The growth of Free Zones such as IFZA has made company formation in Dubai easier than it used to be, however incorporating your business is one thing; staying on top of the fierce competition and navigating through the constantly changing marketplace is another.
Here are a few universal principles that would help you stay on top of your business game:
Be relevant
Find out what people want and need, and make your service or product be part of what people are saying. Move ahead, expand and provide something fresh on top of what your competitors are providing. Either way, pay close attention to how relevant you need to be.
Don’t compromise on customer service
Trust is an important commodity in business. It takes a lot of effort for your clients to trust you and one error will risk losing that trust. Invest in training your people to offer your customers high quality service.
Dare to take risks
There are many startups who take the easy road. By doing something differently, you may find a totally new and exciting place for your company in your market.
Don’t be scared of failure
It’s almost impossible to succeed without having to fail first. As author CS Lewis once wrote, “Failures are finger posts on the road to achievement.” There are often as many lessons learned from a failed project as with a successful one. Above all, the most important thing you can learn from failure is how to get back up on your feet and keep on trying.
Choose technology wisely
Technology and innovation have helped make business processes easier for startups. Be on the lookout for ideas and technologies that would help you run your business more efficiently.
Hire people strategically
As businesses grow, so do the need for additional people. Take your people requirements seriously. An important business strategy is to hire people for your needs today but develop those talents you need for tomorrow.
Find out what’s working and keep doing it
Growth is often a result of meeting a need. Take time to find out what’s working and rally your efforts around it. If you change your course now, you risk changing the very element that makes you a success.
Stop doing what doesn’t work right now
Identify all the costs and efforts in your business that are not generating the right results and move those resources to what’s working or to a new project.
Expand as you grow
Since your business is taking baby steps to making money, it is practical to rethink expensive choices. For example, invest in a small private office then scale up your space as you grow. By scaling your operations to suit your level of growth, you are positioning your business to be lean and agile.
As one of the UAE’s leading Free Zones, IFZA provides global entrepreneurs an array of products and services that optimizes the benefits of Dubai’s vibrant business environment.
Find out how IFZA can help you dare to do business differently by writing to us at [email protected]
