2022 forced resilience to be our staying power – CEOs
By Zion Rufus
To thrive and maintain growth in this era of continuous disruptions and hostile environments, top CEOs have revealed that companies have to build resilience to survive the current economic turmoil.
This year, in the wake of a confluence of crises facing the vast majority of companies such as weakening business signs and global financial crisis, Resilience became an essential condition and more sustainable approach for adaptation to set businesses on a foundation for successful growth.
Emmanuel Ajufo, President, Outdoor Advertising Agencies of Nigeria (OAAN), who spoke on the diverse regulatory challenges faced by members of the association, said: “The staying power we have is the resilience in us. Our members have been resilient, and we keep getting better. All the prevailing regulations have been difficult for us, but the resilience in us has made us stay.”
For corporate performance, resilience has become an increasingly critical prerequisite.
“Businesses need new approaches to build the resilience required in these decisive times, through a perceptive response to current challenges and foresight to anticipate the next round of disruptions,” a McKinsey report on “building resilience in the face of the most urgent disruption” revealed.
According to the report, leading companies are already making resilience a reality, defending their franchise while also accelerating growth through the disrupted environment by restructuring the balance sheet, reconfiguring the supply chain, decarbonizing core assets, de-risking manufacturing analytics, leveraging next-generation scenario planning, and turning a crisis into a growth opportunity.
Describing how the Association of Advertising Agencies in Nigeria (AAAN) weathered the pandemic, and post-pandemic storms, Lanre Adisa, Chairman of LAIF Management Board and MD/CEO Noah’s Ark Communications shared: “More importantly is the fact that our spirit of resilience really came to the fore by reminding us that no matter how hard it is, we keep going. I would say we had the fortune, not misfortune of being sworn into office just at the beginning of the pandemic. They challenged us and I think we rose to the occasion. We made it through 2020, we made it to this point, and more than anything, we are making it tough.”
Speaking in a similar vein, President of the Association of Advertising Agencies of Nigeria (AAAN), Steve Babaeko also revealed that “AAAN members have so far shown tremendous resilience in the face of what has been ‘very difficult’ Covid19 years which came with severe economic headwinds.”
RECOMMENDED ARTICLES
Comment
No comments found.