FIC
doing good business
Business resilience basics Resilience is the ability to cope with ever-changing dynamics, and this extends to company culture.
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BY ANG LLOYD
n informative Finance Indaba Conversation on the fundamental elements of business resilience featured panellists James Wilkinson, TFG chief strategy officer, Welela Dawit, CFO at Microsoft South Africa, and Deon Fredericks, group CFO for Famous Brands.
based on a shared-value approach to profitability and purpose.
The interactive conversation was enabled in partnership with Sage. Jordaan Burger, Sage vice president of finance for Africa, the Middle East, and Asia-Pacific, led a short presentation on the role of digital transformation in providing solutions that drive resilience.
“Doing good business should challenge us, and make us think beyond ourselves, like taking the environment into account,” added James. “It’s about changing the way we think and adding a level of plurality.”
“Businesses in South Africa have faced many challenges in the last 18 months,” he said. “Covid-19 has had a huge impact on different industries, and then there was the civil unrest, but there is a silver lining – and that’s where digital transformation comes in.” For Welela, resilience is the ability to cope with ever-changing dynamics. “Do you have the muscle to anticipate challenges, both internal and external, and pivot as needed? No one could’ve predicted the pandemic; we need to be able to constantly assess and look round the corner,” she said.
“It’s where multi-stakeholder capitalism comes in, the idea that success for us is also success for our customers,” he said. He admitted that these aren’t always easy conversations, and organisations need to understand the context that the business operates in so that everyone can fully benefit.
Deon added that a realistic approach is needed. “Being sustainable is now a given; businesses have to consider the planet and people’s wellbeing. Profit is no longer everything, and it’s about how you operate ethically,” he said. “Doing good business isn’t a one-size-fits-all approach, it’s holistic. As finance people, we must balance it with acceptable returns and a measurable, sustainable outcome,” he added. Welela emphasised that a north star is a fundamental starting base, with the alignment between employees and the organisation’s purpose being critical. “Employees need a clear understanding of what the business’s objectives are. If they’re aligned to the values of the business, the purpose, that’s when you’ll get the best out of
Plurality and a growth mindset According to James, doing good business shouldn’t be an afterthought; it should be
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