Three Key Factors Leaders Should Focus On For Their Businesses To Rebound
When talking about rebounds, it's imperative business leaders have a clear strategy in place– but also one that is agile and flexible, given we are to expect the unexpected.
We are at that stage of the coronavirus pandemic in the UAE when, following the easing of the lockdown in the country, it feels safe to say that we’re no longer living through “unprecedented times,” and that we are now entering what is commonly being classed as “the new normal.”
The government directive is clear, and businesses can begin operating again, albeit at 30% capacity, with the majority still expected to work from home. As such, there has never been a more crucial time for business leaders and entrepreneurs to communicate with their staff and key stakeholders- they need to clearly express what they are doing right now, what are they planning to rebound, and what is expected of them while the entire country looks to adapt to “the new normal.”
Talking of rebounds, it’s imperative business leaders have a clear strategy in place– but also one that is agile and flexible, given we are to expect the unexpected. Here are three key points to consider when it comes to communication, rebounds, and adapting to “the new normal.”
1. Stay focused Remember your business goals, and where you want to go with your business. The world has changed, and with that, what you had planned will need rethinking and reshaping as well. Keep abreast of developments at all times, so you can be ready to adapt– but don’t forget to stay focused too. You started something with a goal in mind, and while the journey you take there may have changed, the destination can still be reached, albeit a little differently.
2. Shape and tailor your strategy to multiple scenarios During lockdown, behaviors changed. What consumers wanted, what was important to them, and how they consumed content will have forced business owners to review their business models. As we embrace “the new normal,” these behaviors will continue to evolve– and with that, so too will your approach. Consider how you can mold these new consumer habits into your strategy, and don’t forget to keep reviewing what you have in place. While your approach should reflect how you will tackle the recovery period, keep reminding yourself of your overarching goals. Any successful strategy should always drive value, and take into consideration stakeholders (employees, customers, partners, and investors).
3. A strategy is worthless without successful execution- put your team at your business’ core Are you checking in with your team? How are they doing? Internal communications is more important than ever before. As a business leader, your staff should be hearing from you, and how the business is going to function following the lockdown. Being able to execute your new strategy requires your team, so make them a part of what you are doing, from the bottom up.. Have a company-wide meeting; share your plans, acknowledge the impact it has on the team, and explain how and why you have got to where you have. Make sure you get everyone's buy-in, encourage everyone to share their feelings, ask questions, or even share suggestions. Set expectations– but be human too. You are, after all, only as good as your team– and that’s important to remember if you want to not just survive, but really thrive, now more so than ever.
Eslam Hussain is the co-founder and CEO of Invygo, a new car subscription platform set to disrupt the market. With the company’s recent US$1 million funding and upcoming expansion into Saudi Arabia, Invygo promises to be one of the hottest startups in the MENA region.
Eslam began his career by pursuing a bachelor’s degree in Business Administration from the American University of Dubai. He then worked as a Financial Analyst at Philips, and SMOO, then moved on to his role as Business Intelligence/Finance Implementation Consultant at CDK Global the largest integrated information technology and digital marketing solutions provider to the Automotive industry. Eslam was responsible for a number of remits including product strategy and development of business intelligence, which resulted in a growth of sales by 17% percent working with multiple car manufacturers like Mercedes Benz, Audi, Nissan.
Prior to the establishment of Invygo, Eslam was doing his MBA at IE Business school one of the top 10 MBA programs globally (according to Financial Times), and he worked as project manager at Cox Automotive, in which he led their largest product in the MENA region, 11 team members across broad technical, financial, and business disciplines. Through his previous roles, he was able to develop implementation of software and solutions with numerous distributors in the Middle East.
Eslam is a passionate entrepreneur trying to positively impact humanity through technology. He has extensive experience in the automotive industry. Born in Riyadh to Egyptian parents, he is driven to build a world-class startup in the Middle East.