The economic impact of COVID19 remains a great concern everywhere. On May 26, 2020, the Graça Machel Trust partnered with ABSA Kenya through a series of virtual convenings that seek to support entrepreneurs during this unprecedented environment. During the Leading through Change Webinar, high-level representatives from the Absa Kenya Leadership team and expert speakers offered insights on how businesses can navigate through the pandemic. They called upon businesses to enhance their abilities to make the appropriate decisions for Business Continuity during the COVID-19 pandemic and beyond.
“ No crisis will last forever, even if you are in the middle of a storm, it feels like it will never end. I do empathise and sympathise with businesses who are in the middle of the pandemic without knowing how they will pay wages or survive, or pay dues…but with every cloud, there is a silver lining. Given this environment, businesses will have to think about how they will run their businesses online, and look at operating models and ways of developing products and how these products will be delivered to customers” – Jeremy Awori, CEO, Absa-Kenya.
Graça Machel Trust Interim CEO and Programmes Dr.Shungu Gwarinda moderated the session and touched on the dimensions of change that leaders have to manage in order to deal during the pandemic. Expert Speaker Carol Musyoka and Absa Kenya Chief Executive Officer Jeremy Awori shared reflections on how leaders need to manage staff in this new normal and highlighted some useful strategies that businesses can use to navigate through the pandemic.
Key strategies for navigating through uncertain times
- Reading and learning from sources from external industries as well as within is essential. Take lessons from outside of one’s comfort zone.
- Developing strategic partnerships is another way to work in the future for better solutions.
- Listen to the key stakeholders and staff. When looking at ideation of where to change, look within the organisation.
- Do not rely only on ‘path dependency’- Decision-making processes may change along the way.
- To remain successful, keep scanning the environment for the facts and changes and make assumptions around how facts will inform the future environment
- Keep focusing on the environment, adapt and adjust. Protecting your capital and being liquid is key.