HOW TO MANAGE YOUR BUSINESS, WORK AND FINANCES DURING DISRUPTIONS

The outbreak of Covid 19 has caused extreme disruption to the global economy. We will be releasing a longer series of articles in the coming weeks on how you can mitigate disruptions, and even try to come out of this social crisis stronger than before. For now, you can read our brief summary below:

RESTRUCTURE PAYMENTS; FOCUS ON ESSENTIALS

If you are pressed for cash, immediately list which payments are essential and which are non-essential. Prioritize necessities and establish a 3 month contingency plan where you prioritize payment for necessities and living expenses.

If you have problems with debt, rental payments or any other kind of monthly payments which will come due, and you anticipate any payment disruption, negotiate with your creditors! Most contracts (including tenancy leases) contain force majeure clauses (which suspend obligations in situations beyond the reasonable control of parties), and GCC courts (UAE, Bahrain, Qatar and others) will generally allow for payment plans in times of financial distress. Furthermore, most common law countries, such as the US, Canada, UK, Scotland, Ireland, Australia and New Zealand, incorporate principles of equity and justice within their legal system.

Therefore, in times of crisis, use these legal principles to your advantage! If you can use them before the courts, use them before your creditors!

EMBRACE THE DIGITAL ECONOMY; WORK FROM HOME

In the period before the digital age, many scholars, consultants and business people corresponded by telegram and post. This allowed them to complete many tasks from a home office or office building, while minimizing physical presence (or utilizing their presence more efficiently). Before the industrial era, written letters and even "air mail" through the use of homing pigeons could easily be dispatched from the comfort of a home work space.

The digital economy has made communication even easier! Therefore, face time at the office, endless meetings and physically leaving your house is not a necessity. Despite these facts, many people still cling to formalistic office spaces and routines designed by corporate culture.

Work from home can allow for more efficient, effective and quicker communication in the service sector in many cases. It reduces commuting time and pollution, and allows workers to utilize their time more productively, by cutting commutes and facetime.

IN FACT, it should be made known that the Dubai Courts have announced this week that all hearings and submissions will be done ELECTRONICALLY. In this way, things can function normally to the extent possible, and everyone can stay safe!

We should all take a lesson from the above example. If a whole court system can move all its activities online during a crisis, why can't we?

FOCUS ON THE NECESSITIES

When structuring your work and life, it is important to keep track of the necessities in this time. These are Food, Shelter and ACCURATE Information. The digital economy makes these available at a click of a button as well. Groceries, food and room/hotel/accomodation bookings can be made easily online through multiple providers. Delivery and mail services will still be functioning as well in all likelihood, and can be easily coordinated online and by phone. Finally, accurate information is available, but it should be obtained from official sources to the extent possible.

Therefore, stock up, but there is no need to hoard. The necessities will continue to remain easily available, hopefully.

CONCLUSION

This is a testing time for us all. The social disruptions are real and potentially severe. However, this does not mean that you can't try to take a positive and proactive approach, which may lead to an improvement in your productivity, efficiency and long term earnings in the larger scheme of things! Perhaps this crisis will kick off a work from home revolution which will help end some of the drawbacks of corporate culture. Maybe people will improve familial bonds due to more time spent at home. Whatever the situation, it always helps to be proactive.

Most of all, stay safe, stay healthy and follow the directives of your government to contain the spread of illness wherever you are!