What are some short-term survival techniques SMEs can adopt at this time?<\/strong><\/h5>\n![\"Survival](\"http:\/\/18.223.240.160\/wp-content\/uploads\/2020\/06\/Survival-Techniques-For-SMEs-300x200.png\")
\u201cI 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,\u201d says Joshua. \u201cLowering expenses, cutting down on costs, going lean, extending payment terms, and debt collections are standard advice,\u201d he adds<\/p>\n
Rudra agrees, adding that leaders and managers need to take on more responsibility and inspire others. \u201cFocus 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,\u201d he says.<\/p>\n
Both Joshua and Rudra advise fluidity and flexibility. \u201cIn 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,\u201d says Joshua.<\/p>\n
Rudra adds, \u201cTo facilitate solutions, this is a time to support others, collaborate and find partners globally to get the work done.\u201d<\/p>\n
What should SMEs be doing in parallel to ensure long-term gains?<\/strong><\/h5>\n![\"Ensure](\"http:\/\/18.223.240.160\/wp-content\/uploads\/2020\/06\/Ensure-Long-Term-Gain-SMEs-300x200.png\")
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.<\/p>\n
Both urge businesses to develop digitally so that their offerings, services, and products are more accessible through online programs and e-commerce.<\/p>\n
\u201cEmbrace technology and learn about the opportunities and the future of the market you are operating in,\u201d says Rudra. Joshua adds, \u201cIncrease your presence online by creating useful and valuable digital marketing content to share with customers.\u201d<\/strong><\/p>\nBoth business transformation consultants<\/a> 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.<\/p>\n\u201cBusinesses 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,\u201d says Rudra.<\/p>\n
He also adds, \u201cMeasure what really matters through tools like OKRs and ensure re-skilling, resilience and collaboration between leaders and team members.\u201d 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.<\/p>\n
Is there something that SMEs should avoid doing right now?<\/strong><\/h5>\nWhen it comes to avoiding pitfalls, both Rudra and Joshua stress holding on to the people who work for you. \u201cDon\u2019t blindly cut down employees as a knee jerk reaction,\u201d says Rudra. \u201cPeople are not a cost but a bridge between where your business is today and where you want it to be tomorrow,\u201d Joshua concurs. He also suggests paying attention to the emotional needs of employees by addressing job insecurities and offering support.<\/p>\n
![\"Ensure](\"http:\/\/18.223.240.160\/wp-content\/uploads\/2020\/06\/Business-Strategies-SMEs-300x197.png\")
<\/p>\n
As an alternative, both men suggest cutting costs, not overspending and staying clear of undue risks.<\/p>\n
Joshua also strongly cautions against procrastination and instead recommends investing in the growth and development of businesses. \u201cNow, 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,\u201d he says. Rudra similarly proposes rethinking strategies, reviewing targets and budgets to focus on deliverable services and products. \u201cDon\u2019t take undue risks or take on too many things together,\u201d he advises.<\/p>\n
Both Joshua and Rudra offer optimism about businesses reviving if people are willing to work hard and commit. \u201cAvoid 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\u2019t mean you stop. There is always something to do,\u201d Joshua concludes.<\/p>\n
Whether you are an individual or a corporate enterprise, you can benefit from business mentoring, financial advice,<\/em> and risk management consulting to help you reboot and take you through a post-pandemic revival. Click <\/em>here<\/em><\/a> to avail the experience of our certified business coaches. <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"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 …<\/p>\n
\u201cI 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,\u201d says Joshua. \u201cLowering expenses, cutting down on costs, going lean, extending payment terms, and debt collections are standard advice,\u201d he adds<\/p>\nJoshua 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.<\/p>\n
Both urge businesses to develop digitally so that their offerings, services, and products are more accessible through online programs and e-commerce.<\/p>\n
\u201cEmbrace technology and learn about the opportunities and the future of the market you are operating in,\u201d says Rudra. Joshua adds, \u201cIncrease your presence online by creating useful and valuable digital marketing content to share with customers.\u201d<\/strong><\/p>\n Both business transformation consultants<\/a> 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.<\/p>\n \u201cBusinesses 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,\u201d says Rudra.<\/p>\n He also adds, \u201cMeasure what really matters through tools like OKRs and ensure re-skilling, resilience and collaboration between leaders and team members.\u201d 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.<\/p>\n When it comes to avoiding pitfalls, both Rudra and Joshua stress holding on to the people who work for you. \u201cDon\u2019t blindly cut down employees as a knee jerk reaction,\u201d says Rudra. \u201cPeople are not a cost but a bridge between where your business is today and where you want it to be tomorrow,\u201d Joshua concurs. He also suggests paying attention to the emotional needs of employees by addressing job insecurities and offering support.<\/p>\n As an alternative, both men suggest cutting costs, not overspending and staying clear of undue risks.<\/p>\n Joshua also strongly cautions against procrastination and instead recommends investing in the growth and development of businesses. \u201cNow, 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,\u201d he says. Rudra similarly proposes rethinking strategies, reviewing targets and budgets to focus on deliverable services and products. \u201cDon\u2019t take undue risks or take on too many things together,\u201d he advises.<\/p>\n Both Joshua and Rudra offer optimism about businesses reviving if people are willing to work hard and commit. \u201cAvoid 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\u2019t mean you stop. There is always something to do,\u201d Joshua concludes.<\/p>\n Whether you are an individual or a corporate enterprise, you can benefit from business mentoring, financial advice,<\/em> and risk management consulting to help you reboot and take you through a post-pandemic revival. Click <\/em>here<\/em><\/a> to avail the experience of our certified business coaches. <\/em><\/p>\n","protected":false},"excerpt":{"rendered":" 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 …<\/p>\nIs there something that SMEs should avoid doing right now?<\/strong><\/h5>\n
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