Aside from a reduction in traffic jams, can there be any positives in a commercial environment where many have lost their jobs and most businesses are facing sharply reduced volumes?
Well, clouds do have silver linings and for local businesses there are upsides that they can take from this downturn – and it’s not just a faster daily commute.
For many businesses, the current slowdown is a chance to take a breath and consolidate after the sheer pace and intensity of the boom. There is now time and resources available to look for new markets – perhaps it’s a case of making a virtue out of a necessity, but that makes it no less important. The GCC and wider MENA region are still growing and UAE companies are better placed than most to help them.
In home markets, the first priority is to take the extra time to get closer to customers and understand what they now need. The landscape has changed and with it their priorities. Companies that anticipate change and take positive action will retain their customers and emerge stronger – the strongest relationships in life or in business are often forged in the toughest times.
Service standards are next in line for improvement. Industrial customers need faster and more flexible service in a downturn, as liquidity is tight and competition intense. Idle capacity will enable you to provide those shorter lead times. Service industries can take the chance to rediscover the personal touch that was so often lost in the boom.
The business processes that creaked under the strain of rapid expansion can now be reviewed, brought up to date and made more efficient.
Training and human development is often the first budget casualty in a downturn but this is an opportunity lost – now is the time to upgrade the skills and capability of the organisation.
Finally, the downturn is when you can really focus on quality – in your people, in customers and in execution. Now the emphasis must be on ‘right first time’ and not just speed.
Andrew Shaw is the managing director of Ducab.
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