16 Jul Hot Tips for Summer Business
We hope you had a productive Ramadan and had a thoroughly enjoyable Eid. Hopefully you were able to achieve some of your personal and professional goals as well as take some well-earned time off.
With Ramadan over, the city is starting to get back to its usual pace but the remaining summer months tend to be a challenging time for businesses in the UAE. Many expats are still fleeing the summer heat and there’s another Eid just around the corner. It’s easy for projects (and payments) to be delayed, which has a knock-on effect for the entire business community. Also, many companies tend to put their plans on hold until all of their employees are back from their summer breaks. So, for business owners, these next few months are the perfect time to put the processes in place that will help you grow your business during the busy winter months.
Companies usually have a business plan in place when they launch, but many businesses, especially SMEs, don’t keep these plans updated. As a business owner, it’s so easy to become engrossed in day-to-day activities and put your long-term strategy on the back burner. These quieter summer months are the perfect time to update your business plan to reflect your company’s growth and development. You want to outline where your business is going and how you can achieve even more in the coming months.
Tasks you’ve been putting off
We all have that ‘to-do’ list of things we’ve been putting off. Maybe you’ve been planning to launch a new product, upgrade your website or develop a strategic marketing plan, but you just haven’t gotten around to it yet. Use the summer months to tackle these tasks and enjoy the feeling of accomplishment that comes with ticking off each project.
Control your finances
To save on costs, many startups manage their own finances. But not all of us are designed for financial analysis and planning. As a result, many companies are not in control of their accounts and cannot answer basic financial questions about their businesses.
With VAT coming in 2018, it’s more essential than ever to have an accounting system in place. By having all your company’s financial information available and, most importantly, being able to analyse what this information means, you’ll know what areas of your business are performing well, which areas are profitable and which take up too much of your company’s time without providing sufficient return. Also, becoming financially and VAT-complaint now will prevent a huge amount of stress later (and wouldn’t it be great to get rid of some stress for a change?). There are some fantastic accounts companies in the UAE that will either manage your accounts or give you the tools to do so yourself. If you need some recommendations for trusted accounting professionals, we’d be happy to help.