Influencing your influencer
How you can ensure you get the best ROI
MAJOR EVENT PREVIEW Make contacts and forge deals at the Smart Business Expo
IOT AND YOU
Why the Internet of Things will drive your IT spend
DECISIVE ACTION STARTS HERE
Special supplement
The blueprint for getting your business ready for january 1st
Editor’s foreword
Tanya Selley, Editor
Welcome to the Smart Business supplement, part of the Smart Business platform that will enable business leaders and entrepreneurs to connect like never before
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The Foreword
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s will be the style with this publication – we are very much down to business and you will find the following pages are brimming with useful and actionable advice to help you make informed and timely decisions. One key agenda item: VAT. Are you prepared for the implementation of VAT? Is your cash flow strong enough to be able to make the regular payments? Do you know what the law is, above and beyond the requirement of paying five percent to the government? If the answer is no, you are not alone, and yet with sign-ups already open, sticking
your head in the sand is not the best option. Thus, in this issue of Smart Business we detail the law (page 28), so you can see how it will apply to your business. On page 26, we speak to business leaders to learn from the changes they are implementing to their internal processes and, on page 30, the accountants weigh in to help you make sure you have your cash flow management shored up for this, one of the biggest shifts to the UAE business landscape in recent years. Also weighing on the mind of business leaders is staff retention amidst these challenging economic times. With the cost of living rising in the UAE we ask
how you can keep employees happy if it is just not possible to increase their salaries right now. If this state of affairs resonates with you, turn to page 8 for alternative strategies for rewarding and motivating your employees. Finally, with businesses increasingly looking to so called ‘influencers’ to drive interest in their brand and products, we are told by the experts exactly what you should be doing to get the desired return on investment. They say that with the correct strategy you can generate an ROI of dh20 for every dh3.5 you invest into your plan. That’s certainly the sort of return that would get us hitting the ‘Like’ button.
October 2017 //
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THE DEFINITIVE EVENT FOR SMEs WHY YOU NEED TO VISIT SMART BUSINESS EXPO:
Future proofing
Business owners and senior executives on the hunt for solutions that will increase performance and profits will be able to network with hundreds of providers and make new connections.
Expert insight
The expo focus is on providing you with FREE up to date information and need to know workshops, SBE is your chance to listen to and be inspired by the top keynote speakers and get advices from the industry experts.
FREE Network
SBE offers you an excellent opportunity to meet hundreds of new suppliers and solution providers and make new connections.
Idea generation
The expo is the chance for you to get fresh ideas and inspirations from other companies about what’s the best solution that can help you develop your business.
And it’s FREE!
Incredibly, every aspect of the event including all the seminars, workshops and other features are completely free of charge.
Unmissable workshops include: • VAT - Everything an SME needs to know • Abu Dhabi Vision - The next 5 years and what it means for your business
• Technology Focus – Trends – keep or get left behind • Financing for Growth - Capital options for SMEs
Tickets to the event are completely FREE, and give you access to our full range of workshops and seminars. So what are you waiting for? Save the date and register your visit today. Strategic Partner
SME Booster Partner
Research Partner
EXCLUSIVE READER PASS As a valued Smart Business UAE magazine reader you are entitled to a Platinum Visitor Badge to visit the Smart Business Expo. This allows entry to the Platinum Lounge, free Wifi access, priority workshop access, free tea and coffee, as well as a complimentary raffle ticket. If you would like to take advantage of this offer, email p.basim@turretme.com quoting “Smart Business Platinum Visitor Badge” in the subject line.
www.sbexpo.ae Ecosystem Partner
Media Partners
MIDDLE EAST
UAE
contents
Editorial Tanya Selley | Editor Email: t.selley@turretme.com Tel: 02 234 843
Creative and production Isabelle Abuso | Head of Design Email: i.abuso@turretme.com
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Marlou Delaben | Graphic Designer Email: mdelaben@gmail.com
Distribution Simon Kitson | Circulation Manager Email: s.kitson@turretme.com Tel: 02 234 8439 | 050 896 4021
Leadership
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COVER STORY
Display advertising Tel: 02 234 8400
Management Chris Fountain | Managing Director Richard Hease | Group Chairman
Rising in standards
Profits are narrowing while the cost of living is rising. We look at how you can keep your staff motivated when a payrise is off the table > page 8
Spread too thin?
