Do it differently

Times are tough, and everyone knows it. The commercial world is awash with terms such as "streamlining," "remodelling," and, inevitably, "redundancies." If you're a CEO, the chances are you are now in the throes of making decisions you would rather you didn't have to make.

The people you employ are the lifeblood of your operations, and your relationship with them is a two way street: they work for you, and you have a duty of care for them.

Any CEO letting people go today, and that will be most of you, must be keenly aware that there is little in the way of work for the newly unemployed to find. Being made redundant today is a far bigger blow to an individual, or that individual's family, than it was only a year ago.

Of course, tough choices must be made for the greater good. But the importance of being proactive in terms of meeting customers' needs rather than just hoping everything will turn out for the best in the end, has perhaps never been higher in the commercial world. If customers cannot pay, or look like they might default, then it is now imperative for companies to find ways to make the terms of business more attractive for the customer, sooner rather than later.

You can read about how construction firm Deyaar is doing this in the article (Mr. fix it). Amongst other things, they are reducing the cost of properties already bought. That is an extraordinary measure.

Innovate or die is a terribly tired phrase, but it's truer now than ever. Nothing is the same as it was. And you must change too - for the sake of the people you're responsible for as much as for your balance sheet.

Damian Reilly is the editor of Arabian Insight.

Print | Email | Discuss this article

| Share |

READERS' COMMENTS

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic. Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Enter the words above *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM