Survival post COVID-19

6/15/2020

Now the impact of COVID-19 on various businesses in the UAE became obvious. Whether you are chatting with an old friend, reading a professional magazine, or simply watching TV, everybody is talking about it, you just can’t miss it.

Meanwhile, some great initiatives were taken by the UAE Government to support businesses, stimulus packages, subsidies in utility expenses and waiver of Commercial Registration and other types of fees.

Further, banks have started lending at lower rates and retails and restaurants have been provided with rent rebates.

A tough, even though challenging experience was working from Home for everybody, even our small children were forced to stay and study from home during the pandemic’s lockdown.

Security wise, companies were faced with a huge challenge which is: data protection and confidentiality, you have guessed it right, which can get compromised due to cyber-attacks.

Several employers, mainly those directly affected, need to trim their costs to avoid laying off employees; many techniques could be used such as: reducing their rent and utility expenses by promoting work from home, negotiating with the landlords/ suppliers to defer the payment of rent/ expenses. They might also consider restructuring their loans with the banks.

Micro-economy speaking, the purchasing power of the consumers have dropped down in many countries, so traders, service providers, and those directly dependent on end user customers to generate revenue need to rethink sales and marketing from scratch, innovation is key to sustainability these days.

Nevertheless, with every crisis, there are opportunities, great deals for individuals with good liquidity to invest in high value assets as they are currently available at much cheaper prices to achieve substantial gains in the future.

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fahem
Fahem Almusa
Director – Internal Audit