Resilience to the fore as businesses cope with challenges
GROWTH RATE: Last year Sri Lanka was able to record an over 7
per cent growth in the economy and most of the corporates are
comfortable with their performances and were able to record high
However, due to the prevailing situation certain business
organisations are struggling to keep their heads above water while some
really donâ€™t feel it at all.
The business resilience under the crisis situation is an important
factor and most companies adopt prudent marketing and business
strategies to survive in their businesses.
It is said that most business organisations have been affected during
the last few months and there is no doubt that the leisure sector is one
of the worst hit industries. This impact has also had ripple effects on
other sectors of our economy.
According to the Chairman of the Sri Lanka Tourist Board Renton de
Alwis there are many areas of business that could be opened up for the
local market as our business community is capable of coming out with
innovative products to attract tourism during this period.
President of the Federation of Chamber of Commerce and Industries of
Sri Lanka (FCCISL) Nawaz Rajabdeen said the current situation is not new
to the country and it had prevailed for more than two decades. It is a
fact that there is a lull in business and it has to embrace new
strategies to penetrate other business opportunities.
Rajabdeen said day-to-day operations in all business organisations
are functioning as usual.
Rajabdeen emphasised the need for having a disaster management plan
for business entities. In the meantime they should adopt new technology
and business strategies to survive in the business.
Managing Director Caltex Lubricants Lanka Limited, Kishu Gomes said
the operating environment is dicey and vulnerable. All economic
development indicators indicate we have a high level of inflation,
security uncertainty and other crises.
â€˜We have noticed that businesses are not yet greatly affected. But in
the last few months business people are over cautious in responding to
the current situation.
Caltex being a leading lubricant dealer adopts many business models
and strategies to improve the productivity and cost effective measures
to be in business, he said. It has also enhanced the value to the
internal and external customers, Gomes said.
Managing Director Laugfs Holdings Limited, W.K.H. Wegapitiya said
they face a lot of challenges under the present circumstances. Their
focus is to minimise cost and improve productivity as their business
Certain commercial banks including Hatton National Bank and Sampath
Bank sources said they are mainly focusing on the mass market,
especially retail banking businesses, to survive under the current
circumstances. Certain leading hotels said they are going through a
major crisis due to the current situation in the country.