How to help your business survive during coronavirus in Saudi Arabia?
As the globally spreading Coronavirus pandemic is having serious effects on the daily life of people, it is equally having adverse effects on business and economy. With the increase in the curve of epidemic impact, governments and leaders across the globe are taking immediate measures to curb the spread of Covid-19. All the companies are taking precautionary steps to protect their employees and also to stop the economic crisis. Industries across all sectors have taken a jolt which has triggered the collapse in oil prices. It has a huge impact on Middle East countries like UAE and Saudi Arabia which are major players in this segment. Due to this, even other industries in these regions are experiencing a large amount of downtime. If you are thinking “how to help your business survive during coronavirus in Saudi Arabia?” you must associate with leading mobile app development companies in Dubai and also the Middle East like Brill Mindz.
Measures were taken by Saudi Arabia:
Saudi Arabia has taken many crucial measures to stop the coronavirus from spreading across the nation. Foreign worshippers were banned from performing pilgrimage in the holy city of Mecca even before the record of even a single Coronavirus case. Later, the kingdom levied lockdowns on the cities of Riyadh, Tabuk, Dammam, Dhahran, Hofuf, Jeddah, Taif, Qatif, and Khobar. All international flights into the countries were suspended. The daily life of people was affected by the closure of markets, schools, malls, beauty salons, and also public events. But it is also made sure that the supply of essential goods and services has never been halted with prime importance to sanity. Saudi Arabia’s central bank has directed lenders to offer concessional loans to businesses coping with the effects of the coronavirus so that employees are unaffected.
How to help your business survive during coronavirus in Saudi Arabia:
Organizations must respond quickly to the ongoing challenges and take preventive measures to safeguard the business. Below are a few measures that could be taken by my companies to survive during coronavirus.
The prevailing business tactics may not work well in handling the rapid and unknown factors of the continuously spreading outbreak like Coronavirus.
- Build detailed strategies and crisis management plan that is precise to this emergency.
- Have a detailed conversation with investors and clients on further steps.
- Develop a plan on minimizing the business interruptions and parallelly meeting government norms.
The majority of technical organizations have advised their employees to work from home. But it requires proper support from companies to make it effective in managing the challenges.
- Provide immediate guidelines for employees on their essential travel rules, First-aid plans, HR practices, salaries, etc.
- Ensure that the work from home is carried efficiently by having a regular meeting on dependency works. This makes sure that work will go on smoothly and business is unaffected.
- Ensure that your information technology and communication structure in the organization is up to the mark for supporting remote working.
Supply chain operations:
The major impact of coronavirus has been the disruption in the supply chain distribution. Major measures have to be taken to initiate the complete process by following safety norms.
- Follow all the sanitary measures and make sure that you think of all the alternative scenarios in case of new emerging hotspots.
- Plan new strategies to reach customers via digital platforms and find raw material substitutions.
Companies need to plan their finances and respond smartly in case of such emergencies.
Companies must not only consider the ongoing measures but also look for considering the effects once coronavirus starts to ease.
Take efficient cost-cutting measures to cope up with certain risks and also about the coming days of slowdowns.
Ensure to plan considering all aspects of the future in case of extended restrictions.
Tax, trade, and regulatory:
Understanding all the norms involved in regulatory and tax systems and taking actions in the global risk situations is very important.
Have a strategic printout on paying taxes on local government and tax authorities, apply for any available refunds.
Take appropriate actions to balance the stabilize supply chains while getting prepared for the ups and downs of the market conditions.
Discover all the opportunities that your organization needs to meet the compliance requirements and also adjusting for responding to the surprises.
As organizations develop strategies to handle the impact of the epidemic, they will have to adjust to the new challenges that emerge in the market and routine works. The best way to market your brand is by adapting digital transformations. It will make sure that remote working processes are going smoothly and also employees can upgrade the skills.
Financial structure adjustments will enhance flexibility and profitability. Efficient scenario planning will provide much-needed protection from economic impacts and promote sustained growth even in such times.
Always have a look at customer trends that help in making successful long-term decisions. This is very crucial in times of varying markets and business fluctuations.
How to develop smart Cash conserving measures:
As cash management measures are in full swing, high management must take smart decisions to free up internal funds ranked by their impact and order of execution. The current measures taken must be such that it will show results in very few days. Some of the immediate measures to be taken are:
- Stocks: Stopping all new orders, finding measures to send the existing excess stocks to particular manufacturers and vendors.
- Company cost-cutting measures: Stopping all new recruitments, making use of all help programs from government, smart planning of works using existing employees, etc.
- Halting or postponing any prearranged investments and trading noncore resources.
If you are searching for the best digital partner to develop creative strategies in continuing the brand value, then you must associate with Brill Mindz. Being the leading mobile app development company in Dubai and the entire Middle-East region, we help you to effectively sustain in this period of coronavirus outbreak.