Samuel Tekle Eyesus is a Business Management Lecturer, Researcher and Consultant who is currently providing people with business lectures, informing people about COVID-19 through social media platform called MudayeNeway that has currently nearly 20,000 followers.
He is a guest for Today’s Executive column of The Ethiopian Herald and has shared ideas with regard to the challenges the business people have been encountering and mechanisms employed to overcome them. He also pinpointed the ways to ensure the actuality of their businesses looking for future prospective during and after COVID-19 pandemic impacts. We, as the Herald, posed some questions to him and he replied to them accordingly.
Shall we start with the challenges business people are facing because of COVID-19 and what means need to be applied to rescue the business world?
When unique situations that affect the business or economic sector happen, there will be disastrous experiences that can potentially touch the overall economy of all walks of life in the country like employees, employers and customers. In this case, Business companies need to review their annual strategies or plans based on the five principles: Cash transaction, Credit management, Customer handling, Colleagues or the employees and Communication commonly known as the five Cs.
The strategy reviews which consider the five Cs would enable the companies to come up with solutions that would maintain survival of their business operation by devising various conducts like coping up with the existing situation or crisis, maintaining customers’ trust to keep them loyal not only during but also after the crisis.
When they do the reviews, they have to be based on the current concept that has been reflecting the reality on the ground. The companies also have to consider their local customers and those to be prospective ones in the future. This should be applicable not only for such pandemic but also in any other bad time.
Companies are expected to handle their cash transaction in a way that reduces their cash out flow and protect their cash deposit, consider the values of credit extensions and additional loans, grow close relations with customers, be on top of their business communication and ensure safe working environment for their employees in order to survive when unique situations occur. They should act vibrantly not only to combat the COVID-19 pandemic but also to be victorious over other perplexities and hurdles.
Business always depends on the situations that would allow customers to purchase goods or services all the time. The companies have to maintain customers’ trust by applying the path that would involve the application of the five Cs, but it is crucial to talk about customers handling and communications in focus.
It is not about the customers coming to buy their products but it’s all about maintaining close relationships even at a family level. The companies have to assess and insure the wellbeing of their customers at such calamities and crunch. If they do not do this, the business sector will fail for not meeting its corporate social responsibility and the impact would be large even after the COVID-19 is seen off. In this case, we are not talking about the loyal customers but the ones that they are planning to drive the wheel well based on their best interest. So the companies have to make sure that their customers are taken care of or they are safe using the latest online technologies.
Would you elaborate how the business companies are dealing with such matters?
Some companies may have been following very good procedures and have proved their commitment to their social responsibility to some extent. We have said that the big thing is not selling product to customers and ensuring their safety from a distance but there are cases that are related to financial linkages. Any company has to trace these customers and assess their situation, look for smart exit ways with fair business ways and make family relations [Business dealings] and protect them from whatever acts otherwise. When I say this, I want people to understand that I am totally yawning on the business transaction but how they are protecting themselves from the pandemic should be deeply taken into consideration.
You have been telling us how the business community can handle their close relationship with their customers using different ways even if the COVID-19 effect is in critical situations to the extent that cause countries to strict lock downs. What is your take on this?
The first thing that we can see is that creating safe transaction systems and we have been observing companies that are implementing internet, phone transactions as well as delivering door to door supplies. In addition to this, there are customers who may not come to the companies frequently. But these customers could purchase products with huge amount coming once or twice a year. Therefore the companies have to make contacts and exchange information with these customers, which is one way to maintain close relationships. They even have to ask and consult how the customers are protecting themselves from the pandemic. Most of them are expected to discharge their corporate social responsibilities. For instances, there may be customers who cannot afford face masks and sanitizers. Thus, companies can provide such necessities with their affordable potential as additional packages.
Giving transportation services could also be another way of discharging social responsibilities. Such and other generous approaches would make the customers feel safe and strengthen their trust.
Can we discuss the other principle?
The fourth principle is about the colleagues or employees. At this time of crisis, the employees would feel vulnerability as the COVID-19 pandemic indiscriminately attacking people regardless of social status, religion, culture, color or race. So, companies ought to do their level best to reduce this state of vulnerability and make their employees feel protected. Companies cannot exploit the best out of their employees, if they do not secure their safety not only in crisis times but also in any business activities during normal times. In this case, there are good beginnings that most of the companies are entertaining such as allowing employees to do their works at home and happen to office on a shift basis. Such a workable measure would avoid some misconceptions that companies do not care about their employees’ safety as long as the jobs are done.
The fifth point is communication and it combines all the four principles or Cs that we were discussing. Here, communication must be a two-way and companies have to be heads of the communication to provide employees with transparent and truthful information. For instance, they are expected to inform their employees about day today developments on COVID-19 via email or by posting them on notice boards. The communication enables the employees and administrators to discuss the five Cs and come up with common understanding and ideas on how they can survive as a company.
What are the challenges and prospects so far?
From the feedbacks that we get via online discussions, the biggest challenge is that there has never been an open communication between employees and employer. And this may not be achieved over night. It takes time. The other is lack of clarity and consistency on what the companies are planning to implement. For instance, if it is decided to check the wellbeing of customers in two or three days a week, there may not be consistency. In addition there are challenges that might be caused by panic following the pandemic. Consumers may not visit the companies as they used to do in normal times. If there is less knowledge and supply of digital technologies to maintain the market, that will be a big challenge.
In terms of the prospects, both the companies and their employees can stand together in solidarity and as long as the above five Cs are implemented. It’s not only the companies but others on the business circle are facing the COVID-19 problem together. The solution can be generated from every direction. The other big prospect is that the chance has come to change the traditional market and purchasing system with new digital or electronic systems. This will enable companies to broaden their accessibility after we overcome the current problem. It is a prospect that will give us a chance for a fresh start on our business activities.
Herald: Thank you for your time.
Samuel: Never mind.
The Ethiopian Herald July 19, 2020
BY HENOK TIBEBU
