During a meeting organized by the Asharqia Chamber remotely
Investors: arranging the financial situations of companies is the lifesaver of the crisis
Investors affirmed that the Corona pandemic does not go beyond being a purely “financial crisis,” stressing the need to coexist with it through proper construction, noting that the importance of benefiting from experiences to manage operational costs to reduce losses, adding that the vision for the post-crisis is currently unclear.
Abdullah Al-Duwaish, the founder of the Java Time Cafe Series, said during a meeting organized by the Asharqia Chamber represented by the Remote Small and Medium Enterprises Development Center on Sunday, May 10, 2020, entitled "Managing operational costs in crises" and its management by Nizar Al-Awfi.
The founder of Dallah Al-Faris Cafe, that the steps are taken before the crisis determines how the procedures during the crisis, stressing the need for institutional incorporation of companies, pointing out that disasters in the business world are not an exception as they are repeated continuously between (3 - 4) years, as companies pass through difficulties, whether inside or outside Stressing the importance of financial management in a manner commensurate with the workload by building cost models and knowing the cost of products, calling for the need to employ the accountant to help in construction during work by "setting a financial and accounting system" as two basic pillars, pointing out that companies without a financial and accounting system are exposed for a loss.
He pointed out the importance of adopting transparency with employees in crises to stand with the company in order to take the appropriate decisions in their favor, calling for discussing sources of expenditures and working to reduce them to find appropriate solutions, stressing that companies are required to work for the post-crisis phase to take advantage of the vacuum that comes as a result of the low percentage of business due to a pandemic Corona, stressing the need to start after the crisis in a way to survive, especially since the post-crisis phase will be focused on fulfilling financial obligations, especially as low financial flows will prevent the ability to fulfill obligations after the crisis ends.
He pointed out that the timeline before the crisis will differ greatly, as it will witness more changes, including changing consumer behavior, which calls for thinking in providing products that are compatible with changing consumer behavior, indicating that the crisis contributed to the acceleration of the use of the digital transformation, and he expected to enter that transformation within two years. Instead of 5 years, he explained that speculation about the end of the crisis is not currently known, calling for the need to be cautious and analyze the situation continuously during the crisis, expressing his optimism from shortening the crisis to "3 months".
Abdul Rahman Al-Qahtani, the founder of Tehamiah flavor restaurant, said that arranging the financial conditions of companies is the lifeline in the crisis, pointing out that the crisis is not only "cash flows", noting that there are 83 wrong practices of financial conditions before the crisis, indicating that the current crisis did not witness The world since the Second World War, stressing the need to design a financial structure to stand on financial flows, calling for the need to focus on the loyalty of the customer and employee as the cornerstone of getting out of the crisis and after it.
He called for the necessity of delisting the least-selling and least-profitable products, with the aim of reducing total losses with the decline in demand during the crisis, stressing the need to restructure employees by adopting (efficiency density) for employees, adding that the vision after the Corona crisis is unclear, but the current stage requires monitoring Global transformations to deal with the next stage clearly, stressing the importance of taking advantage of technology in the next stage, especially as the crisis demonstrated the importance of technology in overcoming traditional methods in promoting products.
