10 recommendations for a business plan in the UAE

15 / 07 / 2020

One of the first steps in starting a successful company is to create its business plan. What your company will do, on what scheme will work, how to attract customers, what will be the payback periods of investments, how goods will be purchased, or how production will take place - all this must be carefully described in one business plan.

We offer 10 recommendations for creating an excellent business plan.

    1. From the first lines, show that you understand the UAE market, understand how things are now, in what direction the development of the economy is moving. Focus on your qualified team, which really qualified and is fully confident in the future results. And most importantly, answer just one question: “Why should customers choose you?”. Find out how you differ, in what you can be better than your competitors.

    2. Your plan should be clear. Think over the structure and stick to it. Do not jump from one characteristic to another. A well-structured document will show that you understand the point and you have a plan of action. Focus on what your business offers. Don't go deep into the structure of business processes.

    3. One of the most important indicators is how much investment you need and for what, the payback period of invested funds, the timing of dividend payment. Tip: write down what amounts and what payback periods may be necessary with optimistic, neutral and pessimistic development forecasts.

    4. Be open with investors, there should not be any pitfalls. Only transparency will show that you can be trusted and create confidence in you. Stick to this in any business relationship. Pay attention to investor advice.

    5. In order to clearly know how things are going in the future, write down in the business plan the goals that you want to achieve. Then break these goals into intermediate ones, so you can compare expectations with intermediate goals and adjust your actions.

    6. We live in a rapidly changing world, so the speed of entering the market is very important. Determine the minimum with which you are able to enter the market.

    7. Do not forget about introspection. After some time, be sure to spend it, give some report on your results. It is through introspection that truly worthwhile and promising ideas can come up. Do not neglect this, take as much time as you need.

    8. Do not ignore the demand for your products. Determine the size of the market by answering the question: “Will demand ensure the viability of my company?”. For starters, you can do the analysis only in your region. Do not forget about exports, which can give a strong impetus to your business and profit growth.

    9. Make the most of your opportunity to get professional advice from business support organizations. It can be a chamber of commerce or a business incubator. There you can give detailed advice and recommendations specifically for your area of activity, provide information on the specifics of the market and region.

    10. Be realistic, soberly assess resources, time and opportunities. Excessive optimism may just push investors away. Show that you are ready for any development. In other words, in your business plan you must show that you are ready for the worst but aimed at success.

Always be prepared to change the initial plan in the process. After all, the market dictates completely unpredictable rules of the game.