Embrace change and agility to navigate economic headwinds- Apatira
By Oghale Mafuru
Following the rapid advances in technological innovation as well as global economic devastations, Aderemi Apatira, ideator/CEO Pawaplus has advised professionals to embrace the change and develop spontaneity in responding to the uncertainties that usually accompanies a volatile business environment.
The marketing professional gave this advice at the recently held MARKETING EDGE Quarterly Virtual Summit which has the theme: “In Search of Innovation: The Role of Policymakers & Market Leaders in a VUCA Economy”
According to her, the VUCA economy is characterized by occurrences and events capable of stifling growth potential and opportunities adding that professionals can mitigate the impact through agility, understanding and clarity.
She said: “Accept and embrace change as a constant, unpredictable feature of your working environment. Don’t resist it. Create a strong, compelling statement of team objectives and values, and develop a clear, shared vision of the future. Make sure that you set your team members flexible goals that you can amend when necessary. This allows them to navigate unsettled, unfamiliar situations, and react quickly to changes.
“Agility is the recommended action for the simplest situation of Volatility. We can understand what is going on and what will be happening. We just do not have the time to analyze it. Things are simply moving so fast that we can often only react. This requires agility. On a personal as well as organizational level. In the context of Business Agility and Policy/Governance Agility Crisis Preparedness is highly recommended” she added.
While emphasizing the need for professionals to stay up-to-date with latest trends, the highly cerebral marketing expert maintained that periodic reviews is essential for performance evaluation which will have immense impact on the entire organizational structure and output.
“Aim to anticipate possible future threats and devise likely responses. Gaming, scenario planning, crisis planning, and role playing are useful tools for generating foresight and preparing your responses. Paint a picture of the future you want (as individual, organization or institution); let it be the compass that guides you through uncertainty, the light at the end of the tunnel, forging internal and external identity and effectiveness, providing guidance in the form of vision in times of uncertainty e.g. with foresight. Information is critical here – collect, interpret and share information Communication promotes better understanding of the vision, purpose and direction”.
Acknowledging the role of the government in facilitating an enabling economic landscape for businesses to strive, Pawaplus CEO stated that government can stabilize the economy by providing institutional frameworks and interventions geared towards supporting the private sector.
“Governments have the capacity to make broad changes to monetary and fiscal policy, including raising or lowering interest rates, which has a huge impact on business. They can boost the currency, which temporarily lifts corporate profits and share prices, but ultimately lowers values and spikes interest rates. Governments can intervene when companies or entire segments of the economy are failing, or threatening to undermine the whole economic system, by providing bailouts.
“Governments can create subsidies, taxing the public and giving the money to an industry, or tariffs, adding taxes to foreign products to lift prices and make domestic products more appealing. Higher taxes, fees, and greater regulations can stymie businesses or entire industries” she said.
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