We explain the best way you can regain your focus and stay on track > page 10
Smart Business Expo
Why this is the one event of the year that you just cannot afford to miss > page 14
The life and business lessons of Ludmila Yamalova > page 20
32
The perfect pitch
Apply these techniques to help you tap into crowdfunding finance > page 32
Influence, but at what cost? Once you have found the right influencer, this is how to drive your ROI > pages 34 & 36
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twofour54, Park Rotana Complex, P.O. Box 77806, Abu Dhabi, United Arab Emirates Tel: 02 234 8400 | Fax: 02 234 6174
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Your VAT blueprint
Ready for January 1st?
Are you doing these things now to prepare your business for the arrival of VAT? If not, you should be > page 26
VAT: How it applies to you
The Interview
Strategy
Turret Media
// October 2017
From exemptions to penalties and appeals - the facts about how VAT will applied > page 28
Technology
Keeping the cash flowing With VAT around the corner, a healthy cash flow is more vital than ever before > page 30
Pursuits Executive travel
Investing in the Future
Why the Internet of Things must be factored into your budgets now > page 38
Mix relaxation and good food with excellent business connections at this hotel > page 50
Tech Trends driving spending
Clock watching
Cyber security, flexible solutions and value added support does your cloud solutions provider stack up? > page 40
40
The time management techniques you need to try > page 52
The team works
Even if you don’t work in a creative industry the lessons in ‘Creativity Inc’ about the rise of Pixar Studios can be applied in your business today > page 54
Printed by:
Media Licence number: 1/106185/20992 Great care is taken to ensure the accuracy of the contents of Smart Business but the publishers accept no responsibility for any errors or omissions. All contents are © 2015 Turret Media and may not be reproduced in any form without prior consent. Letters and readers’ contributions may be edited at our discretion.
Please recycle after reading this magazine
All Rise Leadership
Need to Know:
Keeping Staff Engaged
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Employee engagement drives productivity
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Use HR processes to drive engagement
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Make staff feel important and empowered
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Implement a bonus structure that enables payment when the business is able to pay out
“[Employees] come to be paid, but feeling important to the business is vital when it comes to employee engagement” Nuria Gonzales Martin, Sunset Hospitality
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// October 2017
The cost of living is rising, profits are being squeezed and businesses are struggling to stay afloat. It is however, still possible to keep your staff happy, even when you can’t increase their salaries human resources
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ith the news that inflation in the UAE has increased over the first eight months of the year, and will continue to increase in 2018 with the implementation of VAT, businesses report that they are struggling to increase salaries. The Statistics Centre for Abu Dhabi stated that the consumer price index increased by 1.9 percent in the first eight months of the year with housing, water, electric, gas and fuels contributing to 31.2 percent of this increase when compared to the same period in 2016. Transport, in particular, has been singled out due to its rise of 4.2 percent in 2017 so far, and when transport costs rise, so do costs throughout the economy. So how can businesses give back to their employees if they can’t make the financial commitment? The business model The effect of these increases means only one thing for business, their profit margins are increasingly squeezed. “The cost of materials has risen for us,” says Jerry Gallagher of GTS, a home and office fit out company. “Our ‘problem’ is that we are so heavily booked into the future, that we price jobs up early.
This could be problematic if we didn’t handle this correctly.” These increases in costs mean lower margins and then fewer profits he says: “We have reviewed our business structure and have reverted back to working purely on bigger pieces of business, so we can keep the brand promise of excellence, but know we can absorb the increase without impinging on either the client or ourselves.” “My staff have to work hard. They have given GTS the brand of excellence because of the quality of their work. Making sure my staff are happy and is one of my main priorities.” The Small things count So how can you keep your staff happy, when your margins are slipping? “Profit margins in PR aren’t as high as you would see in other sectors. At times of increased costs in living, I will always try to give my staff a pay rise, but in the early days, when we were establishing ourselves and growing, it wasn’t always possible to increase staff salaries. During these times, I would look to other ways of keeping my staff happy,” says Rosa Bullock, Managing Director, of the PR agency Sociate. “Little things like saying thank you, introducing a commission payment structure, buying my staff lunch, including them in client’s parties and
71 percent of workers are emotionally disengaged from their work
Leadership
(Source: Gallup Engagement Research)
raising their profiles in the business so that they understood what a great job they were doing, were just a few of the things I did to empower my staff. “Some businesses I know don’t pay expenses,” she continues. “I made sure that we have an expenses policy that enables my staff to claim for their business-related expenses. I hate the thought of my employees having to pay to work like some people I know have to. Especially in tight times such as these.” communicate “In the past, when margins were tight, I would be very open and honest with my staff. Advising them of what was happening and yet reassuring them that there was no need to worry because of pipeline business. We just had to be sensible about salary increases,” says Gallagher. He implemented staff days out for all of his employees and
“In the past, when margins were tight, I would be very open and honest with my staff. Advising them of what was happening and yet reassuring them” Jerry Gallagher, GTS
made sure bonuses were paid when the business is able to adequately absorb them. Having a team that is, in the main male, he takes the time to also spoil his female employees too. “We have only a couple of ladies in the office and they aren’t interested in paintballing with the boys. If I book something like this for the team, I ask the girls if they want to do it. They happily tell me if they don’t, so I book them a spa day instead.” Make it personal “Personalising the thank you to your employees will go a long way to your staff understanding that you do appreciate them. These little gestures show that they are valued. It is this that employees want to know over and above all else,” Nuria Gonzalez Martin, Group Head of HR, Sunset Hospitality, explains. The facts back this up. Gallup found 71 percent of workers are
