Thelma Ibeh is Head HR, Future Moves Recruitment Agency Limited, a full-fledged human resource firm with expertise and experience in human capital development and staffing. In this interview with IBRAHIM APEKHADE YUSUF she speaks on the opportunities and prospects for new businesses post Covid-19. Excerpts:
From your own perspective, what are some of the businesses likely to emerge post COVID 19?
It is clear that crisis brings about problems that need to be solved and solutions can only happen through creativity and innovation. COVID-19 has brought an unexpected crisis that has affected businesses; however it has also brought about new ideas and new ways of getting jobs done.
Could you help identify some of these businesses?
A number of businesses would gain traction and enjoy some unprecedented wave of patronage post COVID-19. Take for instance, in the area of Online Medical Care. Medicare over the years involves patients going to the hospital to meet doctors, lab technicians and pharmacists but due to COVID-19, people have become scared to visit the hospitals for fear of contracting the coronavirus. With medical institutions setting up online platforms to interact with patients in diagnosing and dispensing of medication to avoid contact, this market is projected to grow rapidly.
Another business likely to emerge stronger than it is today is online stores and trading. We have always had the likes of Jumia, Konga, Jiji, etc. who offer online stores and trading but hasn’t really been appreciated in terms of patronage before the COVID-19 pandemic. Due to fear of COVID-19, the lockdown and restriction of sales of goods in the open market space, people have switched to online stores to buy goods and have them delivered to their doorsteps. The ease and convenience of buying whatever you want at the comfort of your home and have it delivered to your doorstep is going to increase the volume of users post COVID-19. Now traders are taking their goods to online stores to increase sales and to boost their profits. You can now virtually buy everything you want online from electronics to fashion items, from medications to food stuffs. This market is expected to grow post COVID-19.
Another emerging market is online education. Schools have now realised that they can actually teach their students via the internet and not always have them physically present in the school. Online education has seen the rise of online educational platforms both locally and internationally where one can actually study and get some sort of educational certification. This market has limitless opportunity because the entire sector of the economy can buy into this to offer studies, trainings etc.
The IT sector is projected to explode post COVID-19. Since most emerging markets are technology-driven, the need for IT services will increase due to mobile app developments, website developments, ecommerce, learning platform development and management. Apps that includes fitness apps, gaming apps, comedy apps, entertainment apps and health apps will be in high demands post COVID-19 and app designers will be in high demand to create them. Online stores will need good graphics in order for them to market their goods, this is where graphic designers or branding companies come in. They will be in high demand in order for them to create beautiful and attractive graphics to market customers’ goods and services online.
With the emergence of online markets and trading it is important to point out that payment will also be online also and not physical. This will give birth to an increase in online payment platforms which will facilitate the transfer of money from the buyer to the seller in a secure and quick manner.
During the lockdown, most businesses were asked to shut down except a few. These few were businesses that were into drugs and foods. This is going to attract a lot of investors to invest in these industries because they are regarded as essential business which cannot be shut down or lived without at any given time because of its relevance and importance to the nation. Some of these include medical drugs, medical equipment, chemicals and food stuffs.
What are the pros and cons?
One major advantage of these emerging markets is quick and prompt response to issues and queries. Because most of the emerging jobs are online and real time, response are quicker and faster. Convenience and safety is another advantage of this emerging market. You can seek medical advice, shop and entertain yourself right from the comfort of your home without actually leaving your home or office and exposing yourself to various risk factors.
Ability to choose from different stores and merchandizers. Online businesses gives you the ability to go through various stores and check the stocks before making a decision. You can do this quickly and effectively and this can help shape your mind before making a decision. An advantage for those into food and drug manufacturing and sales is that they are regarded as essential to the survival of the nation and would still maintain its high requests if a crisis or another pandemic should strike.
How lucrative are such businesses?
It is believed that the Nigerian e-commerce industry is valued about N225 billion with 32.222% of our population having access to the internet. This means that there is a lot of opportunity for growth and expansion for those entrepreneurs and employees looking to explore this new emerging opportunities. I think these businesses are quite lucrative for example one can start up a delivery business with N200,000, in Lagos, delivery fees are between N1000 to N3000, most times locations of delivery are same, they make N20,000 to N50,000 daily bearing in mind that bikes do not consume fuel and they hardly get stuck in traffic so they met expected targets. Medical online services is lucrative, imagine 200,000 signups with N10,000 yearly for medical consultations.
