Paints manufacturers in the country have been urged to uphold credible corporate identity, regardless of the present economic situation, as it is a sure route to stay afloat and become successful in business.
The Guardian reports that they were advised to adhere to key indicators such as good corporate social responsibility and good corporate citizenship in the quest to grow business potentials.
According to The Guardian, the Chief Executive, Common Sense Limited, Olumide Emmanuel, gave the success tips, during his keynote address, titled: “Business Growth Strategies in a Recessed Economy” at the yearly General Meeting of the Paints Manufacturers Association of Nigeria (PMAN).
Emmanuel insisted that only the right approach to doing business could guarantee success and sustainability,
He also advised members of the association to quit all forms of sharp practices and attempts to cut corners, urging them to rather be proactive and creative in order to achieve the unusual.
“Have a research and development unit or a think tank in your organization, depending on the size. Invest in tangible assets for your company and embrace innovation for speed. “ He said.
He further explained that with advancement in technology, certain aspects of production and distribution processes have become simplified with the use of software and other forms of innovations.
“Think of how to use technology and innovation so you can have speed and develop your bottom line. There are things that we are doing that only one software can take care of,” he stated.
In addition, The Guardian reports that the PMAN president, Rotimi Aluko, decried the impact of the present economic situation on the businesses of its members who rely heavily on imported raw materials.
He urged government to urgently look into short term solutions even as it pursues a long-term solution in order to help manufacturing businesses survive.
“The economy has maintained a steady decline since the beginning of the year and the government has not responded adequately to the challenges facing the economy. “Soaring inflation, which has risen to 17.9per cent in the fourth quarter of the 2016 from 9.4 per cent in 2015, has been affecting the living conditions of the people.
He said: “The recent directive given by the government to the Raw Materials Research and Development Council (RMRDC) to liaise with the various groups under the Manufacturers Association of Nigeria (MAN) to ascertain their raw materials requirements with a view to ascertaining the one the country has capacity to develop and produce locally is a welcome development that will help the industrial sector and reduce reliance on foreign inputs.”.
Aluko further urged the government to urgently address the unstable power sector in order for business owners, especially manufacturers, to have some respite and cut down on costs of generating power for their productions.
“Having adequate and sustainable electricity will jump-start the economy and make other aspects of the economy to function exponentially thereby increasing the employment, while saving our foreign exchange earnings as we would be consuming more Nigerian products far beyond toothpicks, instead of the current unacceptable situation where everything is either partially or totally imported,” he added.