emotionally disengaged from their work in their Engagement Research. Based on results from 1.4 million employees from 192 organisations across 49 industries and 34 nations, it found: “Employees earning salaries in the top half of our data range reported similar levels of job satisfaction to those employees earning salaries in the bottom-half of our data range.” HR Processes “Pay is important – People come to work to be paid, but feeling appreciated and important to the business is vital when it comes to employee engagement,” says Martin. She suggests implementing training programmes to enable people to move into areas of the business where they aspire to be, as well as planning (in actionable steps) exactly how they will get there as a way to drive engagement. Martin said this is best done
through regular appraisals where you can provide feedback on how they are getting along. Shared Ownership “If you have a larger company, you could also implement an employee ownership programme so they take greater ownership in the success of the company. “It is employee engagement that you want to keep. This drives productivity.” Martin acknowledges that annual pay rises aren’t as commonplace as they once were, “but we are long past the time when businesses thought that they only had to increase pay to keep their staff. “Nowadays employees want overall job satisfaction. Yes, pay rises are nice and if a business is able to give them, they should be paid, but treating staff correctly so that they feel wanted and important will overcome this hurdle in tough times.”
October 2017 //
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Leadership
Need to Know:
Effective delegation
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The sooner you start delegating the less stress you will feel
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Know what motivates your employees and use this, giving them the tasks they will enjoy
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Focus on two to three business areas and engage the whole company
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Use HR processes to eliminate business time waste and help accountability
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Cultivate the right environment for staff
Spread too thin? Being pulled in different directions and don’t know what to do first? Stop. Breathe. Read this... human resources
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uilding a business is hard work and knowing what to do first is a huge challenge that all business leaders struggle with. It is often difficult for entrepreneurs to narrow down on the most important element. “Focus is critical to get results. Distractions come in many different forms,” explains Marc Holland, Business Coach and Marketing Consultant in Dubai. “In a start-up environment, the sheer volume of tasks versus the limited resources dilutes focus. In the larger SME and
“Delegation is key to successfully balancing all areas and to stop feeling like you are being pulled in different directions” Agni Skafidas, olam
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// October 2017
corporate world, distractions such as politics, constant justification, unproductive meetings, internal policies and an unrelenting need to deliver the bottom line impact on focus. “What distinguishes great leaders is the ability and discipline to focus on what matters,” says Marc. Learn to focus Holland says the effects of working seven days a week, around the clock has tremendous detrimental results: “Losing focus can have a serious impact on business. The tiredness from working all-hours means you start distrusting your own judgement. This leads to the temptation to spend too much time on discussion rather than action.” “Trying to do too much is stressful and a largely ineffective place for a business leader to be. When there is no focus, there’s a temptation
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Leadership
to rush critical tasks to save time, not delegate effectively or worse, delegate ineffectively; not taking the time to hand over a task.” time to let go “Delegation is key to successfully balancing all areas and stop feeling like you are being pulled in different directions. But this is difficult for leaders to do; especially those who own their business as they are used to working solely on it,” says Agni Skafidas, who runs the HR outsource consultancy Olam. “Give those who are capable the space to find their own solutions,” says Holland. He acknowledges how difficult this process can be though. “Spend time guiding and coaching, not directing. They will be motivated, their production will rocket and greater results will happen.” Holland says it’s important to, “really know your employees.” If you understand what makes them tick, what motivates them and what they excel at, you can delegate tasks according to what excites them. “Taking the time at this front end can produce astonishing results,” he says. OUtsource it Outsourcing lesser tasks or elements that you don’t like doing in both your personal and business life is another way of enabling you to focus on what really matters. Tim Ferriss, the podcast king who has built an empire on coaching business leaders, was
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“The tiredness from working all-hours means you start distrusting your own judgement. This leads to the temptation to spend too much time on discussion rather than action” Marc Holland
working 80-90 hours a week when he started outsourcing all the timeconsuming unpleasant tasks in his work and home life. He changed his perception by calculating his hourly earnings and then using this as a blueprint as to whether or not he should pay someone else to do the job. For example, if you can pay someone else to compile spreadsheets for less then it costs you to do it, saving you hours in the process, why aren’t you paying them to do it? Be clear Clarity is also important: “Be very clear on the top two to three business focus areas, why they are important and their measures of success. Communicate these with the whole organisation. This gives each team member focus… Is what they’re doing today helping drive the two to three focus areas? No? Then do something that does,” says Holland. Skafidas also suggests: “Looking at where the company wastes its time is a good place to start. Do they have meetings that lead nowhere with the same things being discussed because people don’t take the action that they should? Is everyone copied in on all emails when there really is no need?
