5 Signs That Business Restructuring Is Right for You. In 2000, Nokia was the market leader in the smartphone industry.
It launched one of the world’s first smartphones in 1996 and a camera phone in 2001. When the performance was not up to the mark in the following years, the company attempted a significant restructuring drive in 2004. Unfortunately, the plan backfired with key team members leaving. After another three failed restructuring attempts, the mobile phone business was finally sold to Microsoft in 2013. This incident serves as the perfect example of why business restructuring is not always the solution to the problems you may be facing. Centurionconsulting. Successful startups are not driven by ideas alone -- you also need to assess whether it is practical to put the idea into practice and chalk out a roadmap of your journey to get there.
Before you dive into the market, you need to conduct an analysis to check whether your product or service will survive. A feasibility study helps to do just that -- it evaluates whether the idea is worth the effort and resources. In other words, it allows you to undertake a risk-benefit analysis of your venture before you make a hard commitment. Given the fiercely competitive markets, setting up a startup without conducting a feasibility study sets you up for failure.
Centurionconsulting. Market Research for Startups: How startups can use market research for their business. Before embarking on your business journey and going all out on your business idea and investing your life savings, you should determine whether there is really a need or demand for your offering.
This can be done by conducting market research. What is Market Research? Market Research is an important step and is crucial while planning to introduce new offerings or enter new markets. However, the truth is entering the market without a clear view may end up costing far more than what a market research would have. When to Hire More Employees: Small Businesses Challenges. It is important that small businesses get the timing right when hiring new employees.
An employer should understand when to hire more employees as hiring someone too soon, profits can decline and cash flow can dry up. But it also important not to wait long to hire more employees as your commitments can outpace your capacity, so unfinished work starts piling up. An employer should hire more employees only when there’s enough work to demand additional help and the financial situation is stable enough to manage extra cost of a new employee. 6 Tips to setup an e-commerce business in the UAE. Online retail is booming and the UAE is the most advanced e-commerce market in the Middle East and North Africa.
A study between the Dubai Economy and Visa estimated e-commerce transactions in the country to hit $16 billion in 2019 and grow 23% on average annually to 2022. With consumers increasingly relying on online shopping, it is estimated that 95% of purchases will be made online by 2040. E-commerce is opening the doors of opportunity to countless entrepreneurs. It becomes important to mention that online shopping is growing quite rapidly in the United Arab Emirates (UAE) and it seems to be growing at the fastest rate in Dubai, among all the Emirates. A large number of people are moving away from traditional shopping modes to online shopping, thereby suggesting the viability of starting an e-commerce business in the UAE. Importance of a Pricing Strategy.
Pricing is an essential part of every business.
The price at which you offer your product or service could essentially be the deciding factor for consumers choosing or not choosing your offerings. Generally, the price of a product or service must encompass the costs involved by the business and an additional profit which ensures you don’t just break even. There are various strategies a company can employ while pricing their offerings, this in turn could create demand and public perception of your offering and the brand as a whole.
How to implement a great business idea. Entrepreneurs understand needs of consumers and gaps in what is currently available in the market and come up with ideas that result in profitable businesses.
However, a good idea can remain just that if it is not implemented well. A step-by-step process to execute and implement can help save time and money. The uniqueness of ideas alone is not something that will bring you success. The uniqueness of your idea backed by a proper execution process is something that will make all the difference. Seven Business Lessons Entrepreneurs can Learn from an Entrepreneurial Journey in UAE. The UAE is a burgeoning economy.
The UAE has the most liberal trade regime in Gulf. For almost 40 years, it has been an open economy with high per capita income and high annual trade surplus. Today, the UAE is home to many start-ups and multi-million-dollar conglomerates. The strategy it has used to grow into a cosmopolitan, global hub over the past decades can teach entrepreneurs some valuable lessons. Here are a few valuable lessons that entrepreneurs can learn from the UAE model: Diversify your income stream – Centurionconsulting. In case of financial management of a growing company , cash is always the king.
