Dubai: By launching alternative revenue streams, evaluating finances to manage cash flow, injecting personal funds into their businesses and negotiating payment terms with partners, UAE-based small and medium-sized enterprises (SMEs) undertook several measures to stay afloat during the pandemic.
Financial challenges forced most companies to implement certain drastic changes to their strategy and in the way they worked, said Dr. Christiane Schloderer, CEO of Dubai-based business consulting firm Growth Partners. “Having worked with a mix of companies, we saw that some had troubles, most went by just okay while a few thrived well due to the shift towards digital. We only had one early-stage company that might shut down.”