In Dubai, new businesses must develop a simple and well-designed business plan to remain competitive and make their business successful. It is important to meet customers’ expectations and regularly maintain the quality of your business dealings. Any kind of drawback can negatively affect the company’s name. Hence, it is important to pay attention to little detail and be careful.
With the help of a successful business plan in Dubai, a company can not only make its business successful but achieve its long-term and short-term business goals. Your business plan must be established and easy to follow and understand. In the upcoming days, we will explain key steps to make a thorough business plan to make your company successful in Dubai.
How Do You Plan Your Business in the UAE?
Following some steps is necessary for a successful business plan, which will be discussed further.
Establish Feasibility
Determining feasibility is important and should be done before making a business plan. A Feasibility Study will help determine if your business plan is practical for your company. A perfect and detailed business plan only works if your business idea is useful.
Select a Business Plan
A business can make a plan that works for them, but there are two well-known types of business plans. These designs are discussed below.
- Traditional Business Planning
A traditional business plan is a standard plan for companies. This systematic plan contains the necessary information that business owners and entrepreneurs need. These designs can be very helpful if your main customers are mostly foreigners.
- Lean start-up Business Plan
A lean start-up business plan is a simple form of a traditional business plan. A lean start-up plan is very helpful for start-ups introducing a new product and making a code of ethics.
Write Down Each Step of the Business Plan in Dubai
The steps you write down will be different according to the business plan you’ve made.
Steps for a Traditional Business Plan
The main steps of a traditional business plan commonly have different sections, but you can select the sections according to the needs of your business.
- Management Overview
With the help of a business summary, the reader will get an overall idea of your business and how you can make it successful. This summary briefly describes your plans, products and services, office location, and growth plans. Writing an overview of your finances can also be very helpful if you plan to take out loans or funds for your business.
- Business Description
The business description is where you explain the details about your company, including your company’s customer services. You can also show your specialties, such as your chief executive’s experience, company location, and specific proposals.
- Analysis of Market
In this step, you can discuss the market, competitive environment, opportunities, and differences. This step will help describe the market to the reader and help them understand if there’s room for your business and why it will flourish.
- Management and Organization
In the management and organization step, you can describe the legal type of your company and administrative structure, as well as important information about the roles of the company’s main personnel.
- Products and Services
In the section on products and services, the company can provide details about their products and services, their durability, background and additional information.
- Sales and Marketing
A company can outline its action plan for attracting and keeping customers in the sales and marketing section. A company can also discuss the procedure to generate sales.
- Financial Assistance
In this section, the company can describe how much money it needs and how it will be used, e.g., you can mention if you need it to pay salaries or buy equipment for your company and your conditions and timeframe.
- Financial Forecasting
In this section, you can include the company’s revenue information in the next five years with the help of financial reports, graphs, and forecasted income reports, which will indicate and help the reader understand your company’s profitability in the forecast time.
Through this section, a well-established company includes past incomes and balance sheets to give proof of the claims made in this section.
- Analysis of Competitors
In this step, you can write down a complete analysis of market competitors, including their performance, unique sales proposition, and strengths and weaknesses. You should also include your company’s market strategies to stay on top of the competition.
Lean Start-Up Business Plan
A lean start-up business plan consists of the following, but you can add some important steps from the traditional business plan.
- Important Partnerships
The section on important partnerships includes the companies you will collaborate with to maintain your business activities, including manufacturers, suppliers and outsources.
- Important Activities
With the help of the important activities section, a company can explain to the reader what activities you plan to do to make your business successful and get market share.
- Primary Resources
Explain what kind of resources your company has, such as an expensive piece of land, a patent, or trademarks. Explain every available primary resource in this section.
- Compensating Features
In this section, the company can explain its unique features and how they can be a valuable asset to the market.
- Target Audience
Explain what is your company’s target market and customers are in this step.
- Customer Experience & Reviews
You can describe your experience with your customers and future interactions with customers in this step.
- Pricing Schedule
Here, you can explain your pricing schedule and how to minimize costs and maximize profits.
- Course of Communication
Describe your market strategies and course of communication that you will use to advertise and sell your products.
- Income Stream
Here, you can make a list of your income stream and explain how your business will generate revenue in the future.
- Summarize & Review
When you finish writing all the above steps, carefully review each step and summarize and make adjustments if needed.
Importance of Writing an Effective Business Plan
Writing an effective business plan works as a roadmap for a successful business. It will also help you when you apply for a company trade license. Here is why writing a business plan is important,
Determines Business’s Direction
An effective business plan determines your business’s direction as it will highlight the areas where you need to focus more, such as financial elements of the company, administration, your short-term and future goals, workforce and contemporary technology.
Helps to Get Funds for Business
Financial institutions, banks, and investors demand a comprehensive business plan. So, you can explain your business model, products, and services through a business plan to earn more profits.
Explains Marketing Plans
Suppose you have an effective marketing plan and a business plan. In that case, it helps you identify your company’s target customers and procedures to reach your customers with your new product and service to help your business grow.
Attracts Competent Workers
With the help of a good plan, you can attract competent and qualified workers for your business as it allows them to understand the company’s goals and helps them utilize their talents for business growth.
Assists in Finding Partners
An organized business plan helps the company find good business partners, which can benefit the business.
Explains Business Development
With the help of a business plan, you can assess your company’s growth by comparing your goals and outcomes.
Determines Brand Image
A good business plan contributes to brand positioning in your customers’ minds, highlights its significance, and enhances its value in the market.
Wrapping Up!
Ultimately, a comprehensive business plan in Dubai helps you choose what type of business plan you want for your company by following each step, writing details about each step, and making a complete guide. Gathering all the information and making a complete document can be tricky. Still, you need to be very careful, and it is best to work with business management consultants and let them deal with the complicated process.
Our expert team at Al-Riyady is here to assist you with all business-related problems. We can help you with accounting, feasibility studies for your business, Auditing, and tax policies. Get in touch by sending the necessary information about your company and let our experienced team handle the rest.