“HR processes like following up on actionable points from meetings at agreed intervals and using 360 feedback appraisals to provide feedback and air grievances will help. They will cut time and hold people accountable, in effect empowering people. These will also help the feel of your company which will make them more productive in the long term.” Company culture The feel of the company will have a bearing on the productivity of employees and therefore how much extra work the business leaders have to do; as opposed to believing they have to do it, explains Holland. “Cultivate an environment where it’s okay to try and fail, but always learn. No blame, only try, fail, learn and then try again. This will encourage your teams to think for themselves, learn quickly and (the best bit), produce results beyond what you thought possible. “It’s okay for people to come up with a better solution, produce better results or get more recognition than you,” he says, when acknowledging that this may lead to unexpected results. This is what you want as a business leader and you will learn to trust your business is in safe hands. “Give them praise and don’t take the credit. The power of a leader is measured by how high their team is flying. So let them fly.” For time management techniques, turn to page 52
event preview
If you attend only one business event this year, it needs to be this one. With three major events rolled into one, you can find your next revenue stream, new market or suppliers at ADNEC on October 25th to 26th
Smart Business Expo T
urret Media, the company behind stalwarts of the UAE events scene, Taste of Abu Dhabi / Dubai and The Global Forum for Innovation in Agriculture, have brought business owners and decisionmakers together for every element of enterprise that business leaders could possibly need in one place, at one time. In association with the Abu Dhabi Chamber on from October 25th-26th at Abu Dhabi National Exhibition Centre, the event comprises The Smart Business Expo, India Trade Expo and the Abu Dhabi Chamber’s very own International Franchise Exhibition. It is the largest meeting of business leaders
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in the region where new revenue streams will be identified, knowledge shared and lasting connections for future business made. “First of all, I think people have to understand exactly what the Smart Business Expo is,” states Chris Fountain, Group Managing Director of Turret Media. “Yes, we will provide networking opportunities, and the chance to meet new suppliers, as well as workshops and talks on all aspects of business (from finance and tax, to marketing and law), but we offer more than just a business-to-business forum.
event preview
“Built by business leaders, for business leaders, the Smart Business Expo is the face-to-face platform where entrepreneurs and decision makers can gain advice and increase their knowledge on all areas of business,” he explains. With SMEs accounting for 94 percent of companies operating in the UAE and a GDP share of 60 percent, engineering these connections is key to business success. The Smart Business Expo will provide a critical resource in connecting SMEs, as well as entrepreneurs, start-ups and established businesses with competitive solutions, sales opportunities and networking for business growth. “We have purposely partnered with the Abu Dhabi Chamber to combine it with the International Franchise Exhibition, which is the largest franchise exhibition in the region, and the India Trade Expo, so we can ensure that all C-Suite executives will leave knowing their attendance was time well spent,” adds Fountain.
“The International Franchise Exhibition will provide a platform for global brands wishing to bring their business to the region, and for regional brands wishing to expand internationally” chris fountain, turret media
The International Franchise Exhibition Franchising is a hot topic in business at the moment, so it comes as no surprise that the largest exhibition of this business model in the region is being organised by the Abu Dhabi Chamber of Commerce. Supported by 12 franchise associations, it will feature participants from tourism, hospitality, trade, health, education, food and beverage and retail, with experts from various countries around the world, including the UAE. “I hope that the exhibition will encourage Emirati business entrepreneurs to enter and benefit from franchising projects, and to spread awareness of the system as a tool to develop investments and businesses,” says His Excellency Mohammed Helal Al Muhairi, Director General at The Abu Dhabi Chamber. “This exhibition will also aim at creating opportunities to enable successful initiatives between foreign companies, Emirati business entrepreneurs and owners of small and medium enterprises. It will highlight the best case studies and international practices in
franchising through participating international franchising companies,” he continues. Turret Media’s Fountain adds: “We know that franchising a business is not only challenging to set up but with the growing number of franchises globally, it can be difficult for a franchise to get a foothold in new markets. “The International Franchise Exhibition will provide a platform for global brands wishing to bring their business to the region, and for regional brands wishing to expand internationally.” In 2016 alone, the event hosted 3,500 attendees over the course of two days including delegates, VIPs, and media. They were able to meet and question the 281 exhibitors who represented ten key industry sectors, from 28 different countries. “The Abu Dhabi Chamber will be making the International Franchise Exhibition an ideal platform to highlight the trends and investment opportunities in franchise rights for local and international investors,” says Fountain. Continued on page 16...
