Business success hinged on values
Experts have said the sustainability of viable business depends solely on the value and ethics guiding its operations.They pointed out that one of the approaches to doing business in Nigeria was to ensure commitment to proper execution of business processes in line with established polices, which they said would aid business integrity for sustainable growth.
Speaking at a business roundtable organised by the Professional Services Group (PSG), Nigeria British Chamber of Commerce (NBCC) in Lagos, Country Senior Partner, PwC Nigeria, Uyi Akpata said fall in oil prices, demographic shape and technology breakthroughs were reshaping the way businesses is done globally.
Akpata who also doubles as the Chairman of the group said the demands of the day are well beyond publishing the code of conduct and having it on companies website, but involves serving all the relevant elements that encourage and motivate people to act in certain ways including alignments and coordinated incentives, training, communications, disciplinary processes, performance evaluations and setting the right tone from the top.
Against this background, he said the rules to renew trust for businesses would be doing things the right way and for the right reasons.He added that it was easy to infer that good business ethics had become the only grille that would guarantee sustainability, stating that companies in sub-Saharan Africa and Nigeria in particular cannot afford to continue playing catch-up but must stay with the trend.
“Doing the right thing is of particular importance to Nigerian businesses with interest in the United Kingdom especially in the UK’s anti-bribery Act, which spelt out very stiff penalties for default.
“This reiterates the need for organisations to review their anti-corruption policies and procedures. All of these conduce to professional ethics and business conducts.”
Immediate past Chairman and Managing Director, Mobil Oil Nigeria Plc., Tunji Oyebanji noted that the methods employed to attain results were as important as the results.
Oyebanji submitted that business integrity in Nigeria was influenced by cultural pressure, highlighting challenges of businesses to include short-time focus and poor corporate governance culture.
He said the absence of corporate governance structure makes it extremely difficult to drive issues of ethics and integrity within the environment, adding that corporate leadership must show commitment to drive a business’ integrity culture.
On his part, President and Chairman of Council, Nigeria British Chamber of Commerce (NBCC), Dapo Adelagun said that the process of business integrity has never been clearer as it is in today’s hyper tech economy.
“As an entrepreneur or an organisation, our partial integrity is critical for getting and keeping investors, team members, as well as securing customers and vendors’ loyalty,” he added.
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