UAE is the treasure trove of businesses, and Dubai is the crown jewel.
Mack Allen of Admextech Solutions is quite an inspiring personality. I didn’t know about him much until I had the chance to have a conversation with the guy. He explained how many businesses around the world are stuck at making their respective businesses survive. The COVID 19 outbreak has claimed many lives and has now forced the world to go into a complete lockdown. To keep their lives safe, people are now following a strict social distancing protocol when moving around in public areas.
Among this widespread global pandemic, Allen observed that there is a major economic recession. He forecasted that if things carried on the way they are happening now, we will soon find ourselves going into a global recession. And hence, I was compelled to have a detailed discussion on what he thinks is the most appropriate way in such times to ensure the survivability of your business. This dude knows what’s coming and being in Dubai, I believe there are a few survival strategies that can be implemented.
Are you too eager to understand what can make your business survive in the long run? Here we go.
As a business owner, your first and foremost responsibility is to perform a complete assessment of all kinds of fixed and variable expenses that your business undergoes. Compare how much expenditure you are observing on a regular basis against the overall revenue your web design agency or any other business in Dubai is making. By performing this thorough assessment, you will gain a better insight into where your organization is standing at the moment. You will understand if it’s financially stable to survive the oncoming global recession.
Because this COVID 19 pandemic doesn’t seem like it’s going to go away any time soon and it means more businesses will shutdown, more jobs will be lost: signs of a major economic crisis. However, by understanding the situation of your finances, you become capable of planning ahead in time. Your entrepreneurial mindset can come into action and give you great ideas! And the best part is, this strategy is not only going to limit the survival practices of your business during the pandemic, but it will surely go beyond that and have a much powerful impact in the future.
Do not assume where your business stands in the market, but instead reassess your business model. See in which areas your business is lacking potential and how you can improve those areas during the COVID 19 period. Understand your current financial metrics and set aside a budget that you can solely base on improving your business model, so it helps you weather out the ongoing global outbreak.
There are several ways how other businesses are capitalizing on the changing environments. While many will feel the morality effects, let me assure you that this is not the time of thinking that whether using COVID 19 as a marketing gimmick an ethical way of conducting business or not. Study your competition and see how they are making the most of it and then implement something similar.
Believe it or not, you don’t want to fall behind in the horse race, not during these trying times.
Whether this pandemic outbreak is going to be short-lived or we are in for the long haul, we can’t say for sure. So don’t hold back when it comes to policymaking. For starters, let’s not consider it a 3-month problem and create our strategies limited to that only. Extend your policymaking for 6 months, go up till nine months or even a year. You can’t say for sure how long it’s going to persist now, can you?
For example, Google decided to halt all it’s recruitments for the year 2020 even though they hired approximately 20k employees just the previous year. They decided that it is time they should shift their focus on introducing more innovative solutions for their current data centres and at the same time, work on the survivability of their current employees. They didn’t plan ahead for 3 or 6 months, they changed their entire course of action and revoked their own policies to survive.
These are difficult times and if you want to make sure that your business sails smoothly during the COVID 19 pandemic outbreak, here are a few practices that you should adopt to ensure survivability.
Removing or downsizing employees from the organization is certainly not the best option. You will just end up creating a bad reputation for yourself in the market. To save the money, you can always opt-in for an alternative solution. Try salary cuts, for instance. Take the chance. At least if your employees would want to leave, they will leave on their own accord and you won’t face the brunt.
Start by cutting down the salary percentages of the highest-paid employees so you can retain the rest of the hardworking individuals. As a result, those who can least afford to lose their jobs will be safe. If you still have to take the difficult decision of laying off some of them, show some compassion. Give them good compensation packages so they can survive the outbreak until things get settled out there.
Such implementations and practices will surely help you polish up your image in the market.
A similar practice was executed by an SEO Dubai Company recently. They did not completely lay off their employees; instead, they opted-in to cut down the salary packages of all their employees by setting percentiles based on the tier level of their positions. It was a great decision made by the firm, which saved the lives of many and extended their survival period amid the pandemic up by six months.
Great, isn’t it?! Do you have your survival strategies and would you like to help businesses survive too? Get in touch with us and we would love to have a discussion with you on what’s the best course.