< Previous50 C EO M I D D L E E A S T OCTO BER 202 1 FINAL THOUGHTS KEEPING THE ‘CULTURE OF CARE’ By LARS JOHANNESEN, CEO AND FOUNDER OF PRIVILEE Although there are areas where reducing expenses are needed, I’ve learned that there are three points of the business that have proven to be worth the cost n the past year, our team, product offering, and the size of our offi ce have nearly doubled. With growth and new talent comes fresh perspectives, interesting insights and, of course, thoughts on running the business optimally. For small, but fast-paced emerging businesses, maintaining growth while maintaining fi nancial structure is crucial. Although there are areas where reducing expenses are needed, I’ve learned that there are three points of the business that have proven to be worth the cost: Create a culture that fosters a meaningful place to work This means practising what you preach. For instance, where we sell a product that enriches people’s lives, we want to do the same in our workplace. Companies put a lot of focus on recruiting top talent, but it’s easy to lose sight of placing the same priority on retaining that talent. For us, regular team outings and an engagement calendar that includes things like team workouts and day trips to one of our partners are things that the team appreciates. We also provide regular opportunities for feedback to create an open dialogue to learn where we can do better. Not only are we building team camaraderie, but we’re also seeing high productivity in return. I’ve always believed that an engaged team is the key to performance. If you invest in creating a team that fi nds meaning in their work, they’re likely to take ownership and thrive. When people have passion for their work, they’re driven by an intrinsic motivation, and that’s where the magic happens. Invest in the customer, and the business will follow Just as transparency and fairness are crucial for employees, it should be at the forefront of how you interact with customers. During the UAE Covid-19 lockdown, when our members weren’t able to access the venues, we proactively paused all memberships. Yes, it was an expensive hit for us, but it was the right thing to do, and the resulting customer trust was well worth it. As most businesses will know, the pandemic introduced us all to a new set of challenges and this can easily sidetrack us the things that matter most – the impact on your customers. What is their current experience with your product and how can you make sure you are still adding value to them? Anticipating customers’ needs and providing them with a solution will demonstrate that you can remain customer-centric even during uncertain times. In turn, your business will benefi t from customer loyalty and retention. Value long-term partnerships over short-term fi nancial gain Our business model includes purchasing memberships from hotels and gyms (our partners) in order to provide access for our members. Just as our focus with our members is to add value, that translates to our partners too. We work closely with our partners to ensure that our agreement adds signifi cant value to them. We often adjust our product to help our partners drive footfall to specifi c outlets they want to promote. This can also mean taking a step back sometimes. For instance, if a partner is apprehensive about something in our agreement, we will fi nd ways to ensure that it’s not a concern for them, even if it means foregoing potential short-term business opportunities. In turn, we’ve seen an increasing number of partners working with us on an exclusive basis. In order for business relationships to be fruitful, you should be proactive with what you bring to the table in terms of long-term value, and in return, you’ll secure long-standing and trusted relationships. Our experience has found that maintaining your company’s core values – in terms of workplace culture, customer loyalty and long-term partnerships have proven even more necessary. ICELEBRATING SUCCESS AND ACHIEVEMENT IN THE CONSTRUCTION SECTOR MONDAY 13TH DECEMBER 2021 ConstructionWeekOnline.com/awards #CWAwards DUBAI, UAE BOOK YOUR TABLE ASSOCIATE SPONSOR Saraswati Agarwal Commercial Director T: +971 4 444 3352 M: +971 52 895 2214 Email: saraswati.agarwal@itp.com FOR SPONSORSHIP ENQUIRIES: Anthony Chandran Marketing and Events Manager T: +971 4 444 3685 Email: anthony.chandran@itp.com FOR EVENT ENQUIRIES: LEGAL PARTNERGOLD SPONSORSILVER SPONSORGOLD SPONSORNext >