Crisis Management

Catalyzed by the ongoing COVID-19 pandemic, something more radical than even the unprecedented consumer uptake of financial technologies is taking place in the GCC fintech space.

Since the UAE reopened to international visitors in July, the authorities have been examining how gatherings can take place safely, which resulted in the launch of a new set of guidelines for the business events scene.

The crisis caused by the COVID-19 pandemic has proven that for businesses to survive, they must allow for variability– they must incorporate a level of flexibility and slack to how they operate, and work with their people in order to navigate challenging times.

Businesses that embraced tech and innovation from the start have made a smooth transition to crisis conditions with the least disruption. Those that have had to be dragged kicking and screaming into the digital era are finding it is costing a lot more to adapt by virtue of necessity.

When things are bad, great leaders step up, whether they are of the pitch variety, or the corporate kind. They own their failures, and inspire confidence that they have a plan to turn things around.

As a business leader, it is paramount to place focus on the areas we can control: our teams, mental and physical health, and how we adapt to change.

With Entrepreneur Middle East Editor in Chief Aby Sam Thomas as the moderator, the discussion was led by Saeed Al Marri, Deputy CEO, Dubai SME, Madhur Mehra, MENA Head of Merchant Sales and Acquiring at Visa, and Raed Hafez, CEO of elGrocer.

What would happen to your business on an operational level if you, the owner, became incapacitated and couldn't run things day-to-day? A risk register is vital for companies, check out these tips.

In our experience, agile, future-facing companies that are willing to keep the wheels turning, and adopt an operating model that accommodates the extreme and unprecedented levels of uncertainty facing businesses are the ones that are already poised for recovery, and will hit the ground running when things do return to "normal."

The business world is ever-changing, and the ability to adapt to change is the true mark of an entrepreneur.

"As entrepreneurs across the world struggle with squeezed cashflow, drastic drops in revenue, and the inability to service the debt on corporate balance sheets, the spirit of resilience of Middle Eastern entrepreneurs places them in a better position to recover from this crisis, and indeed find new opportunities as well."

Hardly a half of 247 surveyed MENA startups expect to remain solvent in the next six months, according to research by Wamda and Arabnet.

This is a period of slowdown; however, an opportunity can change everything. As such, doing this exercise of what is life going to be like after the COVID-19 pandemic becomes extremely important.

The United States Army's framework (BE, KNOW, DO) is a practical guide for leaders during a crisis.

Things will be different here on. At least for a while. A call to action is required to cope with the changes and restructuring initiated within organizations.

Decide where your skills and energy are best focused to make a lasting, positive difference, for yourself, your team, your business, and your organization overall.

Deciding who you want to be during the COVID-19 pandemic will position your business either in the fear zone, learning zone, or growth zone.

Even during such troublesome times, we have the ability to work collectively together to negate the possibilities of our fellow community members becoming vulnerable.

As teams around the world embrace the latest technologies to communicate, now is the time for leaders to formulate and mobilize their strategies to ride the wave of change.

Through uncertainty, comes opportunity- look to history for hope to navigate times of crisis

With the whole world dealing with the uncertainty of the pandemic, be the certainty that your client needs.