NBCC wants start-ups to rethink strategy as recession bites

The Nigerian-British Chamber of Commerce (NBCC) says start-ups and other categories of business must rethink strategy to survive the current recession period.

At a roundtable themed, ‘Business Sustainability in Nigeria—Matters Arising’ held in Lagos last Thursday, Dapo Adelegan, president and chairman of council, said it’s time for businesses to think out of the box to weather the storm.

According to Adelegan, the current challenges present opportunities for businesses to move beyond their current levels, stressing that some companies have discovered themselves in periods of recession.

“We must seize the opportunity to recalibrate our businesses and prepare for the coming boom that follows every bust,” he said.

He said there is a need to have a leadership that understands capitalism, reminding businesses that there lies an opportunity in a recession period.

Tonye Cole, co-founder and group CEO of Sahara Group, who was the keynote speaker, said businesses must reassess their situations and keep aside whatever is not critical for their survival.

Cole likened the private sector to the heart and government to the brain. The economy or business becomes the body, in Tonye’s analogy.

“Shut down all but the most critical assets you have. If you keep them running at full pace, they will kill you. Keep your core assets alive. We are used to doing many things, but in this period do a few,” he advised.

According to him,  business managers and owners should not be concerned about what people say, as a man in a coma does not care about who looks at his nakedness.

“Do not be in a hurry to get up before you are ready. As the economy begins to improve, you had better be you a step ahead of anyone else,” he noted.

“Be innovative in your core strength. Opportunities come in a period like this but keep an open eye,” he said, urging businesses to learn few lessons from Nigeria that failed to plan during plenty.

Akinyemi Ashade, Lagos commissioner for economic planning and budget, said the state government will empower 300 entrepreneurs through the N25 Billion Employment Trust Fund starting from October.

Ashade said each will get between N300, 000 and N3 million depending on the type of business they do.

Olamide Kolade of Disena Solutions complained that there are too many things to do before starting a business in Lagos, citing between 10 and 15 fees and taxes that start-ups are faced with.

ODINAKA ANUDU