October 2017 //
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event preview
He points out that in the International Franchise Exhibition there will be a B2B meeting area, “that will enable participants to network privately as we want to encourage business deals and transactions to take place when the lead is still hot.” The Indian Trade Expo Continuing to build on the B2B theme of the Smart Business Expo and the International Franchise Exhibition, is the Indian Trade Expo,
which is the first dedicated event for Indian Companies. The Indian Trade Expo is intended to maximise the potential for business between the two nations. The Indian Trade Expo looks set to make good on its promise to enable business and remove barriers. India accounts for around 9.2 percent of the total imports by the UAE. The total volume of trade between the two countries in 2014 alone was $60bn (dh220bn) making us their primary trading partner
Smart Business Expo and Dubai First Dubai First will be available to talk business loans at the Expo. Smart Business caught up with Banjandeep Makkar, Head of Commercial Business to find out why they are so excited to be part of the Smart Business Expo
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in the MENA region. The Chamber predicts that this will increase to $100bn (dh367bn) by 2020, and plans that the Indian Trade Expo will be a major catalyst for this growth. They have been working alongside the Indian government to identify trade bottlenecks with the aim to increase two-way trade by 60 percent in six years. Abu Dhabi Chamber and Turret Media are developing the Indian Trade Expo to assist all Indian businesses with either building
“Smart Business Expo is the largest B2B Expo targeting SMEs, and brings together thousands of business owners and decision makers to network and build business relationships, in addition to providing access to products and services exhibited at the Expo,” says Makkar. Dubai First are excited at the opportunity to showcase its commercial business products and target the potential SME market in the Abu Dhabi region, micro businesses in particular. “Our presence will give us the opportunity to increase our brand’s recognition and awareness while leveraging on lead generation and building contacts. Furthermore, it will
event preview
India Trade Expo 2017 will be a celebration of the long-standing trade between the two nations. We believe this event will greatly support the work we do with many Indian businesses in the UAE and we look forward to meeting new companies attending the event to explore the vast opportunities for trade across the region,” adds Vimitha Deepak, CEO of the Indian Business and Professional Council in support of the event. The combination of these unique events means there are guaranteed to be elements that will be of
genuine use to all attendees. “We are bringing some exciting speakers to Abu Dhabi to share their knowledge and expertise. We will also be hearing from some titans of UAE industry who have started their businesses in the country and are now global. Whether you are operating a franchise, building a business from scratch or looking for new markets overseas, this event will help you.” The Smart Business Expo takes place at Abu Dhabi National Exhibition Center on October 25th to 26th. Attendance is free. To find out more or register visit: sbexpo.ae
their brand in the region, or gaining entrance into the lucrative UAE market. Collectively, Turret Media and Abu Dhabi Chamber will be helping Indian business to build revenue streams and grow business. “As part of the first Business Week to be held in Abu Dhabi, India Trade Expo will provide Indian companies with the opportunity to meet investors, establish new business partnerships with trade buyers and decision makers from the UAE and the GCC. We look forward to welcoming companies from across India to Abu Dhabi and India Expo 2017,” states Abdullah Al Qubaisi, deputy director-general of the Abu Dhabi Chamber. “India is one of the primary trading partners of the UAE accounting for about 9.2 percent of the total imports by the UAE.
facilitate in bridging the ‘Financial Requirement’ gap for the partners and suppliers, allowing them to obtain the required funding to facilitate and help their businesses grow and expand,” he adds. Do you need investment? Dubai First is targeting entrepreneurs in micro business and start-ups from the logistics, technology and retail services sectors. They see the exhibition as a good opportunity to network with business leaders and build relationships with Government organisations participating in the exhibition as well, namely,
the Department of Economic Development, Federation of UAE Chambers of Commerce and Industry and the Khalifa Fund member team. “In addition to all we have said, the forum will provide an opportunity to understand the business market and interact with peers and competitors from the finance and banking industry who are also participating in the exhibition,” Makkar concludes. If you are looking for the next cash injection into your business, and want to meet up with Dubai First to find out more about how they can help you, come down to the Smart Business Expo at the ADNEC on October 25th-26th, for free.
