With an aim to prepare start-ups with plans on how to revive a distressed business, Zubair Small Enterprises Centre (Zubair SEC) organised a ‘Tajribati’ session on ‘turnaround strategies for SMEs.’
The ‘Tajribati’ session provided an overview on methods to develop strategy and framework for effectual turnaround of businesses that are in trouble. It also deliberated on tactics to bring under-performing businesses back to profitability.
Shatha Al Jabri, marketing director, Meshan, Adel Al Abri, founder of Uniboats, a water sport equipment and activity company and Abdullah Mohammed Saud Al Dughaishi, founder of Gourmet Taste Sweets LLC who were the key speakers provided personal inputs on the challenges they faced while running their business and turnaround strategies they adopted. These three members of Zubair SEC have been winners of its Direct Support Programme in the past.
The ‘Tajribati’ series serves as a unique platform to connect industry experts with start-up owners and new entrepreneurs to exchange views, discuss common challenges and share best practices. The ‘Tajribati’ discussion series organised by Zubair SEC is aimed at supporting young entrepreneurs and owners of small and medium enterprises.
The session on ‘turnaround strategies for SMEs’ discussed topics such as: Should SMEs stick to their original business models and keep trying to make them work?; When does an SME need to consider change in business model?; What are the recommended approaches to apply a turnaround plan and what are the role of advisors?
Ali Shaker, Business Advisor at Zubair SEC said, “We have come across situations where our members who are extremely capable, very informed in their business, finding themselves in a state where their business is struggling. That is why we decided to focus on this topic to help aspiring SMEs develop a turnaround plan to save their businesses from crisis. When companies have established guidelines to deal with latent problems, they are prepared when faced with a crisis. Turnaround becomes easy when there is an organised, methodological and structured approach to the revival of a business that has got into troubled times. Zubair SEC clearly understands the significance of such topics for start-ups and new entrepreneurs. This session was special because we had our members talk about their own business journeys.”
After sharing her experience, Shatha Al Jabri advised, “Many firms over the lifetime of their business cycle will face a situation where their business runs into some problem or other. These companies need a turnaround strategy to get them back on their feet. Being prepared for a crisis can help businesses reverse a difficult situation. I would counsel aspiring entrepreneurs to have plans in place for numerous eventualities and always be prepared to manage any crisis.”
Revealing the challenges, he faced during the course of establishing his business, Adel Al Abri said, “Even leading companies of the world have come close to failing, but with a structured and introspective turnaround strategy they have experienced recovery. Sometimes just redefining the company’s vision, purpose, mission, values and brand can help the company get going.”
Talking of his journey, Abdullah Al Dughaishi said, “Effective turnaround efforts require speedy response in recognising causes of failure and recommending essential corrective measures.”
Zubair SEC has held several workshops and ‘Tajribati’ sessions covering a variety of topics pertinent to SMEs. Given the importance of such topics, the Centre keeps planning workshops and ‘Tajribati’ sessions to keep building capacity of its members in critical areas.
Zubair SEC facilitates business development opportunities for its members and strongly believes that development and success of small and medium enterprise sector depends on the efficient support they receive.
Zubair SEC, a flagship social impact initiative of The Zubair Corporation, has more than 450 members who are entitled to the centre’s advisory and capacity building services along with networking opportunities and business development support.