The UAE is an attractive market to establish your business. But it is also dynamic and one that offers a number of options for entrepreneurs to set up their business. You need the advice and guidance of a consultant who can evaluate your concept and recommend a market entry strategy that is best suited for your product or service.
Before introducing your product in a new market, a detailed Market Research should be conducted to identify the need for your product.
It is critical to understand the regulatory aspects of the structure most suitable to your nature of business. Having an accurate knowledge of these compliances can help the promoters avoid fines and penalties associated with such non-compliances.
In UAE you will find a number of very cheap options to form your own business. The cheapest option is not necessarily the best option. There may be a number of hidden costs which will surprise you later. Or even worse, the cheapest option you have chosen may not be the right one that your business needs. Not only will you end up losing money but also invest further to redo the right structure which delays your business entry. Make an informed decision, and select the consultant wisely.
A business plan is a 'must-have' document you should invest in. For a promoter, it is a business referral document that assists them to monitor their performance. It guides you on your working capital requirement and enables you to plan your business better.
Handling a business is not easy. You may be an interior designer who has started a business. While you are an expert in your line of business, an enterprise also has other equally critical functions like Accounts, Finance, HR, Marketing, Operations and more. Hiring a business consultant with experience and expertise in these domains can propel your business and make it grow.
Like large companies, SME's too require assistance in managing their business. Timely and relevant advice can benefit an SME and turnaround their business. Hiring a business consultant need not be expensive. It is an investment that will result in profitability. It is however important to find a business consultant with the right experience, one who has worked with SME's.
A CFO's contribution is undeniable. They are the guardian of the finance and accounting function and are instrumental in the successful foundation of your company. However, most SME's would find it difficult to hire a full-time CFO. Outsourcing CFO services is therefore the smart option that gives an SME the benefit of their service at an affordable cost.
The UAE government has announced that VAT would be introduced on January 1, 2018. There is a lot of internal change required that would affect all parts of the business, including sales, purchase, finance, legal and IT. SME businesses need to migrate to an accounting software and should immediately seek advice of a consultant who can ensure the process is smooth.
We live in a competitive world where ensuring our brand message reaches our audience is becoming a challenge. While there are a number of media available from press, television, digital, billboards; most may not be suited for your product or be too expensive. To minimize the risk of unnecessary media expenses it is recommended to hire a Marketing and branding professional who can understand your requirement and advise on solutions that will enable you to meet your business objective.