With SMEs going strong and consistently contributing to Qatar’s non-oil GDP, the opportunities for growth are ample. Especially with Qatar’s business environment and policies which are conducive for micro, small, and medium enterprises to thrive. However, as an SME business owner, you need to be prepared for what’s happening globally – headwinds like economic downturns, geopolitical tensions, reversal in demand-supply cycles, and more. While global headwinds can be challenging, there is no reason why you cannot navigate through them by taking suitable measures in advance.
SME Insurance Can Help You Account for Declining Revenues
During a global economic downturn, there is a good chance that small manufacturing businesses can face significant decline in orders and revenue. With SME insurance from Massoun, your business is covered against loss of profit due if such a scenario were to arise. This coverage helps your business stay afloat by providing financial support to cover fixed overhead costs such as rent, utilities, and payroll, allowing the business to weather the storm until economic conditions improve.
Diversify Your Revenue Channels
With your business protected against loss of financial profits, thanks to SME insurance, you can focus your energies on bringing in more business. To combat global headwinds, small and medium-sized enterprises can bolster revenue by diversifying sales channels. Harness e-commerce platforms to reach a broader customer base and tap into the online market surge. Additionally, explore strategic partnerships or joint ventures to leverage shared resources and expand market reach. Additionally, optimize your data analytics to understand what’s working and what’s not, which can further enhance marketing strategies leading to higher sales.
Manage Your Cash Flows
Maintaining a healthy cash flow is perhaps the key to sustaining and thriving in any kind of economy, let alone when tackling global headwinds. Having a robust cash flow management system in place helps in forecasting, providing visibility into your future financial needs, and ensuring you are in control of your business. Moreover, maintain a lean inventory and work on contingency plans to finance unexpected disruptions arising out of global challenges.
Build a Resilient Enterprise that is Insured
A key objective when operating in the MSME sector should be to fortify your business as much as possible. Anticipating business interruptions and preparing for them well in advance are indicators of a resilient enterprise. You can achieve this by exploring suitable SME insurance solutions that provide your enterprise with comprehensive coverage and safeguard it even during testing times. It is important to look at SME business insurance as an investment and not as an expense since it provides you with a cushion to continue business operations amidst various kinds of interruptions.
Set up a call with one of our insurance advisors to discuss more about your SME insurance needs and how we can help you maintain business continuity. With the full suite of SME insurance solutions offered by Massoun at your disposal, you can stay ahead at every step when facing headwinds.