Cash flow management is the only solution between the time you pay your suppliers and collect from customers or we can say cash flow management means delay outlays of cash as long as possible while motivating customers to pay you as fast as possible. Tips for Positive cash flows for Small business operation. Improving Receivables You would never have a cash flow problem unless you got instant payment for sales you made them. More or less, that doesn't happen all the time, here comes your cash flow management which plays a vital role to improve the situation and turn receivables into cash. Centurionconsulting. A SWOT analysis cover four key factors, Strengths, Weaknesses, Opportunities and Threats.
Threats are factors that can affect your business and are influenced by factors not within your control. Hence, it is important to acknowledge these outside threats and prepare accordingly for this. These threats may even be industry specific and affect your business but not affect other businesses. Effect of threats on Businesses Take for example the current pandemic. Centurionconsulting. If you are willing to take over the family business, you need to prepare a few things to achieve a smooth and seamless transition.
Every change requires some adjustment, you and your staff will experience some growing pains. Always try to provide the best customer experience without any service glitches. Some basic rules you must follow to maintain healthy leadership in you: Proper use of the succession plan. The reason you are standing here at this point is all because of your business goodwill and trust. Be Calm and Patient. By sticking with the old succession plan, you may still face some resistance in smooth handling of activities. Centurionconsulting. For running an organization effectively we need to plan proper strategies. We need to plan correctly in order to achieve our goals.
To implement those strategies we need to have a management reporting system. What is the Management Reporting System? It is a scheduled structured form of reports designed as per the stakeholder. Centurionconsulting. Choosing to set out on an entrepreneurial voyage has always been intimidating. There's no guarantee of achievement, and there's no real way to be prepared for each of the uncertain difficulties that will come in your way. Regardless of the numerous difficulties of starting a business enterprise, seeking professional advice in this field can be very rewarding.
Centurionconsulting. Centurionconsulting. How to keep your business cost under control? What is Cost Control? How a business plan can be a savior for your business in tough economic times? 5 steps to develop an informed market entry strategy to expand your business. Let's start with the basics. 7 Benefits of Hiring an Experienced Business Consultant. Understandably, many companies struggle with the decision of whether or not to hire a consultant.
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Health Measures for Coronavirus Which a Wedding Venue Should Follow. How to make an investor winning pitch. 5 Reasons Why Your Business Needs a Remedial Financial Plan. Virtual Outsourced CFO Services in UAE - Centurion Consulting L.L.C. Common Business Startup Mistakes that Can be Avoided. UAE Regulatory Compliance Consultancy - Centurion Consulting L.L.C.
The UAE is an attractive market for businesses wanting to make an entry, it also has a fast-paced and dynamic compliance and regulatory environment. Appropriate Entry strategy and the right corporate structure is crucial for smooth functioning of business. It is critical to understand the regulatory aspects of the structure most suitable to your nature of business Why Regulatory compliance? A comprehensive understanding of the local laws , local compliances is very crucial for any business to operate smoothly in the country. Timely filing of forms for renewals, regular updates on the laws needed to be complied with and are also crucial for any business ventures. Value Added Tax (VAT) Consulting Dubai - Centurion Consulting L.L.C. Be better prepared for VAT so that it does not affect the growth of your business Starting January 1, 2018, VAT or value-added tax, will come into effect in UAE.
Business Restructuring Services - Centurion Consulting L.L.C. Every business goes through its highs and lows, periods of great profit and growth and periods when business is stagnant. Corporate Structuring Consulting & Advisory - Centurion Consulting L.L.C. Understanding the regulatory aspects of the structure most suited for your business type Corporate structuring While the UAE is an attractive market for businesses wanting to make an entry, it also has a fast-paced and dynamic compliance and regulatory environment. Business Setup Consultant in UAE & Dubai - Centurion Consulting L.L.C. Entering a new market is a challenging and demanding process which requires a requires a clear understanding of the market as a whole which comprises local culture, consumer behaviour, language, and foreign business, Business rules & regulations, Compliances and more.
Centurion Consulting can be your ideal partner if you are looking the UAE as the next captive business market. Why Entry Strategy? Centurionconsulting. Centurionconsulting. Market Research Services in Dubai for Businesses. Centurionconsulting.