Dubai Deemed the Ideal Location for Small and Medium Enterprises (SMEs)
With the recent developments in the UAE, Dubai is regarded to have transformed into the perfect hub for all small and medium enterprises (SMEs). There are about 400,000 companies in the UAE, out of which 95% are located in Dubai. Moreover, 47% of Dubai’s development comes from these SMEs. Whether you are considering opening a new business in Dubai or looking to expand your existing operations, the experts at Creation Business Consultants are here to help.
SMEs ARE THE BACKBONE OF BUSINESS INDUSTRY IN DUBAI
Today, SMEs are regarded as the backbone of the business industry in UAE and have constantly supported this country’s growth and foreign investors due to the various facilities offered by the government and reputed business consultancies. In fact, reports have shown that SMEs contribute about 60% to the GDP of the country.
The recent partnership between Dubai South and the Union Of European Expert Chambers (UCEE), coupled with recent government changes to make company formation simpler, will only further the economic foundation for the growth of SMEs in Dubai.
At Creation, we believe in the growth of SMEs and aim to provide assistance in developing your small enterprise into a well-developed business. From setting up your company to achieving expansion and longevity, we are here to help your business grow.
TIPS TO EXPAND AND GROW YOUR BUSINESS IN DUBAI
Adapting to changing business conditions to grow your business is not always an easy goal. However,expansion and growth are considered a necessity for a company to survive the evolving climate and economic changes of the business world.
On the plus side, if you are considering growing your business, you have survived the startup phase and are ready to pave your path forward. Before you embark on the journey to expansion, ask yourself the following questions:
What is the next stage for your business?
Is your business ready to expand to the UAE?
Is it necessary to grow your business in Dubai?
How will you plan and strategize the growth of your UAE business?
When will you be able to expand your business to Dubai, the UAE and the GCC?
Are you planning to future proof your UAE business?
There are several ways to grow your UAE business, and selecting the right option(s) for your business will vary according to business type, available resources, timeframes and funds. We’ve compiled a list of ideas to help grow your business throughout Dubai, the UAE, and the Middle East. Whichever direction you choose to expand your business, the experts at Creation Business Consultants have compiled a list of top ideas to get your started on the right foot.
OPEN A NEW LOCATION
The path to expansion starts with a single step. Start by opening a new location to expand your brand and reach. If your current business location is not working well, then it may be worth considering another location. Consider your target demographic within the potential new location. Additionally, be sure to consider the following:
Will there be enough foot traffic?
Is the new location easily accessible?
Is the new location in the right area to reach your target demographic?
When it comes time to select a location, be sure to enlist the help of an expert who can suggest and shortlist potential locations.
FRANCHISE YOUR BUSINESS
If you want to open a second location but simply don’t have the time or manpower, franchising your business is the ideal option to keep the wheels of growth and expansion in motion. Franchising your business allows your company to grow without involving you to run and manage the new location. Additionally, franchising allows you to expand while spending your time on progressing and developing your business in other ways.
LICENCE YOUR PRODUCT
Licencing your product provides a valuable, low-cost growth method for your company, particularly if your business provides a service product or branded product. Licensing minimizes your risk and involves lower costs in contrast to the price of setting up your own business to produce and sell your brand or product. Before licencing your products, be sure to thoroughly research a suitable licensing partner that provides products or services similar to yours. Before you arrange a meeting or contact any company, find a competent attorney who specializes in intellectual property rights. This is the best way to minimise the risk of losing control of your service or product
ESTABLISH AN ALLIANCE
Associating your business with a similar type of business can be a powerful way to expand quickly. Strategic alliances between two companies can provide an appealing avenue to break into new markets. Additionally, a well positioned partnership can provide instant access to new customers. A partnership doesn’t necessarily have to be about bridging markets. A partnership can also supply capital, access to technology, manufacturing processes, etc.
Diversifying is a great approach to growth, as it permits your business to create diverse income streams that can cover seasonal voids which will increase profit and sale margins. The most common forms to diversify are:
Selling complementary products or service.
Importing or exporting yours or others products.
TARGET NEW MARKETS
Your current target market is performing, however there may be other niches in the market to hone in on.Are there other opportunities? You can enter new markets by building off of your current brand awareness. Start researching to seek openings in other markets that could use your product.
OBTAIN A GOVERNMENT CONTRACT
A greatstrategy to grow your own business is to win a contract from the government. In the UAE, there are many opportunities available. Governments support and fund many businesses. Research government funding support to determine the types of contracts available to your business industry.
MERGER & ACQUISITION (M&A)
A business merger may provide your company a chance to grow its market share. Start by considering what businesses are similar to yours, or those who have similar offerings to yours. Determine the benefits of combining strengths or acquiring the prospective company.
Thoroughly evaluate your liquidity and financial capability.
Put together your perfect finance, sales and marketing and operations team.
Obtain the best leadership team you can.
Establish your goals and measure for success.
Ensure information can be shared securely and efficiently.
Creation’s Mergers & Acquisitions consultants have the insight and experience to advise corporate and private equity investors through the M&A process. From introducing strategic partners, preparing investor packs, forming strategies, due diligence to integration or divestiture, we provide solutions to support you to achieve your growth objectives.
EXPAND TO THE INTERNET
A lot of customers find a business through an online search engine. In fact, 76% of consumers look at online presence before they physically visit or make a purchase. If you want to reach the maximum number of potential customers you must have a robust online presence. From an engaging website to social media presence, expanding your internet presence will help you target a wide range of customers locally and globally.
If you already have an online presence, it can help to enlist the expertise of a digital marketing company to help you identify search terms for your product or services and start a small Google ad campaign to enhance your results. Once you start to see results, you will be able to increase a wider net of customers you never knew existed.
ENTER NEW MARKETS
Globallyexpand your business and enter a new market. Whether you are an individual or company looking to establish a commercial presence in Dubai, Abu Dhabi, wider GCC, onshore, free zones or offshore, expanding your business into new markets can feel overwhelming. The experts at Creation Business Consultants are here to help you navigate the intricacies of expanding into new markets. From initial application to commercial registration, we offer a flexible, streamlined, and cost effective approach to company formation and local partnerships.
CREATION BUSINESS CONSULTANTS
Whether you need help setting up your new company or you need help expanding into a new market, Creation’s team of professional business consultants are equipped with the knowledge, expertise, and experience to help your business grow. Contact a member of our team toschedule your free business consultation on email@example.com or call +971 4 878 6240.