The Chief Operating Officer of Absa Bank Ghana Limited, Michael Mensah-Baah, says partnerships and the ability to control an organization’s cash flow are essential items needed to restart businesses post COVID-19.
Citing the opportunities created in the delivery services sector for instance due to restrictions, he said interested businesses can merge to reduce the cost of starting and sustaining such ventures.
Michael Mensah-Baah made the remarks on Tuesday, June 2, 2020, at the first virtual business forum as part of the Citi Business Festival on Citi TV stressing that “partnership is key in these times to keep your business alive.”
He noted that some firms have opted for delivery services because of social distancing adding that “you can actually partner with a third party to be able to provide that service.”
Mr. Mensah-Baah also noted the importance of something as fundamental as managing cash.
“But if you are cashed strapped, all your plans, all your ideas or your ability to keep your business alive is next to impossible.”
Also on the forum, the CEO of Busara Africa, Taaka Awori, highlighted attributes of agility and adaptability in leadership.
She noted the importance of these traits if leaders hope to overcome the challenges posed by the coronavirus to their operations.
“At certain moments, adaptability means maybe this is not the moment to drive. Maybe this is a moment to maybe step back, listen to my team so they feel part of the change.”
On Agility, she explained that “Agile leaders are connected. They are connected to the customers and they connected to their employees.”
To demonstrate agile sensibilities, she advised leaders to communicate with “emotional sensitivity.”
Christened ‘Reboot’, the virtual business forum was on the topic, “How you can restart your business after COVID-19.”
It is the first of the four virtual business forums for the 2020 Citi Business Festival.
This year’s edition of the Citi Business Festival is sponsored by Absa Bank, GIPC, Citi 97.3FM and powered by the most comprehensive business news website; citibusinessnews.com.