VALUE AUGMENTATION AND EFFECTIVE PRODUCTION STRATEGIES AS PANACEA FOR ORGANIZATIONAL SURVIVAL IN RECESSION
An economy is said to be in recession after its gross domestic product contracts or experiences negative growth for two consecutive quarters within the same year. The current situation in Nigeria is not far-fetched as we grapple with global fall in demand and price of crude oil, the mainstay or our economy. Consequently majority of Nigerians experience decline in income, aggregate demand, prices of few goods / services, investment and employment within the country. Therefore in order to reduce the cycle time of the present recession, deliberate national policies, that stimulate the economy with juicy incentives, will have to be embarked on. Furthermore, compulsion of local and foreign manufacturers will be required in order to transfer requisite practical knowledge to youths, a major artisanal employment input within our ecosystem.
Furthermore, insights on the present issues and their implications on Nigeria as a nation is assessed in this video
Moreover, the following strategies suffices as tools for enterprise and national revitalization which optimizes customer values and benefits that grows productivity within an economy:
As Individuals within this economy – become a generalist with high capacity and capability, engagement in tough times require elements that confer edge on various players, competing for few resource within the same organization or industry.
As corporate entity – a going concern: study your competition and other competing constraints to determine the next steps across strategic and tactical pathways of the business. Understanding idle assets within the business may result in conservative deployment of same for other revenue generating activities within the same industry or alternate industries.
On national front core interventions from the banking industry may come in handy, this is because effective use of resources for critical GDP boosting activities tend to provide jobs for members of the society who might not have means of credible earning, as their initial means of employment may have been lost.
Summarily whatever productive activities that support the economy constitute remedy to gaps that recession creates within the society.
Furthermore, we suggest that organizations work with their internal and external analysts or consultants to appraise current service models. Outcome of this exercise may either lead to products, service or structural re-alignment which repositions the going-concern for incremental profitability. It may also result in complete re-engineering of core policies, systems, applications and business processes that support them. Innovation and value augmentation should be the motivating factor for all change requests, with assured resource optimization across dependencies.
In conclusion the firm is owed the duty of care by various hierarchies within and around it for survival and growth – through effective strategies and frameworks that power value across stakeholder requirements for which corresponding value is committed.
Our team is available to support your survival and growth initiatives – do click https://btkaizen.com/contact/ for next steps.