Businesses unlock strategic revival in COVID-19 lockdown
Since the COVID-19 crisis struck in the country, public and private organisations in susceptible sectors have witnessed a significant drop in revenues within weeks while in some business enterprises income was dwindling to almost zero.
Many local companies have taken measures to tackle major losses, such as resorting to remote work arrangements for employees, protecting supply chains, reducing staff, cost cutting, and seeking government relief.
After several weeks of careful planning indoors, several Sri Lankan organisations and associations have stepped in to create awareness on post COVID-19 challenges and opportunities, disseminating views of experts’ via webinars.
But the million dollar question is what, when, where and how to restart?
In this context, the Sri Lanka Association for Software and Services Companies (SLASSCOM) Entrepreneurship forum is conducting a series of webinars with the participation of expert panels with a view of directing Sri Lankan business enterprises and start-ups towards the emerging market trends.
Two prominent and wide experienced business managerial experts – Ajith Kodagoda (Chairman National Provident Fund, Bio Security Authority, Amalgamated Telecommunication Authority (ATH), Vodafone Fiji, former Chairman Inland Revenue – all in Fiji and Honorary Consul for Sri Lanka in Fiji) and Mano Sekaram (Founder & CEO of 99X Technology and Chairman Lanka Angel Network) outlined the “Strategy, Finance & Operation post COVID-19 for Start-ups and Enterprises” in a webinar last Friday.
It was hosted by Anura De Alwis (Serial Transformer, CEO of Pyxle International) with the participation of a large number of entrepreneurs online.
The two experts were of the view that although post COVID-19 challenges are unprecedented and unforeseen, considerable opportunities are available for business enterprises specially start-ups agile enough to fine-tune their infrastructure, their product or service, or their path to market.
Mr. Kodagoda noted that despite the economic downturn, businesses now in lockdown are looking at diversification into agriculture, manufacture of health equipment and sanitizers, face masks and robotics as immediate proactive measures.
In Sri Lanka, many young people are venturing into new innovations, turning out robots to serve food and take medicines for patients in hospitals and households.
As many people are confined to their homes, there is a great opportunity for educational institutions to proactively expand e- learning for students in their learning processes.
While schools, universities, and private tuition classes are temporarily closed, several institutes have quickly shifted their teaching methods online, video conferencing and, new opportunities are also opening up in telecommunication as a mode of connectivity with increasing data.
While products and services are equally affected by the recent coronavirus crisis, companies should quickly adjust their product/service portfolio to meet present day needs, he added.
“For the average worker getting food on the table is the most critical thing and service of loyal and hard working workers is essential to continue operations after coming out of the crisis,” he added.
Mr. Sekaram emphasised that globalisation has taken a beating and now technology takes pride of place more than ever before.
Economic activity will be shifted towards localisation from globalisation in the post COVID-19, he said predicting that it would take at least 12 to 18 months to gain economic stability.
Governments of most countries in the region will embrace a closed economy giving priority to self reliance and self sufficiency and food security, health and shift towards a producing economy from a trading economy.
Digital services and regulatory changes in payment gateways etc will come up in the post COVID-19 period. Every household will become computer savvy.
Agriculture will be transformed to have green houses and hydroponics and manufacturing will use many robots and 3D printing, he revealed adding that start-ups are in a better position to invent and adapt to change.