Despite being nearly half a year into the global lockdown, the current economic condition for MSMEs across the Gulf Region remains uncertain, and decision-makers are scrambling to put together protections and policies to safeguard the security of small businesses. As MSMEs consider their survival options in the present, they must also consider how they should be pivoting and preparing themselves for the post-pandemic world. With so many changes taking place now, which will most certainly change future outcomes, how can MSMEs prepare for business “as usual” in a post-COVID-19 world while trying to endure in the present?

This webinar will aim to:

• Summarise how current challenges faced by MSMEs across the Gulf Region will change business protocols and outcomes down the line,
• Explain why MSMEs should implement corporate governance structures in the present to strengthen their business protocols and processes for the future, and
• Analyse the steps that MSMEs can take at present to implement safety measures and secure their future in a post-pandemic environment.

In this webinar, we learned:

• Entrepreneurs should work towards their dreams, but be pragmatic about how they approach their goals. Good businesses are grounded in formal structures and value systems.
• A company must have a strategic plan with a focused thought leader. This may not be a board member or the company CEO, but the management needs to know the vision and mission of a company, which then influences the management of the business.
• Businesses should not be overly competitive when it comes to matching costs and expenditures. An MSME needs to evaluate its own needs and competencies before spending too much.
• The CEO and Board are custodians of the company and the trust that company stakeholders have. This should be their core role and their integrity must be unquestionable.
• Businesses can create simple governance tools at the outset to manage their most pressing concerns. These can be scaled up in the future, but governance should never be left by the wayside at the start of a business journey.