatonyibo