Caleb varsity DVC, Asikhia, proffers solution to global business failure

The Deputy Vice-Chancellor (Research, Innovation, Strategy, and Administration), Caleb University in Lagos State, Prof. Olalekan Usiobaifo Asikhia, has called for the development of proactive management skills to stop business failure.

Asikhia, a professor of business, marketing, and entrepreneurship, made the call while delivering a lecture at the ongoing international conference on Global Business Rescue and Resilience in South Africa.

Speaking on the topic, ‘Business Resilience Determinants and Performance of Small Medium Enterprises’, the professor stated that “organisational factors like effective proactive management skills, flexible organisational structure, marketing, and environmental scanning skills must be developed to stem business failure.”

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According to a statement made available to The Star on Thursday, the Rescue Team at the conference also considered the need for intensive diagnostic tools and processes that would identify the different degrees of ailments bedevilling different organisations, before attempting a prescription.

“Consequently, the concept will not be one method solves all. This becomes important in the light of environmental dynamism in which businesses operate from one country to the other.

“The outbreak of COVID-19 and the concomitant failures of businesses across nations of the world showed that several firms were not proactive enough to predict their environments and reconfigure resources and capabilities to arrest the plunge.

“Expectedly, the conference made an assertive statement on the need for continuous monitoring of the business environment and business operations flexibility,” the statement added.

Others at the event were the DVC, University of KwaZulu Natal, Durban, South Africa; the Dean, School of Accounting, Finance, and Economics, University of Kwazulu, Prof. Naeem; a Professor of Accounting and Finance and Coordinator of the Business Rescue Unit, University of Kwazulu Natal, Prof Rams Rajam; and a Professor of Accounting, University of Derby, United Kingdom, Prof. Sina Yekini; among others.

The Star