- August 15, 2021
- Posted by: DBS
- Category: Dubai Business Services
Covid-19 survival strategy in Dubai business market
Although the pandemic has brought the business community numerous difficulties, the condition was not without its promise.
Companies can withstand and resolve the influence of COVID-19 by taking initiatives to develop their competitiveness and remain profitable even now in challenging times.
These are my top 5 specific actions for entrepreneurs who would like to ensure that their businesses flourish in a difficult financial situation.
Top 5 Actions to Flourish Businesses in Covid-19
Businesses can flourish in Covid-19 if they follow these 5 steps:
1. Go Digital
COVID-19 pressured firms to conduct business with remote staff, highlighting the role of agility, but also digitally. All of us needed to change the situation, make sure we had mobility and accessibility to share servers and cloud processing. The times of a desktop, as well as a fixture, are over.
We merely have to ensure that our teams are provided with the necessary tools for remote staff and build a system or facilities that decentralizes the workplace environment.
In addition to changing the traditional working environment into the digital sphere, your services’ digital transformation is essential.
Many of us, for instance, has witnessed the advent of online food products with tremendous SMS campaigns? I’d risk a sensor as well as tell everybody to read it!
Almost all companies, except essential services, including such grocery stores, had to shut down all through lockdowns temporarily. Such companies cannot only be closed down as people still need access to food daily. During the pandemic, they could have gone digital to restore their shutting down.
2. Start by Calculating Your Expenses
As a company owner, you primarily have a complete analysis of all sorts of fixed costs and variable costs incurred by your company. Start comparing how much your web design company or any other company in Dubai keeps up regularly with the total revenue. By carrying out this thorough assessment, you would then learn more about your current position. You will realize whether the approaching economic crisis will sustain you comfortably financially.
Since this COVID 19 pandemic doesn’t go anytime soon but it means that more companies are shutting down, more jobs are being lost: flags of a significant financial downturn. But you can plan in time by recognizing the state of your finances. Your business thinking can take effect and give you the best ideas! And, best of all, this approach would not only constrain your business’ sustenance procedures during the pandemic. It will undoubtedly go further than it and have a significant impact on the outcome.
3. Improve Your Business Models with COVID 19
Do not take the position of your company on the market, but reevaluate your business strategy. See where your company lacks possibilities and how during COVID 19 period, you can enhance those regions. Recognize your current fiscal measures and allocate a cost to help you feel better with the rising political epidemic purely through improvements in your business strategy.
There are several methods by which other companies capitalize on different conditions. While many would then feel the normative effects, let me confidently tell you this is not the moment to think that it is rational to use COVID 19 as a marketing technique.
Research to see how they get the most out of your competition and then incorporate something comparable.
Realize it or not, you won’t fall behind in the horse race in all of these difficult times.
4. Plan your next 3 to 6 months’ policies
It’s not sure whether we’re in the short term and whether this pandemic outbreak would be in the long run. Do not even stop it as far as policymaking is concerned. Let’s also not begin with a three-month major issue and just put in place our techniques. Broaden your strategy for six months, increase to nine months, or perhaps even one year. You couldn’t say for sure how long now, can you?
Google, for instance, decided to stop all recruitment processes for 2021, even if only in the previous year it hired approximately 20,000 staff. They planned that it is time to concentrate on implementing more creative solutions for their existing data centers while also on their workers’ survival. You did not plan for 3 or 6 months, changed all your courses as well as revoked your survival policies.
Those are challenging instances, and you should incorporate a few rules to achieve that your enterprise can sail efficiently during the COVID 19 pandemic outbreak.
5. Optimize Employee Management
It is not the best option to remove or downsize staff members from the company. You will finally bring a negative reputation in the marketplace for yourself. You can always opt for an effective method to make ends meet. Try, for example, wage cuts. Seize the opportunity. They will leave, at least if your people want to leave by themselves, and you’ll never be faced with the brunt.
Start by reducing the wage rates of the most paid employees so that you can maintain the majority of the workforce. Those that can afford to lose their jobs are therefore safe. Show some empathy if you have yet to take a complicated choice to put them off,
Give them better packages for compensation so that the outbreak can survive until things get resolved. These methods and execution will help you to refine your brand value.
An SEO Dubai Company has recently conducted a similar practice. They did not entirely lay off their employees, and instead, they decided to reduce their employees’ salary packages by establishing percentiles on a tiered basis. The company’s tough decision, which saved countless lives and lengthened their life span by six months during the pandemic.
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