October 2017 //
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leadership
INTERVIEW
Ludmila Yamalova
Smart Business sits down with one of the most recognisable faces in the UAE legal sector to find out about common business mistakes and how enthusiasm and emotion are not a recipe for success
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udmila Yamalova is known not just in the courts of Dubai and Abu Dhabi, but also in the halls of Al Hosn University in Abu Dhabi, where she lectured for two years on urban planning law and alternative dispute resolution. She successfully juggled day-long workshops on UAE labour law, with working alongside the Dubai Eye radio team, and keeping her business running smoothly. “I have always made sure that my company is my main focus. Juggling each piece of my life has made me very methodical in the way I do things. It has also meant I have learned to plan my time very well.” Based in Jumeirah Lake Towers, in her sprawling office with sweeping views across Dubai, her firm is a general practice law firm, advising corporations and individuals on the practical aspects of living and doing business in the UAE and the greater MENA region. With clients ranging from individuals to family offices and multinationals, this is a far cry from her start in work as a business analyst, in management consulting. “It was the job I took right after I graduated from the university in the mid-1990s. My degree was in Political Philosophy. Equipped with this very practical degree,” she says laughing. “I joined a management consultancy firm, affiliated with the Stanford Research Institute, in Silicon Valley.” Yamalova has come a long way since her days in Silicon Valley: “As
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long as I remember I wanted to be a lawyer. I don’t know why. “Law came to me gradually, by becoming interesting in certain things. I enjoyed debating, writing, analysing, solving problems. Becoming a lawyer seemed to open the doors to opportunities. It allowed me to hone those interests and work with those who believed in me.”
“I realised early on the necessity of being pragmatic and business oriented in my application of the law”
What anchored your career? I was fortunate to have had the opportunity to be mentored by people who developed my interest in law. My interest was in the practical application of the law. I really enjoy helping businesses and individuals from the grassroots up, seeing them succeed, helping others unwind and restructure their struggling businesses, or assisting in resolving disputes or identifying solutions when the times are hard. The mentor I acquired was a partner at the firm, specialising in intellectual property litigation, who later left the firm to head the legal department of one of the firm’s clients, Finisar Corp. It was a publicly traded fiber optics company, which had enjoyed tremendous success during the dotcom boom. But like all others, Finisar was experiencing the pains and sufferings of the new market. My mentor later brought me in as his second in command, in an in-house role as an Associate General Counsel. I was far too junior for the role. But he had faith in me and gave me tremendous opportunities, while I was in that position.
leadership
October 2017 //
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leadership
Under his mentorship and with his support, I learned and grew like never before. I learned about business. And I learned about the practical application of the law in the context of business. As one of the two members of the legal team, I oversaw and learned about a wide array of legal issues, spanning all of the company’s global locations. This was a fundamental stage in my career. One that I always fondly look back on and draw lessons from. Whatever the scope was, I realised early on the necessity of being pragmatic and business oriented in my application of the law. That has subsequently allowed me to be more accessible for my clients. What does it take for someone to be successful in business? For someone to be successful you need to have a passion for what you do. Over the years, I have become sincerely passionate about the practice of law. Thankfully, I have been able to now form a
team of equally enthusiastic, young-spirited and idealistic, yet pragmatic and grounded professionals – who make the experience of practicing law that much more rewarding. We have a strong culture and, as a team, we embrace the challenges of practicing law in a rapidly evolving jurisdiction. We all enjoy being in the thick of the history in the making. The right culture is important if you want a business to succeed. We adhere to the utmost standards of professionalism and ethics and aspire to the highest levels of client satisfaction. We are passionate about our profession and loyal to our cause. What are the most standard problems of SME business leaders? The most common problems we see in our SME clients relate to overestimating their own abilities and underestimating their competition. Most businesses start out with good intentions. Many have exciting and novel ideas. Others have identified, what they believe, a gap in the market, which they want to fill. Most of the time there is much enthusiasm and
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// October 2017
“Most of the time there is much enthusiasm and emotion involved in starting a business... But these are not a recipe for business success”
