Category: Dubai Economy

When good bosses turn bad: Seven deadly sins of bad managers

If you’ve ever done any management training, you’ll have been inundated with advice on how to lead effectively. You know the kind of thing: empowering your employees, communicating effectively and celebrating creativity? All hallmarks of a good boss. But doing the right thing is often just as dependent on avoiding doing the wrong things. How to be a good boss is often best understood in the context of its polar opposite – how not to be a bad boss. In this article we look at seven common mistakes that bad bosses make.

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The best of both worlds: Own a UAE company and run it from your home country

Entrepreneurs across the world are attracted to setting up and running their businesses in the UAE – even those who prefer not to relocate to the Gulf. In its Vision 2021 strategy whitepaper, the UAE stated its desire for foreign direct investment to grow to 5% of GNP. So with favourable terms, processes and ever-evolving business frameworks, the UAE is an ideal place to start up. Want to be a part of it? Here’s how you can get in on the action remotely, without the disruption and stress of relocating.

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In or out? When is outsourcing right for your company?

If you want something done right, do it yourself. It’s a well-used business maxim. After all, nobody cares for your business as much as you do. But what happens when things get too much to deal with on your own? The challenge of overseeing a thriving, growing business is a nice problem to have. But you can’t be everywhere at once. So how do you get more person-power on board? Of course one obvious route is to hire additional staff. But another option is to look at which parts of your operation you could be doing elsewhere. Outsourcing is growing but if it’s not done properly, or your suppliers fail to deliver, you risk damaging your reputation and your business.

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The importance of first impressions – how small companies can look big

In the early stages of a new venture it’s not unusual for entrepreneurs to multi-task: they can be CEO, CFO, HR manager, IT trouble-shooter, receptionist and bookkeeper all in a day’s work. But in doing so they can waste a huge amount of time on mundane tasks, time which could be better spent on business development, company strategy and attracting new talent. Although resources for direct hires can be tight in the early stages, a whole host of mundane tasks can be affordably outsourced with infinitely better results, allowing leaders to focus their time and energy on the profitable and productive business of building a new enterprise. Here we look at just five functions you can outsource to make you more efficient, and to create a stronger impression of presence, credibility and legitimacy.

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Interns: a help or a hindrance?

Interns bring their fair share of benefits and challenges, risks and opportunities, but if you approach them as a clearly defined part of your business strategy, internships are well worth the effort. At their best they benefit both intern and employer – the intern can bring their knowledge and enthusiasm to the workplace, while you can help them develop in a way that will enhance the country’s talent pool and might well enhance your own workforce long-term as well. In this article we weigh up the pros and cons of hiring an intern to help you decide what’s best for your company.

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Value added tax in the UAE – It’s time to act

With Value Added Tax fast approaching, businesses cannot afford to delay the process of becoming VAT compliant much longer.

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Tax or no tax – is the UAE tax-free and what does it mean for your business?

The UAE doesn’t have its tax-free reputation for nothing. As the advisory firm PKF International puts it, there are no taxes levied by the federal government on either the income or wealth of companies or individuals. As long as you’re a tax resident, you won’t pay tax on your income. But is the UAE really tax-free? VAT looms for the first time in the country’s history and excise duty on selected goods was also recently introduced. So where do we currently stand, and what is in store in the future?

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What’s eating away at SME profit margins?

If you’re running a small or medium-sized company and seeing your profit margins eroded all round, you’re not alone. Dubai is often seen as a hotbed for SMEs in our region – even globally – yet comparing it with other centres yields a surprising result. Productivity in Dubai’s SME sector is actually lower than other trading and service-oriented economies, including Singapore and South Korea. The UAE Banking Federation reported last year that an initiative to support struggling SMEs had resulted in the restructuring of AED 7bn of debts held by 1,700 companies. In this article we examine four areas that are contributing to the SME situation in our region, and consider some solutions to help entrepreneurs develop better innovative reflexes, drive change and generate healthier profits.

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Fail to scale? 10 reasons why some entrepreneurs can’t grow their business

In a surprising number of cases, it is the business owner who is responsible for the stagnation of the company. The inspiration, single-mindedness, perseverance and attention to detail that breathed life into the business in the first place can become the millstone that drags it down. It’s important, then, for all business owners to be aware of the traits within themselves that can lead to the arrested development of their enterprise. In this article we identify 10 common problems, which, individually or combined, can keep a business forever knocking on the door of expansion but never being allowed in.

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Rapid growth, fast profits – the UAE e-commerce trading licence is an entrepreneur’s dream

E-commerce – essentially the buying and selling of goods and services online – is a huge global business. In 2016, e-commerce sales totalled USD 1.86tr worldwide with revenues expected to reach USD 4.5tr by 2021. Here in the UAE, the market is just as lucrative. Research by Hootsuite and We Are Social in 2017 found that 62% of the country’s internet users now shop online – spending an average of USD 332 per purchase according to KMPG. In total, the UAE is the largest e-commerce marketplace in the Middle East and is estimated to be worth USD 10bn by 2018 (up from USD 2.5bn in 2015). Naturally any industry growing at this speed offers incredible opportunities to the entrepreneur with the skills and motivation to see success. In this article we cover everything you need to know about the much-lauded UAE e-commerce trading licence.

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