What are the regulatory requirements?
Well, there are standard requirements for every business set up in Nigeria. Most professional bodies are regulated by agencies which are created by laws to monitor and administer how they operate. Online financial paying platforms for example are regulated by the CBN (Central Bank of Nigeria), online medical and pharmaceutical platforms are regulated either by the N.M.A (Nigeria Medical Association) or as the case maybe, while those into food and consumables will be approved by NAFDAC. Every sector has a regulatory body that oversees its operations. It is important to know where your business falls under, so you can go ahead and register and seek approval before commencing operations.
What is the estimated value?
These businesses are quite affordable to set up as they do not require heavy equipment, physical location and heavy investments for a start. The e-commerce industry was valued at about N225 billion as at December 2019. With a bubbling youthful population which is about 40-60% of a population of 200 million, we can comfortably say that the value of these new emerging businesses can only be good and positive.
What are the opportunities available for expansion?
When you talk about expansion it depends on what we are referring to because if we are talking about digital businesses then I think that expansion has to do with your online presence (reach – what number can you reach digitally) looking at Amazon for example they thrive on reach, adverts etc. they sell products all over the world and do not have physical stores or offices in the countries around the world. With a population of over 200 million of which 45-60% are youth and 51% live in urban areas, the growth prospects are enormous. There’s no limitation to the expansion opportunity as long as you have the right products and selling right then expansion will happen by default but then the expansion can now be quantified by volume of profit recorded.
Do patrons of these businesses need to have any formal training, whether technical or otherwise?
You can’t underestimate the power of training and technical knowhow in everything we do. Thriving businesses like e-learning platforms have given opportunity for us to learn relevant skills online. Since most of the new emerging businesses are technology-driven they will definitely need to be computer literate and conversant with modern computer usage and applications.
Customer service training is another training most patrons of these new emerging markets will have to undertake. With the influx of new customer and clients from different locations, knowing how to interact and serve them professionally is very vital at this point in time. In Nigeria we jump into certain businesses e.g. soap making, cream without proper knowledge… was there a study to understand the long term implications of the chemicals used? Do you have enough knowledge and expertise to dive into such delicate business area?
We must present our businesses as a professional one and professionalism means you have the required knowledge, skills and trainings to carry out such business.
What skills are HR department likely to invest in post COVID 19 and why?
There are some very vital skills HR would be investing in post COVID-19 and they are IT skills. We used to talk about the future of work, but the future of work is now! The world is digital and is technology driven. No employer will want to employ someone who is not computer literate or conversant with basic computer usage.
Besides, digital marketing skill is one skill that will be very important post COVID-19. Since most transactions and sales will be online, the ability to market those goods and services to customers and clients is highly needed.
The ability to change when things change either in the economy or in the business is vital. Adaptability and maintaining productivity no matter the situation at hand is a skill HR will be investing on. The ability to manage your emotions in difficult times and in compromising situations is a skill that HR will be investing on.
How quickly did you learn a skill or switch to a different role? How open are you to learning? Are you stuck with what you know 10 years ago or what you learnt 2 years ago? The ability to learn and improve your self is a critical skill HR will also be investing in.
The shutdown brought about HR looking into how their employees can contribute and create solutions to the issues the pandemic has brought. So going forward, HR will be investing in creativity and innovation.
The ability to create content and engaging literature that can attract people and client is a skill that HR will also be investing in, remember we are taking our entire business online.
HR will also be investing in critical thinking. Employees that are logical and analytical in approach to solving cooperate issues are employees HR will be investing in.
Do you think our universities and institutions of learning can provide the required skills set for the emerging businesses?
Our educational institutions can provide the required skills set for the emerging markets if they are determined in doing so. Our institutions are not short of professionals or lecturers with the right ideas and skills to push this agenda, the issue has always been determination and the provision of the right tools and materials to do so. If the universities can actually do this, it will help the economy and labour world more because the graduating students will be better equipped to add value to their jobs because they have been taught the relevant skills needed in getting and maintaining a job, help reduce the number of unskilled workers and it will save employers money and time in training their new employees.
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