By The UAE businesses are gearing up for a rebound after a downturn due to the COVID-19 Pandemic. Investors are hopeful for a full recovery and businesses are anticipating being ‘Back to Normal’.
Businesses must have certain steps in place to ensure the people who get back to work are not under any health hazards. Companies at the same time must operate efficiently to cover operational losses.
5 Ways to Achieve Business Sustainability for UAE Companies
Here are 5 ways to make your organization ready to achieve long term business sustainability.
1. Having a Well-defined Contingency Plan
Businesses must prepare a Contingency Plan for reviving the organization to ‘Business As Usual’ from the effects of the Pandemic.
Following the Safety Norms
Disinfect office spaces, work-from-home solutions, reduced work-timings, etc. Re-strategize business processes to surpass the downtime due to the pandemic.
Leverage technology solutions such as remote Video-conferencing with the team, suppliers, stakeholders, clients, etc. It will ensure the team is well-informed and are working in synergy.
2. Digital Transformation
Digital transformation has a huge role to play in organizations in achieving long term sustainability.
Employees must be trained to work in remote locations, work from home. The required infrastructure must be made available to handle the remote works by the employees.
Digital Transformation to Achieve Business Sustainability
Online meeting platforms, workstations, laptops, resources for remote work requirements will help the organization to work in synergy at such tough times.
Also, secured systems must be in place to avoid any information hacks and malware attacks. Digital transformation is a must-have for today’s organizations to sustain the tough times.
3. Proactive Approach
As businesses restart operations in full fledge, there needs to be a thorough analysis of the existing situation.
The business operations, supplier relations, financial performance, etc., must be monitored to keep things afloat.
Resource Optimization and Allocation in the right way
A proactive approach to optimizing the business resources and working lean to achieve long term sustainability must be the key focus.
Businesses must consider re-structuring the operations, supply chain, organizational structure, resource allocation such a way it helps in achieving and enhanced productivity at the lowest cost.
Also, the businesses must be working towards achieving long-term sustainability by minimizing resource wastage, financial management, and employee management.
4. Employee Engagement
Employee engagement is crucial for retaining the best talent and empower employees to work effectively and get recognized.
From top-level executives to assembly line workers, employee engagement is the key to achieve corporate sustainability.
Employees Role in Contributing to Business Improvements Ideas
Large and small companies alike are integrating sustainable business operations into all employee’s jobs and becoming successful.
The employees must be the active contributors to innovative ideas to enhance production efficiency, staff management, process optimizations, new technology adoption, etc., and would continue to work ahead.
5. Supply Chain Re-Structuring
Supply chain re-structuring is a proven strategy during crisis times to turnaround the organization’s operations.
It is all about putting the right people in the right spots to get things done effectively. Analyze the workforce capabilities and the operations workflow process.
Identify effective ways to reduce wastages, increase worker efficiency, and deliver the results with utmost quality.
Organizations Need for a Business Continuity Plan
Business Continuity Plan is the preparedness of the organization to deal with a problem and the plan of action for risk mitigation daily.
The best practices and fine-tuned business operations will enhance productivity and employee engagement.
3 Drivers in Achieving Business Sustainability
1. Employee Training During Crisis Time
A key aspect to focus during downtime is employee training and skill development.
Most of the large organizations due to the overhead expenses and other costs would look at lay-offs as the first option during any crisis.
However, laying off your best talents would in the long run affect the overall growth rates and productivity of your company.
2. Empowering the Employees with New skills
Instead, effective employee training and skill development programs must be in place to empower the employees.
Empower employees with new skills and knowledge about current trends and business revival strategies. With a combined effort, there is stands a sure chance of turning around your business in the event of downtime.
You can transform your company into an efficient business establishment and launch products that would be of a value-addition to the customers.
3. Preparing an Action Plan to Secure the Future
Creating an Action Plan helps in creating futuristic strategies for the brand.
It covers a wide scope of ecological, social, and economic aspects of the brand and will act as a roadmap to achieve sustainability.
Importance of Business Sustainability
Sustainability is becoming more important for business due to the complex market and quickly changing business environment.
62% of executives consider sustainability strategy essential to be competitive today.
Big and small brands alike are striving to achieve long term sustainability and stay competitive in the dynamic market scenario.
