This Business News Story Was Uncovered By Us From: https://blog.eonetwork.org/2020/04/a-survival-kit-for-entrepreneurs-from-the-consumer-facing-sector/
The makeup of this article, that was first tracked down by our team of editors, will offer the reader, if you Opt to look into this topic of interest, more closely, to get get a far greater understanding on this Area of interest. For more related articles just like this one, that highlights the points being referred to, please go to our blogs home page – that can be reached by going to: https://blognews.turnkeywebpublishing.com. Where you will Learn of real solutions, to the challenges and information deluge you face as an entrepreneur.
Written by Abdul Wahab Al-Halabi, partner, Decker & Halabi, and member, Entrepreneurs’ Organization UAE. A version of the following article originally appeared on Entrepreneur Middle East.
As an entrepreneur in the UAE, I have been in consumer-facing industries, such as leisure, food and beverage and fitness. As everyone knows, ever since the coronavirus pandemic hit us, most of these businesses have gone from making money to generating almost zero revenue, across the board, in a matter of weeks.
It is one thing to deal with challenging business environments, but it’s a totally different discussion when you are no longer able to operate your enterprise at all.
These are some of the key thoughts and decisions that have been on my mind as I looked at my entrepreneurial ventures:
1. CASH
As soon as you see yourself heading to a zero-revenue situation, it is time to assess how much cash you have in the bank, and calculate how long you can last with it. If you take the decision not to fold your business, then you have to develop several scenarios of how long the shut-down will be for, and what the ramp up will look like afterwards.
In our case, we did just that. We also had a very brutal look at our costs. We stopped all payments while we did this, and then had very hard conversations with all of our landlords, suppliers and creditors. It’s good to see that the government has been extremely supportive, and that has been shown in the attitudes of lenders.
However, in our industry, leverage isn’t common, and we do have debt. At the end of the day, the primary objective of this exercise was to figure out how we could be still standing on our feet when the fog lifts.
2. PEOPLE
Consumer-facing businesses like o… Read More
Our huge resource of training content which are Fully free to access, is your ultimate training hub to discover precisely how to build income streams from numerous niches and web startup ventures. Our blog portal is full of indespensable tips , tools and insider top news stories, to help build and scale up your online startup – step by step: by demenstrating to you how it is done – with expert analysis in uncovering hidden, untapped goldmines, that you can setup for long term success.
