This archive report was first published on 7 July 2021.
As the COVID-19 pandemic spread across the globe, economies worldwide suffered a significant downturn. In Kenya, the virus's impact was felt across households, leading to a reduction in purchasing power and, subsequently, a decline in business turnover.
Devki Steel Mill, a leading steel manufacturer in the country, was not immune to the effects of the pandemic. However, under the leadership of Chairman Narendra Raval, the company implemented measures to mitigate the impact of the crisis.
One of the key strategies employed by Devki Steel Mill was to reduce its operational costs. This was achieved through the introduction of modern machinery and technology, which significantly cut down on expenses. The company also reduced its debt burden by paying off loans and eliminating hefty interest rates.
Furthermore, Devki Steel Mill implemented cost-cutting measures such as reducing unnecessary expenses and offering free services to clients. These actions not only helped the company survive the economic downturn but also enabled it to maintain its workforce of over 6,500 employees without any layoffs.
Another company that successfully navigated the pandemic's economic impact was Brighter Monday, a job market services provider. CEO Emmanuel Mutuma shared the company's experience, stating that they faced a downtime due to the pandemic. However, they decided to offer their services to clients for free, a move they called 'Unity in Adversity.'
The strategy proved to be a lifesaver for Brighter Monday, leading to a significant increase in sign-ups by about 300 per cent. The company also onboarded new clients and achieved a client retention rate of 90 per cent.
As the economy slowly picks up, demand for Brighter Monday's services has increased, leading to the hiring of new staff. The company's experience serves as a testament to the importance of adaptability and innovation in navigating economic challenges.
