Many businesses were forced to adapt to survive the impact of the COVID-19 pandemic. For some, this caused operational and financial difficulties, while for others it offered expansion opportunities. ProDent took a hit to revenue during lockdown but managed to emerge stronger by adapting one of their services to support customers during the restrictions.
After working with ProDent to provide a funding round, Beehive caught up with their Owner, Robert Traquair, who shared their experiences during the pandemic and how Beehive helped them with expansion.
Using Beehive to Fund your Business
Why did you choose Beehive for your funding?
We chose Beehive for funding because of its low-cost finance options. The rates they offered were more favourable than a bank, which gave us the confidence to take the step to grow the business.
What did you use your funding for?
We used the funding to expand ProDent. We opened a new flagship workshop in Al Mamzar which allowed us to service more customers and meet their demands.
How did you find the process?
The process was very easy compared to other options such as bank loans. The Beehive team clearly defined and explained the process which made it an easy decision for us to proceed with the funding.
The Pandemic Impact
Did COVID-19 affect your business?
Yes, it did. We not only service business-to-business (B2B), but we also service the general motoring public too. Both revenue streams took a massive hit as lockdown set in with the COVID-19 pandemic. At that time, we were also in the midst of opening up our new workshop.
What has been the biggest challenge throughout this period?
Our biggest challenge has been keeping our workforce safe whilst delivering our services and maintaining our business’ bottom line. Whilst we understand all the restrictions and precautions are necessary, it has slowed our operations down, like most businesses.
The Pandemic Pivot
How did you adapt?
Given that customers had restricted access to our workshop, we made sure that our mobile teams were still able to operate so we could still service our customers. We ensured that safety precautions were being followed at all times during servicing.
How are you operating now and how will you continue in 2021?
Our workshop in Dubai Investment Park was fully operational even during the lockdown. Our newly opened workshop in Al Mamzar is thriving. We have added new services along with our mobile units. We are also very excited to be working on a new business under the ProDent umbrella.
What positives, if any, have you experienced from COVID-19?
Our mobile service has grown, particularly due to movement restrictions. Despite all the challenges we have faced, our business has grown during the pandemic through leaner operations and thinking.