A Dubai Chamber of Commerce survey predicts that a staggering 70% of businesses in Dubai expect to close their doors within the next six months because of the coronavirus pandemic. To help mitigate this, the Dubai government has promised an AED 1.5 billion economic stimulus package over the next three months.

Whilst this may provide some relief to SME business owners, as the private sector returns to work at full capacity, there is still the question of what you can do to beat the odds.

Business and leadership mentoring consultants, entrepreneurs Joshua Das and Rudra Dasgupta, weigh in with tips to help you reboot your business and make it through this difficult period.

What are some short-term survival techniques SMEs can adopt at this time?

“I think the idea of survival has been widely covered during the lockdown. There are enough guides and webinars out there to help businesses stay afloat,” says Joshua. “Lowering expenses, cutting down on costs, going lean, extending payment terms, and debt collections are standard advice,” he adds

Rudra agrees, adding that leaders and managers need to take on more responsibility and inspire others. “Focus on what strategies, products, and services have worked previously and intensify them. Look at areas of strength and redeploy them towards new applications, audiences, clients, and markets,” he says.

Both Joshua and Rudra advise fluidity and flexibility. “In a moment of crisis, needs become far more important than wants, and being flexible means identifying customer problems to address them the best way possible,” says Joshua.

Rudra adds, “To facilitate solutions, this is a time to support others, collaborate and find partners globally to get the work done.”

What should SMEs be doing in parallel to ensure long-term gains?

Joshua feels that businesses need to be looking beyond a traditional one-size-fits-all-approach when coming out from the current crisis. He recommends that companies create product value whilst keeping pricing right at point that benefits businesses and consumers alike.

Both urge businesses to develop digitally so that their offerings, services, and products are more accessible through online programs and e-commerce.

“Embrace technology and learn about the opportunities and the future of the market you are operating in,” says Rudra. Joshua adds, “Increase your presence online by creating useful and valuable digital marketing content to share with customers.”

Both business transformation consultants feel that this pandemic has highlighted the relevance of companies. Joshua urges that SMEs reassess themselves to understand where they are and where they want to go.

“Businesses need to redefine their mission, values and direction to create a new inspiring story. They need to be self-aware, practice a nimble mindset and create an environment of continuous learning, change and innovation,” says Rudra.

He also adds, “Measure what really matters through tools like OKRs and ensure re-skilling, resilience and collaboration between leaders and team members.” For this purpose, he recommends engaging the best talents and experts, full time or part-time, to foster partnerships based on strengths and complimenting skill sets.

Is there something that SMEs should avoid doing right now?

When it comes to avoiding pitfalls, both Rudra and Joshua stress holding on to the people who work for you. “Don’t blindly cut down employees as a knee jerk reaction,” says Rudra. “People are not a cost but a bridge between where your business is today and where you want it to be tomorrow,” Joshua concurs. He also suggests paying attention to the emotional needs of employees by addressing job insecurities and offering support.

As an alternative, both men suggest cutting costs, not overspending and staying clear of undue risks.

Joshua also strongly cautions against procrastination and instead recommends investing in the growth and development of businesses. “Now, more than ever, so many services, trainings, and software, are cheaper and more accessible. It is the best time to revamp your systems, operations, and processes,” he says. Rudra similarly proposes rethinking strategies, reviewing targets and budgets to focus on deliverable services and products. “Don’t take undue risks or take on too many things together,” he advises.

Both Joshua and Rudra offer optimism about businesses reviving if people are willing to work hard and commit. “Avoid waiting and reverting to what was your previous normal. Many businesses are industry specific and whilst there might not be much movement in the market, it doesn’t mean you stop. There is always something to do,” Joshua concludes.

Whether you are an individual or a corporate enterprise, you can benefit from business mentoring, financial advice, and risk management consulting to help you reboot and take you through a post-pandemic revival. Click here to avail the experience of our certified business coaches.