CEL­E­BRATE IN TOUGH TIMES

MEP Middle East - - EDITORÊS NOTE -

Hope you all are ready for the big­gest MEP award’s event of the year. The MEP Mid­dle East Awards 2018 will be cel­e­brat­ing its twelfth year this year, and it’s time to recog­nise you, your projects and ini­tia­tives. This year we wit­nessed a large num­ber of nom­i­na­tions for the Young En­gi­neer of the Year cat­e­gory. It is great to see com­pa­nies push­ing for­ward th­ese engi­neers in or­der to be recog­nised for the in­cred­i­ble work they have done. The six judges of the awards also felt this year the nom­i­na­tions were of good qual­ity. This proves how se­ri­ous the MEP sec­tor is in tak­ing the time out to bring forth their achieve­ments.

Af­ter a few chal­leng­ing years of oil price de­cline, pub­lic sec­tor spend­ing cuts, tighter liq­uid­ity, and in­vestor un­cer­tainty, the MEP sec­tor in the re­gion seems to be pick­ing up. This re­vival is pos­si­bly due to re­cov­ery in oil prices, the in­tro­duc­tion of the tax re­form and the on­go­ing ac­tiv­ity re­lated to Expo 2020. How­ever, mar­ket news apart, I have also no­ticed a few com­pa­nies who were quite promi­nent last year at the MEP awards, are now no longer con­spic­u­ous.

Dur­ing tough times, it’s best to pro­tect your cash flow. Cash flow is the lifeblood of an or­gan­i­sa­tion. To keep your busi­ness healthy, cash needs to con­tinue flow­ing through. One should see what can be done to re­duce in­ven­tory costs with­out sac­ri­fic­ing on qual­ity. If your busi­ness is go­ing to pros­per in tough times, you need to con­tinue to ex­pand your cus­tomer or client base and that means draw­ing in cus­tomers from your com­pe­ti­tion.

Also, many or­gan­i­sa­tions make the mis­take of cut­ting their mar­ket­ing bud­get or even elim­i­nat­ing it en­tirely. But tough times are ex­actly the times your busi­ness needs mar­ket­ing the most. Hard times make it harder to bor­row and busi­ness loans are of­ten among the first to dis­ap­pear. With good com­pany credit, your or­gan­i­sa­tion stands a much bet­ter chance of be­ing able to bor­row the money needed to keep your busi­ness afloat if you need to. In ad­di­tion, in prepa­ra­tion of a slow econ­omy, your com­pany could also ac­quire fail­ing busi­nesses. The idea is to al­ways think long-term and what’s best for the com­pany. It’s best to be in­no­va­tive in an un­cer­tain eco­nomic en­vi­ron­ment.

De­spite tough times, we still be­lieve in cel­e­bra­tions. We all ac­knowl­edge that this is a volatile mar­ket, and the re­main­ing few de­serve to be cel­e­brated, and what bet­ter way to cel­e­brate than at the MEP Mid­dle East Awards.

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