10 ways Business Plans help!!

Dubai is one of the easiest places to start a business. World Bank has officially ranked it 11^th in its annual ease of doing business rankings. The Dubai government is pushing for diversification and the Expo 2020 will be another booster to regional businesses.

Starting a business is never an easy task but visualizing the plan in writing leaves an everlasting effect. Establishing a business in Dubai, the future city of business and an oasis of the middle-east is one of the best decisions you can take as an entrepreneur. Our team at DNA growth has worked on over 1,200 projects to help entrepreneurs build and grow businesses across the globe. Growing a business is a mix of art and science. A business plan helps create a blueprint which acts as a guiding force for the present agendas and future commitments.

Here is why making a business plan critical for a successful business in Dubai-

1. Establish benchmarks- Business plans serve as strong benchmarking tools. They depict the accurate picture of the business. We can judge our performance based on the business plan. We can calculate where strategic planning is weak and in what areas the business is doing just fine. We can pivot the business as per our capabilities and market requirements. The business plans put an obligation on the business owner to be truthful to the business.
2. Hold yourself accountable- When you build a business plan, you address a lot many questions that are included in the format of the business plan like the vision and mission statement, management roles, revenue models etc. When all these questions are answered properly via business plan, the business owners can track down their performance and be accountable for the points noted.
3. Confirm the math- Ideas may sound profitable when discussed casually, but doing the actual math and building financial models help in understanding the real position of the business in terms of the financial goals and profitability.
4. Gain a deep understanding of the market- When a business plan is built, it takes a lot of research into consideration. The research is done in regards to the market, industry growth pattern and product development. The financial aspects of the industry are also measured like the salary structures, costs related to raw material procurement, rental place etc. This result helps one in developing a deep understanding of the business.
5. Clarity- When written down, the plans become goals. Also, writing makes business goals and actions much clearer. One has to really think it through and put it down which offers amazing clarity in regards to the overall business scenario.
6. Plotting your course of actions- Business plans help you chart the direction of operations and actions to be taken. In times of doubt, business plans are of great help. Also, without written plans, there remains a possibility of shifting strategies in the short term.
7. To gather research about product and market- Business plans force one to execute market research to generate actual business insights. Without research a business plan is incomplete. Business plans are of great value because of the embedded research.
8. Attract investors- A well-presented business plan with all the information, research and financial backing frames a positive image of the business in the mind of the investor. It highlights to the investor the business opportunity, the solution offered by the company and various other analytical tools like budgeting and SWOT. Thus, Business plans/ Investor pitch decks serve an important role in raising funds for a business in Dubai.
9. Determine financial needs- How much capital is needed? How much working capital is required? The process of creating a business plan answers all the questions that guide a business owner with real financial needs.
10. Understand your competitors- A business plan should include competitor analysis. This gives an opportunity to understand the competitors and their way of functioning.  It is very important to know your competitor’s offerings and how you plan to position your product/service with respect to the same.

A business plan will not ensure the success of your business, but a business plan will definitely tilt the odds in your favour.

DNA Growth is a global professional services provider specializing in Business and Financial Planning, F&A Outsourcing and Digital Marketing Solutions. Contact our Dubai Partner, Mr Kanav Minocha @ kanav.dubai@dnagrowth.com (or alternatively feel free to WhatsApp on +971 56149 8070) to understand how we can help you with the same.