| 4 March 2024, Monday |

How can companies survive amid challenging circumstances?

Economic researcher Amal Al Mays, provided industrial, and commercial companies through Sawt Beirut International (SBI), a list of recommendations that can help it survive and overcome the crisis amid this tough situation.

Al Mays said: “There is no doubt that the country is mired with tough economic conditions. In order to overcome this crisis, companies must reconsider the production cost and expenditures, and replace imported raw material with local products when possible.” She added that companies should resort to recycling and reusing some of its resources. For instance, a soft drink company have revitalized its campaign related to bottles (drink it and bring it back). Companies should also study their cost and how to set the prices of their goods.

Al Mays added during her interview with SBI reporter Mahasin Morsel that companies should rely on loyalty cards in order to improve their relationship with their customers and retain them. She said that essential decisions must be taken based on customers’ opinions and feedback. Some customers prioritize the price over quality, while others prefer raising the price while maintaining the quality.

Regarding the company’s relationship with employees, Al Mays said: “The company should always be  clear with its employees, as this will keep them loyal to the company.”

Al Mays said: “The key to success lies in creativity, excellence, and the ability to adapt.”

These guidelines may help companies overcome or ease the repercussions of the crisis. However, companies need financial cash flows like direct investments and funds in order to survive and retain their employees.

  • Sawt Beirut International