Business Resilience, Continuity and Regeneration Focus of International Conference

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The UKZN Business Rescue Unit (BRU) in the School of Commerce hosted the Third International Conference on Business Resilience, Continuity and Regeneration. 

The event was attended by established scholars, business leaders, policymakers and practitioners regarded as experts in areas of business resilience and financial market regeneration. 

Aptly themed: Flourishing in the VUCA (Volatility, Uncertainty, Complexity and Ambiguity) World: Building Business and Financial Market Resilience, the conference focused on exploring and discussing ways to build resilience in businesses and financial markets in the face of the challenges presented by the VUCA world. 

In the opening address, the Deputy Vice-Chancellor and Head of the College of Law and Management Studies, Professor Ernest Khalema, said the theme resonated strongly with the University Strategic Plan 2023-2032. 

“While businesses operate in turbulent times, the Higher Education sector has not been spared. Like traditional universities, we face fierce competition from private academic institutions. Rapid advancements in technology challenge us to rethink the way we conduct our business in order to remain relevant.”

The BRU, established during the COVID-19 pandemic to address financial challenges faced by businesses, aims to solve societal problems related to business resilience and turnaround.

A special tribute was paid to the founding members of the BRU, Professor Mabutho Sibanda, who was the Dean and Head of the former School of Accounting, Economics and Finance, and Professor Raj Rajaram – now based at the University of Johannesburg, for their bold vision to support businesses in distress. 

Over the past few years, the BRU has provided practical support to businesses through webinars and short courses to equip business owners with skills to avoid financial distress. The Unit has delivered training to business owners affiliated to the Durban Chamber of Commerce and Industry; the National Youth Development Agency; and Insurance Sector Education and Training Authority (INSETA). 

The members of the Unit have actively conducted research on business turnaround strategies to inform policy and practice. Plans to develop a dedicated academic journal on business resilience topics are at an advanced stage. 

Conference keynote addresses were delivered by prominent industry champions and scholars including: Professor Gabriel Kabanda of the UKZN Graduate School of Business and Leadership; Mr Tidiane Kinda, Senior Resident Representative and Head of the International Monetary Fund (IMF) Office in South Africa; Ms Gugu Mkhize, Chief Executive Officer of INSETA; Professor Gordon Dash and Professor Nina Kajiji of the University of Rhode Island, USA; Dr Michael Sutcliffe, Partner at City Insight and Former eThekwini City Manager; and Professor Rizki Edmi Edison of the Universiti Brunei Darussalam, Indonesia.

Research papers presented at the conference empowered municipalities with tools to predict financial distress during macroeconomic downturns and strategies to mitigate financial risks and improve service delivery. Some research papers highlighted the role that could be played by institutions of Higher Education in cultivating a culture of entrepreneurship in South Africa through enhancing entrepreneurial education. 

Businesses were encouraged to embrace technological advancements in order to leverage AI in business turnaround and rehabilitation management. Small, Medium, and Micro Enterprises (SMME) owners were shown how the Sustainable Development Goals could be used to enhance the resilience of their small businesses. 

The Founding Dean and Head of the new School of Commerce, Professor Stephen Mutula, delivered an address at the gala dinner and informed delegates about the developments which resulted in the formation of the new School through the merger of two previously distinct Schools – the School of Accounting Economics and Finance and the School of Management, Information Technology and Governance. 

Mutula explained that the School’s academic activities were linked to the broader University’s transformative strategic plan. 

Mutula commended the conference organisers for securing publication partnerships with accredited national and international journals in order to ensure that the deliberations were disseminated widely. Encouraging delegates, Mutula said: “It will be of no use to only keep the cutting-edge research on the niche areas of business rescue amongst us. As such, I urge you to convert your research into publications immediately after the conference.” 

Delivering their closing remarks, Conference Convenors, Professor Bomi Nomlala and Professor Paul Muzindutsi thanked the National Research Foundation (NRF); INSETA; and the KwaZulu-Natal Tourism and Film Authority for the financial support which contributed to the success of the Third BRU Conference.

The week-long conference ended on a high note with a Gala Dinner as well as a boat cruise showcasing Durban.

Words: Hazel Langa

Photographs: Yola Ndzabe