Entrepreneurs must adopt changes to stay ahead of the game and successfully navigate the macro-forces influencing the Nigerian business environment, the Group Managing Director of Rainoil Ltd, Dr Gabriel Ogbechie has stated.
According to a statement from Rainoil, Ogbechie said this while speaking on the topic, ‘Strategies to position your business for economic growth in a changing world’ at the Global Leadership Summit in Lagos recently.
He also emphasised the importance of ambitious goal-setting, effective strategy execution, and vigilant monitoring of key performance indicators.
Ogbechie explained that to flourish in the current economic climate, industry leaders and entrepreneurs must analyse their business strategies, set ambitious targets, and ensure good execution.
“This was the driving force behind Rainoil’s investment in strategic assets such as the ultramodern multi-product tank farms located in three locations with a total capacity of 150 million liters, the 8000 MT LPG Terminal in Ijegun-Egba, Lagos State, a fleet of over 330 trucks, and retail spread of approximately 180 petrol stations across the country.”
He advised business leaders to brace themselves for disruption.
“Industrial gas disrupted the low-pour fuel oil market, liquefied petroleum gas disrupted the dual-purpose kerosene market and electric vehicles are now disrupting the internal combustion engine market.”
The Rainoil boss also stressed the growing mobility of customers and the need of enterprises to find, satisfy, and retain them.
He encouraged business owners to remain in touch with the target market, understand changing demands and preferences, and execute methods to give competitive compensation and non-monetary rewards to recruit the best individuals in a competitive market.
Ogbechie said executives must constantly review and reassess tactics to manage potential threats to the company model.
