Economic growth in a broader sense cannot occur without activities (both financial and commercial) taking place in an environment that is strategically positioned and groomed to manifest impressive results and without seriously committed, dedicated and diligent entrepreneurs with diverse skills. Professionally, they exhibit fully developed talents in their various fields of human endeavours.
In the field of business, for instance, we take a very successful commercial city as a case study for this discourse. This city is located in the southeastern region of Nigeria (which the elders of the community with deep vision, had generally resolved in their proposed plan to actualize a commercially developed town/community), and this commercial nerve centre is none other than the well known Nnewi town. The historical overview, which might not be necessary in this piece for want of space, portrays the full meaning of what the concept of strategic management in the business world is all about. Most of us may start asking how and exactly what point we are actually trying to make from this analogy. The point is basically what “business growth” and how “economic developments” meet themselves, and kiss each other in the course of optimal utilisation of strategic management factors (man, money and material) for the desired favourable impact in the society.
In the business world, this classical example, using Nnewi community, contains numerous living testimonies with great virtues, and wonderful examples that ought to be emulated, and such great examples should be followed as a pathway, for further expansion of better economic engagements and for the greater good and future benefits of the society. Human endeavours involve constant engagement and continuous human efforts on a daily basis, for the natural instinct of resourcefulness with the purpose of aligning economically to actualize daily productivity, in keeping with active and legitimate “means of livelihood” identified in every able bodied adult in the society. By extension, for every man, in a bid to provide and put food on the table for his household (at the microeconomic level as breadwinners), growth and development at the same level demands that this same man ought to strive and competitively excel to become first among equals, in his own field of endeavour. This is the building block for the big picture of strategic management through entrepreneurial efforts that manifest productivity at the macroeconomic level for the eventual, targeted business and national growth. In the commercial city of Nnewi, numerous self-made traders diligently built up their business empires to multi-million naira business establishments which led to Nnewi eventually becoming the single indigenous community with the highest concentration of billionaires.
There is no gainsaying the fact that strategic management is crucial for growth. The implementation of a planned strategic programme consists of the effective deployment of adequate resources that are made available for financial expenditures in the project execution (to make it work by registering efficient performances, for the purpose of actualizing the strategically programmed agenda). Making wise decisions regarding finances that will launch businesses and nations into greater dimensions of wealth, needs to be strategically sustained from time to time because the managers need wisdom to manage what is committed to their charge. Without those placed in positions of authority to conduct their tasks and manifest as good stewards over the resources entrusted to them prudently, the system shall neither accelerate nor make progress; and surely it will not grow in riches and greatness. This outcome is obvious in all systems where there are corrupt leaders running their affairs.
Among the big names in that commercial city is the group chairman of Innoson Group who applied the fundamental principles of strategic management to outwit other operators that are well established conglomerates in the same business. Among his strategies is that of overhead cost; ridiculously reduced unit cost of containerized imported goods. These were smart creative ideas exhibited by a very intelligent, very promising, positively focused billionaire hopeful, that sprang to economic stardom, legitimately pursued and actualised in record time.
In planning for success, larger bodies should be expected to manage their resources in a manner that sincere administrative processes and procedures are significantly applied in such a manner that expenditures are always put under figures of actualised incomes made at a specified period for proper accounting purposes. The templates of different business moguls are hereby recommended to young growing entrepreneurs, and every responsible government that is forward-looking, to grow the commonwealth of their tax payers’ money. In a country like Nigeria, operators in the industry or operators of various businesses in the private sector need to be fully engaged to join in running the day to day activities of national tasks and assignment, if this country sincerely wishes to legitimately grow and diligently develop beyond measure.
“Nigeria Go Survive” is the title of a song by the late Onyeka Onwenu, who was popularly known as “The Elegant Stallion”. Indeed, Nigeria shall survive these tough times.
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