by Tom Fels (@thomasfels) Apart from the question of when (and at what cost) this novel coronavirus pandemic will end, there’s another critical one that’s waiting to be answered: will the human race acknowledge this wakeup call — or will it be back to self-interested Business as usual?

South African companies have been largely lagging in attending to the overarching need for transformation, with economic empowerment, social diversity, environmental measures and digital transformation still moving at a disappointing and lacklustre pace. With a dogged focus on balance-sheet protection and shareholder interests, a well-timed double punch to the gut in the form of the covid-19 crisis and load-shedding to further entrench our dire economic prospects might well do little to turn this tide.

Never turn your back on the sea

Looking beyond face value, while there are indeed books to balance, there’s been a great shift in social consciousness that can’t be overlooked by business leaders. There’s an undercurrent of change that’s gaining momentum and upending established and accepted narratives in society and in business.

The message is becoming more clear and urgent: Now’s the time to make the bold choices that will shape our future economic narrative. Now’s the time to show that we care beyond profits.

Why now?

Covid-19 is a prelude to what’s to come over the next decade and beyond. Working toward a more-resilient business landscape will aid not just individual organisations but entire economies in the face of dramatic events sparked both by environmental factors like climate change and the reform of centuries-old social systems.

Opportunities for growth

As a country now sorely in need of economic recovery and growth, there is an estimated US$12tn in market opportunities associated with the pursuit of the UN’s Sustainable Development Goals (SDGs), according to the Business and Sustainable Development Commission.

This alone should indicate that Africa can play a regenerative role in greening the global economy and unshackle itself from its legacy of resource exploitation.

Going all in

We’re entering an era in which the evidencing of business philosophy and values will make a significant difference to long-term success.

While we’re recreating our economy in real time, we can’t build only for the short term; we must build into the next generation by embracing sustainable and equitable business principles that will serve us for decades, not years.

See also

• Columns | Mission – Tom Fels
• #OpenForBusiness — Radar
• #CoronavirusSA — Radar
• #CoronavirusSA – Special Section

Tom Fels (@thomasfels) is a mission-driven brand expert, keynote speaker and an evangelist for conscious business. He’s just launched Animarem, a boutique impact advisory that guides and powers the shift toward conscious business. More recently, he was CEO at Singita and Nurun and group MD of Publicis Machine (now Machine_), where he oversaw local and global award-winning communications, digital and hospitality businesses. A past MarkLives.com contributor, his new monthly column, “Mission”, motivates for a more-conscious approach to business and intends to inspire change.

This MarkLives #CoronavirusSA special section contains coverage of how the novel coronavirus, SARS-CoV-2, and its resultant disease, covid-19, is affecting the advertising, marketing and related industries in South Africa and other parts of Africa, and how we are responding. Updates may be sent to us via our contact form or the email address published on our Contact Us page. Opinion pieces/guest columns must be exclusive.

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