Business owners must innovate to succeed – Stakeholders

Stakeholders have recommend innovation among other actionable strategies as a beneficial response to confront the challenges of operating in a volatile, uncertain, complex, and ambiguous business environment.

According to a statement, industry leaders and experts made the call during the Lagos Business School Executive Masters in Business Administration Symposium recently held in Lagos.

The event, themed ‘Business Development & Sustainability in a VUCA World,’ was organised by the EMBA 28 cohort and marked a milestone as the first symposium of its kind by any Executive MBA class.

Governor, EMBA 28, Akinsanmi Olusinminrin, opened the symposium by calling for innovative and proactive measures, saying, “The challenges businesses face in today’s VUCA world require forward-thinking strategies for sustainability.”

President and Group Chief Executive Officer, Transcorp Plc, Owen Omogiafo, who served as the Guest of Honour, highlighted social media as a crucial tool for businesses in navigating uncertainties.

Reflecting on Transcorp’s experience during the COVID-19 lockdown, Omogiafo noted, “We turned challenges into opportunities through brainstorming and innovative strategies.”

She described social media as an indispensable resource for gathering information and making strategic decisions.

Executive Director and Chief Financial Officer, Heirs Energy Limited, Samuel Nwanze, traced the origins of the term ‘VUCA’ to the U.S. military, stressing its relevance to modern business dynamics.

Nwanze urged organisations to continuously innovate and adapt to shifting market demands, adding, “Our environment is more interconnected than ever. Businesses must embrace complexity and develop models that align with this reality.”

Discussions during the earlier panel session, moderated by Managing Director, Cordros Asset Management Limited, Gbolahan Aina, centred on strategies for business continuity and resilience.

Former Executive Director and CFO of TotalEnergies EP Nigeria, Taiwo Oshisanya, underscored the importance of operational flexibility.

Citing her organisation’s response to COVID-19, Oshisanya revealed, “We restructured operations by identifying quarantine facilities and rethinking workflows.”

Dr. Steve Ojeh of SEPLAT Energy Plc, emphasised the need for a culture of resilience and adaptability. “Understanding your environment and adjusting strategies to emerging challenges is critical,” he said.

Toyin Abiola Salami added that fostering VUCA-readiness within corporate culture was vital.

Another panel session, moderated by an associate professor of entrepreneurship at the LBS, Henrietta Onwuegbuzie, explored practical strategies for entrepreneurs.

Panellists, including Charles Emembolu of Crestage Limited and Obi Emetarom of Zone Network Limited, outlined methods for anticipating and preparing for uncertainties in today’s fast-paced world.

The symposium closed with a resounding message: businesses must embrace flexibility, leverage technology, and instill a culture of learning and adaptability to thrive in an increasingly unpredictable world.