CELEBRATE IN TOUGH TIMES
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.