Innovative engineering house, 365 Ecology, hosted a webinar, entitled “Navigating your Business through Uncertainty”, for building industry stakeholders to discuss possible ways to overcome the current hardships due to the coronavirus (Covid-19) outbreak.
Economies across the world have been hit by the effects of the coronavirus. However, the webinar brought together the industry experts to share their knowledge and best practices for business continuity in the current circumstances.
The webinar tackled different operational aspects, drawing a road map of measures businesses should take at times of crisis, while providing advice on some of the topical issues arises from this outbreak.
Osama Bekhit, Founder and Managing Director of 365 Ecology, hosted and moderated the online discussion that was attended by representatives of construction, engineering, and real estate firms.
Bekhit was joined in the discussions by Strategy Consultant Islam El Saadany, and Legal Consultant Ahmed El Laithy, who raised questions and scenarios for business continuity. They also provided real life examples of how 365 Ecology is maintaining operations during these times.
Most businesses are slowing down but have not completely shut down. Aviation, marine, and tourism industries have been the most affected by the circumstances, with major potential losses. However, with business revenues going down by an average of 30%, the main scenario trigger here is time.
“We know businesses have slowed down, and the only way we can continue to navigate these unchartered waters, is to look at the full spectrum of outcomes. What are the implications?” Bekheit said. “Cash flow is a key to continuity. At 365 Ecology, we’ve started putting into action measures to help us build sustainable win-win situations with all our stakeholders.”
For his part, El Laithy said, “When managing a crisis, the first step is to define the scenario trigger which in this case is the novel coronavirus. To date, this is considered a critical condition and not a force majeure.”
He highlighted the importance of understanding the difference between the two and their implications on businesses.
Meanwhile, El Saadany shared his experience as a strategist and expert in market analysis and trends. He identified that when dealing with a crisis such as the current situation, as opposed to a force majeure, macro and industry implications need to be considered.