Article image: 10 Tips for Drafting a Business Plan

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Since 2004, the UAE has been governed by Sheikh Khalifa – the older son of the state’s founder Zayed Bin Sultan Al Nahyan Full version

Planning is the first stage in the development of any business. The structure, working principles, supply, and issues related to personnel and other aspects of the future business in the UAE should be presented in the form of a single document – a business plan. Therefore, it is extremely important to draft it as correctly as possible.

We would like to share 10 tips on how to draft a business plan.

    • Start with a summary – briefly outline the essence of the future business in Dubai or another part of the UAE. Here you should demonstrate your understanding of the market, its trends and dynamics, show the presence of a balanced and experienced team, present a unique trade offer. The main question one has to respond when drafting a business plan is “Why should people buy from you?”

    • Make the document clear and structured. How to write a business plan for a company in the UAE? First of all, clearly state what your business has got to offer. Do not mix this with a business model that describes how your business will work.

    • Determine a necessary amount of funds for initial and subsequent financing. Describe the type of financing you are looking for, as well as future financing that may be needed, the payback period and the return on investment. Describe how you will use it to grow your company.

    • From the outset, be extremely transparent. Transparency is especially important when it comes to investing. This will create confidence and trust between you and the investor, which is vital for any business relationship. It is extremely important for you to listen to what the investors say and ask.

    • Set short-term and long-term goals. When writing a business plan, it is extremely important to clearly set goals and determine the indicators that will help you measure your success in the UAE. Following this approach, the results will need to be measured by your assumptions every month, while forecasts can change to reflect the market reaction.

    • Enter the market as quickly as possible. Certainly, this is not a race but do not hesitate when entering the market – the faster you start, the quicker you will understand how realistic your plans and goals are.

    • When planning the business plan structure, take time to perform self-analysis and make a results report. Plan a meeting “with yourself” in your diary after a certain time. Make it your top priority and do not let any circumstances interfere with this step.

    • Estimate the size of the market. First of all, you should answer the following question “Are there enough customers to make this business viable?” This may seem obvious, but consumer demand is often ignored by entrepreneurs. Do not limit yourself only to your region in search of potential customers. Even small companies can establish exports and this, as a rule, gives a very powerful impetus to their growth.

    • Ask for help from local bodies that support business. Such organizations include chambers of trade, in the first place. Consult with the professionals in this field and consider their advice when developing a business plan.

    • Here is a piece of general advice on how to make a business plan for business in Dubai – be realistic about time, money and other resources you have. Excessive optimism in assessing time and resources is a common mistake made by entrepreneurs. Thus, it is important to be realistic. When assessing time, always make a reserve of at least 15-20% of what is expected.

In conclusion, it is important not only to draft a business plan competently about all the data but also to regularly review it in the process of its completion, as business realities often dictate their terms that are understood only in practice.

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