How leaders can revitalise their organisations in a recovering economy

Dr Alim Abubakre, founder of TEXEM, UK and on the advisory board of the London Business School Advisory Board of the African Society, shares insights in this interview by renowned Professor Paul Griffith, the world’s first professor of management to lead a team in launching a rocket, on TEXEM, UK’s ‘Revitalise Your Organisation: Inspire Sustainable […]

Dr Alim Abubakre, founder of TEXEM, UK and on the advisory board of the London Business School Advisory Board of the African Society, shares insights in this interview by renowned Professor Paul Griffith, the world’s first professor of management to lead a team in launching a rocket, on TEXEM, UK’s ‘Revitalise Your Organisation: Inspire Sustainable Growth In A Recovering Economy’ executive development programme scheduled to take place at Wheatbaker, Ikoyi, Lagos. Excerpts:

What are the most pressing challenges that leaders and their organisations in Nigeria face today?

Leaders and organisations in Nigeria today face a multifaceted array of challenges, underscoring the complexity and dynamism of both the global and local environments. The key issues include economic volatility, policy changes, infrastructural deficiencies, and a rapidly evolving technological landscape. The financial turbulence, exacerbated by fluctuating oil prices and currency instability, has significantly impacted business operations and strategic planning. Moreover, policy inconsistencies complicate this environment further, making long-term planning difficult and increasing operational risks.

Infrastructural deficiencies, particularly in power and transportation, pose significant hurdles. Reliable infrastructure is the backbone of any thriving economy. Its absence forces businesses to allocate substantial resources to mitigate these challenges, often at the expense of innovation and growth.

Additionally, the rapid pace of technological change presents both an opportunity and a threat. While it offers the potential for significant competitive advantage, it also requires substantial investment and a willingness to adapt continuously. Many Nigerian organisations need help with integrating new technologies due to limited access to capital and a shortage of skilled talent.

Drawing parallels from India, which has faced similar infrastructural and technological challenges, Nigerian leaders can see a path forward. Through targeted investments in infrastructure and technology, coupled with policy reforms, India has created a more conducive business environment, advancing significant economic growth and development. Nigerian leaders can adopt and adapt strategies from India’s experience to address these challenges.

How does the “Revitalise Your Organisation: Inspire Sustainable Growth in a Recovering Economy” programme specifically address these challenges?

The “Revitalise Your Organisation” programme is meticulously designed to equip leaders with the tools and strategies necessary to navigate and thrive amidst these challenges. By leveraging a comprehensive and interactive learning methodology, the programme ensures that participants gain practical, actionable insights tailored to the Nigerian context.

We begin by cultivating a change-ready culture. This module focuses on building a culture that is resilient and adaptable to change. Through games and role play, participants learn to lead transformational change, inspiring an environment ready to embrace new opportunities and technologies.

The programme also emphasises digital dominance. Here, we explore strategies to harness digital technologies for sustainable success. Participants engage in group discussions and case studies highlighting how businesses in other developing countries, like Kenya with its mobile money revolution, have leveraged technology to drive growth.

Understanding the intricacies of a recovering economy is crucial. Through peer-to-peer learning and self-reflection exercises, leaders develop strategies to mitigate risks associated with economic volatility and make informed decisions that drive growth. This programme also underscores the importance of purposeful leadership. By examining case studies from countries like Brazil, where purposeful leadership has transformed organisations, participants learn to inspire and align their teams toward a shared vision.

Brazil’s economy has faced significant ups and downs, yet companies like Natura have thrived by adopting purposeful leadership and sustainability practices. Nigerian leaders can adopt similar strategies to navigate economic turbulence and drive sustainable growth.

Can you elaborate on how this programme will help leaders enhance their decision-making capabilities in a turbulent environment?

Decision-making in a turbulent environment requires a blend of analytical rigour, strategic foresight, and adaptability. The “Revitalise Your Organisation” programme is designed to enhance these capabilities through a multifaceted approach.

Participants learn to apply theoretical concepts to practical situations by analysing real-world scenarios and engaging in role-play. This experiential learning approach helps in understanding the complexities of decision-making under uncertainty. Participants undergo assessments to identify their decision-making strengths and areas for improvement. Peer-to-peer learning sessions provide an opportunity to learn from the experiences of others, promoting a collaborative environment where diverse perspectives are shared. Observation practice and self-reflection exercises help leaders critically evaluate their decision-making processes, recognise biases, and improve judgment.