emotion involved in starting a business. These are all human and admirable traits. But these are not a recipe for business success. We find that many businesses do not conduct the proper due diligence on their market space in which they operate. This can lead to businesses being uncompetitive in service, standards, products or pricing at best. At worst, had they have done their research, they may have found sooner that the reason people weren’t providing this product or service is because it is so expensive, it becomes price prohibitive. People need to ask the difficult questions. They need to have long-term budgets and business plans, which are based on actual and realistic data. Most do not work through the worst-case scenarios. And many tend to see what they want to see. More specifically, many businesses are too quick to take on too much debt. And offer too much in a way of compensation and promises to their employees and creditors, before their employees prove themselves to the business. What should entrepreneurs do right at the beginning? The one thing I often wish businesses did differently is to seek proper counsel and expert advice from the outset. This applies to everything. Understanding the market and the competition. Seeking sound and educated financial and accounting advice. From a legal perspective, I wish people would consult with legal professionals on the best legal structure to build their business on. If they knew or had an understanding of the relevant laws and regulations, as well as practical aspects of their business early on, they could ward off much of what I have to deal with at a later date on their behalf. Why has your radio show been so important to your business? My role on the radio has developed gradually. I was first invited to comment on one show. Then I was invited back… again and again. At some point, I became a regular contributor, before being asked to present my own legal show. The radio serves multiple purposes. On the one hand, it allows me to give back to society the knowledge I have acquired
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leadership
“The most common problems we see in our SME clients relate to overestimating their own abilities and underestimating their competition”
over the years. Accurate information is often difficult to locate. There are often many conflicting views on the same subjects. My show gives many people, the opportunity to have their issues clarified and even problems solved. But I also learn much from my listeners. I hear their stories, which give me additional information and perspectives. Naturally, the radio also gives me exposure to a large and ever-evolving audience, who judge me on the quality of my advice. What mistakes have you made in business? I have made many, although many of these mistakes were part of growing up, as a professional, and as an individual. It took me a while, and many painful and sobering lessons, before I was able to finally figure out the right model for my business and for me. I would not have learned and derived satisfaction in what I do now if it were not for those experiences. Most of my mistakes related to people; sadly, people whom I trusted and relied upon. Be it clients, partners, colleagues, employees, contractors and service providers. For what seemed like a long time, I tended to give too much benefit of the doubt to
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// October 2017
other people who let me down. I would also promise too much, so prior to figuring out my own formula for success, in the past I struggled to deliver what I had said I would do. In respect of over-promising, I have learned how powerful saying no is if it can’t match other priorities. This is a tough lesson to learn in business especially at the beginning, but I don’t want to be seen as delivering mediocre service and basic advice. I take pride in providing excellent, and the most up-to-date advice and service, this is our business priority. What helped me bounce back is my sincere interest in what I do and the pride in what I know. I gain so much satisfaction in helping my clients and seeing them succeed, that I focused on this. Who in business do you admire the most and why? There is no one person I admire most. I admire and respect people who have common sense and sound logic and reason. Who are experienced and successful, but remain grounded and humble, with good manners and respect for others. What is the one thing you would advise anyone running their own successful business at the moment? My advice to anyone running a successful business would be to set a clear future plan to allow their business to grow further while remaining focused. Being driven is a great factor to growth, but staying grounded within your reality is required to help you advance in reasonable ways.
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Need to Know:
VAT Prep
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Payment collections from January 1
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All staff need to understand VAT and how it affects the business
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Businesses need to educate their clients
zz
Consider software automation now
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Review your contracts and invoices. Make changes as necessary now
Getting VAT ready
Are you doing these things now to prepare for January 1st? If not, you should be… Finance
F
or many, the concept of VAT is understandable as they have experience of it from their home countries. For others, VAT is a completely new concept that is difficult to understand if they are to work within the law. VAT is an indirect tax, imposed on most supplies of goods and services that are bought and sold. It is also one of the most common types of consumption tax around the world. Over 150 countries have implemented VAT (or its equivalent, Goods and Services Tax), including all 29 European Union (EU) members, Canada, New Zealand, Australia, Singapore and Malaysia. In the UK for example, VAT is charged at 20 percent. In the UAE, the amount payable is being set substantially below this at five percent. If your business earns in excess of dh31,250 a month (new businesses dh15,625), and you have not charged VAT to your customers, your company will be liable for the payments to the government.
