With the onset of the Coronavirus, the economic prospect for Saudi entrepreneurs certainly appears bleak. Growth projects that were in the running prior to the pandemic have largely come to an abrupt halt and unemployment is on the rise. However, amidst this economic disruption there is a silver-lining for entrepreneurs – taking on board the following measures will help your team not only come out of the pandemic relatively unscathed, but potentially stronger and better equipped to deal with future crises.
1. Create a network built on trust
Anxiety over the uncertain future that awaits your business can make you and your team feel emotionally vulnerable and unmotivated. Being honest with your clients, partners and staff about the troubles you are facing on a personal level and as a business can help cement feelings of trust and confidence that will long outlast the effects of the Coronavirus, ultimately creating stronger teams and business ties.
2. Take control of the immediate future
Brainstorming about how to respond to the long-term effects of the Coronavirus is only going to waste valuable time – the distant future is largely unpredictable and key decisions will need to be made in realtime and acted on quickly to ensure your survival as a company. Limiting your planning to a three-month financial plan is a productive way to focus your energy and skills on the immediate future.
3. Stay relevant without being opportunistic
The entrepreneurial business model is built on agility, innovation and creativity – qualities that make entrepreneurs particularly suited to seek out opportunities during the pandemic. While it is key to ensure your products or services stay relevant during the coming months, make sure not to appear opportunistic. Initiatives that are genuinely aimed at supporting the local economy rather than focused on profit are far more likely to resonate with your clients.
4. Benefit from stimulus packages
The Saudi Arabian Monetary Authority was very quick to provide stimulus for Saudi SMEs and specifically entrepreneurs to help them stay economically afloat during the crisis. Taking advantage of bank loans and the SR2 billion ($533 million) being offered to support 6,000 entrepreneurs belonging to micro and small enterprises to launch their projects will help you hit the ground running in the aftermath of the pandemic.
5. Upskill and train your employees
The need to furlough staff and implement remote working strategies has largely led to the restructuring of teams who are in need of new skill sets. Offering online training to your employees will help them adapt to the new skills demanded of them and will most likely boost their loyalty, helping you retain your top talent during this critical period.
Resilience has long been the benchmark for entrepreneurial success, and COVID-19 is pushing entrepreneurs to fully come to terms with what this word means in times of crisis. Building strong, loyal teams and adapting to the immediate future and the opportunities it presents will help entrepreneurs embrace their resilient nature, survive the pandemic, and hopefully come out of it stronger than before.
