Diversifying Activities To Boost Growth

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Diversifying Activities To Boost Growth

27 mars 2020 13:55

Business operators have the obligation to draw long-term visions if they want to stay in the market and make profit. Enjoying lasting benefit in any investment will require that the investor be able to withstand shocks by being innovative and flexible. The Coronavirus or Covid-19 pandemic that has kept the world on the alert is a clear example of the test of agility and steadfastness that those involved in business and commercial activities across the globe must have to surmount in order to stay afloat. As a way of avoiding the pandemic from sounding like a death-nail on most economic activities especially young businesspersons, analysts will recommend diversification. Yet, the idea may appear easier said than done.

Huge modifications have been imposed on governments and investors throughout the world and no one before the start of the year 2020 could have imagined such devastating consequences. The world has virtually come to a standstill with flights, ships and other communication channelled across borders witnessing an abrupt stop. Beginning from Wuhan in China where the disease erupted in December 2019 to Italy in Europe and the rest of the European countries to the United States of America, the story has been the same. Affected persons kept in isolation, movement cut down to essential needs, aircrafts grounded, restaurants closed, gatherings of people prohibited, schools closed and so on. African countries that have been relatively spared of the pandemic could not remain unscathed. People moving from high-risk countries into Africa quickly transported the infectious and dangerous virus to their host countries. The result has seen several African countries taking drastic measures to save human life. However, under such conditions the need for creativity in business transactions has never been so urgent. Globalisation and the development of the Information Technologies have of late led to a shift in work site practices. Eliminating physical contacts in most work places has until now been viewed with scepticism by some critics of the ICTs. Incidentally, managers who have often neglected such investment models may have to think fast now. It is almost becoming an obligation to give priority to distance in collaboration among staff in any given company. Protecting the scarce human resources is a challenge that no one can trifle with any longer.

Findings on economies within the Economic Community of Central African States (ECCAS) indicate that they will co...