In South Africa, companies like Discovery Limited have successfully navigated a turbulent environment by fostering a data-driven decision-making and continuous learning culture. Nigerian leaders can similarly benefit from adopting these practices to enhance their decision-making capabilities.

How does fostering a change-ready culture contribute to sustainable growth in an organisation?

A change-ready culture is fundamental to sustainable growth, ensuring an organisation can adapt to evolving market conditions, technological advancements, and regulatory changes. Fostering such a culture involves several key elements. Leaders must demonstrate a commitment to change and innovation, setting a clear vision, communicating effectively, and leading by example. Engaged employees are more likely to embrace change. This can be achieved through continuous learning opportunities, recognising contributions, and fostering a collaborative work environment.

Implementing agile processes allows an organisation to respond quickly to changes in the market. This involves iterative planning, regular feedback loops, and a focus on customer-centric innovation. In China, companies like Alibaba have thrived by fostering a change-ready culture. Alibaba’s emphasis on innovation, customer focus, and agility has enabled it to navigate the rapidly changing e-commerce landscape and sustain growth. Nigerian organisations can learn from this approach to cultivate a culture that supports sustainable development.

What role does purposeful leadership play in driving organisational growth and transformation?

Purposeful leadership is the cornerstone of growth and transformation. Leaders who embody a strong sense of purpose and inspire their teams, align organisational goals with societal needs and drive long-term success. Purposeful leadership involves articulating a clear vision that aligns with the organisation’s values and societal impact, providing direction and motivating employees to work toward common goals. Purposeful leaders prioritise ethical considerations in their decision-making processes, building trust with stakeholders and enhancing the organisation’s reputation.

By integrating sustainability into the core strategy, leaders ensure that growth is not only profitable but also beneficial to the broader community and environment. In Rwanda, leaders have driven national transformation through purposeful leadership. The country’s emphasis on sustainability, innovation, and social impact has spurred economic growth and improved quality of life. Nigerian leaders can adopt similar strategies to drive organisational growth and transformation. To glean more actionable insights, they can attend the forthcoming TEXEM programme.

How can leaders effectively navigate the complexities of a recovering economy?

Navigating the complexities of a recovering economy requires strategic foresight, resilience, and adaptability. Leaders can effectively manage this by staying informed about economic trends and indicators continuously monitoring market conditions, regulatory changes, and global economic developments. Implementing robust risk management frameworks helps in identifying potential threats and developing mitigation strategies. This includes diversifying revenue streams, managing debt effectively, and maintaining liquidity.

Forming strategic partnerships can provide access to new markets, resources, and expertise. Collaborative ventures can enhance competitiveness and drive growth. In Indonesia, businesses have successfully navigated economic recovery by leveraging strategic partnerships and focusing on economic intelligence. For instance, Indonesia’s tech sector has flourished through collaborations with international firms and investments in local talent. Nigerian leaders can similarly benefit from strategic partnerships and a keen understanding of the economic landscape.

What are some practical steps leaders can take to inspire their teams and drive sustainable growth?

Inspiring teams and driving sustainable growth involves a combination of visionary leadership, effective communication, and continuous development. Clearly communicate the organisational vision and how each team member contributes to achieving it, creating a sense of purpose and direction. Provide employees with the resources, autonomy, and support they need to innovate and excel. Empowered employees are more engaged and productive.

Encourage continuous learning and development through capacity development programmes, workshops, and mentorship. A culture of learning enhances adaptability and innovation. Recognise and reward contributions and achievements, boosting morale and motivating employees to strive for excellence. In Vietnam, companies like VinGroup have inspired their teams and driven sustainable growth through effective communication, employee empowerment, and a strong focus on learning and development. Nigerian leaders can adopt these practical steps to inspire their teams and achieve sustainable growth.

In conclusion, the “Revitalise Your Organisation” programme is a strategic initiative designed to equip Nigerian leaders with the skills and insights necessary to overcome current challenges and drive sustainable growth. By learning from successful examples in other developing countries, leaders can create strategies that are effective and tailored to the unique Nigerian context. This programme promises to be a transformative experience, fostering visionary leadership and inspiring sustainable success. Revitalise your organisation and encourage sustainable growth in a recovering economy. Embrace new ideas, master them, and leave our workshop empowered to implement them. Leveraging TEXEM’s proven methodology, this programme ensures actionable insights and fosters determination to build better leaders and organisations. For more information, email [email protected] or visit texem.co.uk.