UAE

The importance of staying curious in these times

The COVID-19 pandemic had brought all lives to a standstill. All industries had to incur financial losses as many people became unemployed while some companies went out of business. However, if you look at organizations like Amazon, Google or Zoom, you would notice that these companies thrived in these trying times. While Amazon and other similar e-commerce platforms started delivering essentials to all households, Google and Zoom like platforms gained their popularity as classes and meetings needed an online platform for discussion and everybody went online for buying and selling. It is exactly how successful businesses create their opportunities.

Curiosity is the driving factor in any organization. Those who ask questions not related to their domain, do so because they seek knowledge. They want to feed their curious minds. In an enterprise, being curious is especially essential when it comes to handling uncertain market situations and conditions. It helps to make quicker decisions and generate alternatives with positive effects.

What are the Benefits of Curiosity?

Adaptability is an important deciding factor for the success of a company. The market is continuously evolving with the changing needs of the customers. So, curiosity is critical in thinking out-of-the-box. A brainstorming session with a team of inquisitive individuals can have much better results than a hierarchical model where only the teams assigned with a certain task, make the calls.  Frequent open conversations lead to better team performance and even help in reducing conflicts. These factors might seem trivial, but they often cause unnecessary wastage of time and resources, otherwise.

Developing curiosity also helps in taking on new challenges and encourages the mind to try something new. A dynamic business model requires design thinking and innovation. Marketing your service or product is all about generating demand for it among the potential customers. 

Having an empathetic heart is crucial for a successful venture. We start asking questions and try to understand others, instead of judging them. It helps in building a better interpersonal bond and could also be the next great idea that could take the market by a storm.

Curiosity makes us question our decisions and helps us in developing better problem-solving abilities. On an entrepreneurial level, it is pivotal to experiment, observe and analyse new ideas which can generate better revenue and work towards an exponential growth of the company.

RSM Insights

The pandemic has taught us that all the cards won't play in one's favour. A venture is always vulnerable to the ups and downs of the market. While disaster recovery and business continuity plans can keep the company running, they are not sufficient to stay afloat during difficult times. Stepping out of the comfort zone and accepting the hard truths of dropping sales while keeping an open mind is the first step to self- awareness. So, keep the wheels of your brain running at all times and feed your curious mind.

Feel free to consult RSM UAE to discuss your financial and budgeting concerns. RSM is one of the world’s leading audit, tax and advisory service network, recognized for innovative solutions across the globe. RSM professionals can help your company undertake granular analysis required for a comprehensive forecasting and budgeting exercise.

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