With the onslaught of the financial crisis in the GCC region, we have now witnessed companies go through immense pressure just to survive. Organizations are now looking to cut their costs to survive the bad financial weather.
Keeping in mind the responsibility to keep the economy healthy, professionals are now realigning their strategies for the greater good of the economy. Safa Al Hashem, Chairman & Managing Director of ADVANTAGE Consulting Company, said, “We are in the midst of a crisis and the economy that we built is ailing. As a private sector entity, it is our duty to revive the economy and we all have to play our part in this endeavor.” Family Owned Firms (FOF) and Small and Medium Enterprises (SME) form the backbone of the GCC economy with almost every sector being dominated by these businesses. This is what makes it necessary for us to focus on this segment of our economy. Helping these organizations to survive the economic storm will enable them to preserve the economy and bring it back on the right track after the crisis has passed. “The very proportion that FOFs and SMEs form in the market makes it obvious as to why we must concentrate our time energy and resources toward helping these organizations survive the effect the economic crisis has had on our economy.” Said Al Hashem.
With organizations panicking and taking measures to cut expenses to survive the financial storm, most fail to employ objective methods to meet their requirements. This could result in more harm than good to most organizations in the long run. Without an objective method employed to analyze the situation, organizations are vulnerable to taking the wrong decisions. Al Hashem said, “In the midst of uncertainty everyone panics and when companies panic they make bad decisions. The right decision is crucial during this time and for that companies need to be able to analyze the situation objectively with no bias.” Most organizations neither have the time nor the resources to conduct such detailed objective analysis. However this does not undermine the need for such detailed analysis.
“Organizations need to understand the importance of careful objective analysis when taking decisions as every decision has its impact on the economy. As part of our Corporate Social Responsibility efforts, we are happy to say that in light of the developments through these trying times we have now realigned our strategy to focus on the SMEs and the FOFs that operate in the GCC region. Our extensive experience and expertise will enable organizations to gain access to resources that dedicate their time and energy in conducting objective analysis and studying the issues they face”, concluded Safa Al Hashem.