21 August, 2020
7 Ideas to Ensure Business Continuity in 2020
This year, 2020, has been quite tough around the globe and has indeed created challenging economic conditions for businesses of all types. On the one hand, setting up a new business could not have come at a more challenging time. On the other hand, for existing or established businesses, the conditions have been quite demanding – whether your business is a startup, or an SME, or a large corporation, or in fact a globally listed organization expanding into the UAE.
In this context, what if you had the right business advisory in Dubai, available just a click away?
What if the economic conditions for businesses have been so challenging that you require expert business consultants to provide the perfect advice for you?
What if the strategy involving the appointment of corporate business partners is simple yet powerful in the long term sustenance of your business?
Here we present to you 7 simple ideas to ensure business continuity in 2020:-
How to Engage a Corporate Business Partner?
The corporate business partner is a critical aspect of businesses operating in the UAE. There are some parameters that determine if the local business partner would in fact be a local business partner or a local service agent. These parameters are:-
- The jurisdiction of your business license issuing authority – only mainland companies are required to appoint a corporate business partner;
- The legal structure of your business; and
- The business activities that you intend to carry out on your trade license
While these are only the determinants of whether it is a corporate business partner or a local service agent, the law mandates that in mainland Dubai it must be one of the two and this cannot be avoided. Naturally, the right way would be to ensure there is smooth synergy with the business partner for business growth.
Strategically Engage the Right Local Business Partner
For any business that is setup in mainland Dubai, the UAE regulations mandate the appointment of a local business partnership, in the form of an individual or a business entity.
In these challenging economic conditions for businesses, the points to remember for business owners are:-
- Engage corporate business partners who align with your business vision;
- Look for scalable business opportunities;
- Identify the right synergy with your corporate business partners;
- Always remain open to expanding new horizons; and
- Leverage on the business network of your local business partner
Synergize with Your Business Consultant
The business synergy with your business consultant is extremely critical in weathering the storm posed by challenging economic conditions for businesses. Sometimes, the local or Federal Government regulations may be crucial in determining minor tweaks that could sometimes take your business a long way.
For instance, a business advisory in Dubai like Corporate Business Services provides its customers and partners with advice on mandated regulatory mechanisms or frameworks, such as the recent requirement for economic substance regulations.
It is therefore important to obtain the right market intelligence and advisory services from business consultants – while some advice may help you grow, some may help you optimize.
Be Smart in Selecting your Office Space in Dubai
Some businesses do the cardinal sin of overspending on their office space in Dubai. Picking the right office space in Dubai is one strategy that can really help you in optimizing one of your biggest business overheads – that of rent.
So, what should businesses look for in picking the right office space in Dubai? One of the places to start would be to first determine if your business actually requires a dedicated or private office space in Dubai, or if your business may well operate with shared office space in Dubai.
Engage with a Business Advisory in Dubai
A company in Dubai would be able to overcome the tough economic conditions for businesses by adopting the right business advisory in Dubai. Usually, a business advisory in Dubai provides companies with the ability to optimize their resource outflow, while providing high value in delivery. Some of the benefits are:-
- Ability to provide outsourced business services;
- Bundled value propositions that usually give reduced financial outflow;
- One-stop-shop solutions for multiple services;
- Provides flexibility in scaling their service delivery aligned to your business; and
- Expert advisors who look out for your business interests rather than their business interests
Read more about corporate support services here
Pivot your Business for Sustained Organic Growth
A critical challenge faced by all businesses lies in their ability to strategically realign their business while retaining core focus on their vision. One such advantage provided by business consultants is the direction and execution path for companies to pivot their operations, in order to better face the tough economic conditions for businesses.
Business pivoting may be strategic, involving a complete rethink of your business direction and activity; or it could be a minor change in certain aspects or processes – the end objective remains sustenance and growth.
Look for Strategic Business Investments
How do you ensure steadiness and continuity, while facing economic challenges? The answer lies in the ability to use strategic business investments for your growth.
For instance, would your assets be better worth if they were invested back into the market, or if they were idle? Not only investing but even utilizing your assets, including your employees and resources, would be beneficial to companies.
In short, the tough economic challenges for businesses bring out the best in you. Do reach out to us for a free consultation and we will be happy to guide you through opportunities that align with your business.
- How would an office space in Dubai help in ensuring business continuity?
Ans: Business continuity is best driven by a constant surge in revenue and profitability, balanced by cost optimization and plugging revenue leakage. Identifying the right office space in Dubai would help you reduce your overhead expenses while ensuring you follow the mandated regulatory compliance.
- How would a corporate business partner in Dubai lead to business continuity?
Ans: Your local business partner in Dubai is your gateway to a wide and untapped network that if rightly used, can provide the much-needed impetus to your business.