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// October 2017
Charged at each step of the ‘supply chain’. It is ultimately consumers who will bear the VAT cost while businesses collect and account for the tax, in a way, acting as a tax collector on behalf of the government. The Impact “Businesses need to consider the impact on their revenues and expenditures – and plan for pricing changes and cash flow,” says Justin Whitehouse, Indirect Tax Leader, Deloitte. “From January 1st, companies need to be fully registered and collecting VAT so that they are able to make payments to the government quarterly, within three months of the date of the invoice,” says Caroline Thevenot from CT Consultancy, a boutique accountant consultancy based in Dubai. She stresses that this should not be confused with the date of receipt of the payments, saying that in light of this tight turnaround, an enterprise needs to have a solid cash flow and money collection system, “with the
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“businesses that have significant ERP and technology work to do, need to commence preparations immediately” Justin whitehouse, deloitte
relevant processes in place, so that they can evidence that the payments are being made and collected during the audits. “There are many considerations that businesses need to think about when implementing VAT over the coming months,” she says, adding that senior management needs to ensure everyone has a basic understanding of the tax and the direct implications of it on your business. She suggests considering the availability of manpower to oversee the new system, reviewing new processes, and any other projects that will take time in other parts of the business. “All of your admin, procurement and supply chain staff must know how VAT should be paid and collected. Your sales staff need to be able to confidently discuss this with their clients,” says Thevenot. Whitehouse agrees that this stance of educating all staff is the right position to take, but, “businesses also need to educate their customers, suppliers and other stakeholders about the impact of VAT – it affects all areas of a business.”
Software challenges “VAT is a simple tax in concept,” he states. “But most businesses globally prefer to automate it, as it is accounted for on nearly all sales and purchase transactions, so there is a high degree of compliance.” Mentioning that IT implementation and systems work is time-consuming, he says, “in our estimate, businesses that have significant enterprise resource planning (ERP) and technology work to do, need to commence preparations immediately.” Thevenot agrees: “It will be very difficult to track VAT due and VAT to be reimbursed if you still have a manual system. There are a great many accounting systems out there, but you need to have one that will work with your business.” She suggests asking questions like: Do you have to pay taxes elsewhere? How many licenses will you need? Do you want the system to pay out for any other taxes that may be implemented, here or elsewhere in the world? “Your accountant is best placed to discuss all of these with you and highlight areas of your business that you may not consider being included in the system,” adds Thevenot. She says that hiring an accountant with VAT experience is vital. “If they have worked previously with VAT, they will know exactly how you will need to set up your system and/or to calculate your VAT return.” She explains that this importance is heightened, due to the many instances of sales that will be exempt from tax. The UAE government have said that it will take six months to refund payments where tax is paid incorrectly.
“This is a long time for money to be out of a business cash flow. And don’t even begin to think about the high penalties that will have to be paid for businesses that don’t pay the tax correctly…” Invoices administration “I am ensuring that my admin team is aware of the tax so that it features on invoices,” says Ian Hainey, the managing director of IHC, a PR agency based in Dubai. He says he is also accounting for it in his sales figures so they have secondary records that they are able to refer to. “I am currently reviewing my internal processes. I know what I think is the right thing to do – especially having come from the UK where VAT is commonplace. But this isn’t enough I have found. I am asking all of my frontline staff exactly what they believe should happen in the processes of logging our accounts. They are the ones that will be recording it, with my accountant ensuring that it is correct. It makes sense to me to include them in the conversations. “As a team, we are doublechecking and triple checking everything; contracts, invoices, and discussing it with the clients that we do have. It is a surprisingly laborious process.” “I think many will underestimate the effort involved – there is an assumption because it is a simple concept, it will be quick. This is not true,” adds Deloitte’s Whitehouse. More surprising is the belief of many that the deadline will be extended, so people are holding back on any action he says, “this is not how to plan. Everyone should assume the January 1st is a very real deadline – just like October 1st was a very real deadline for the Excise tax.”
October 2017 //
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VAT How it applies to you Details of the law on VAT are emerging everyday, but to prepare you for January 1st 2018, this is what we know to date‌
records
who can register? Mandatory registration applies to businesses with a turnover of
dh375,000 ($102,000) a year. This equates to
dh31,250 ($8,508) a month
You can choose to voluntarily register your business if earning
dh187,500 ($51,049), which is dh15,625 ($4,254) p.c.m
START-UPS with expenses that exceed the VOLUnTARY THRESHOLD but no turnover, can also register Businesses have to be
VAT registered BY
1st January 2018
Electronic registration is OPEN NOW 28
// October 2017
Companies MUST record all financial transactions AND: ll CHARGE VAT on goods and services they supply ll MAY reclaim VAT on goods and services already paid ll SHOW all transactions on demand to the government
VAT returns have to be FILED QUARTERLY and PAID WITHIN 28 DAYS from the END of the tax period File returns ONLINE using eServices Companies WILL BE ABLE TO REDUCE their tax liability to take into account BAD DEBTS Details of how this will work are to be confirmed
Tax invoices issued and received should be kept for
Companies will have to FILE VAT RETURNS for EACH EMIRATE
5 YEARS Tourists will not be exempt from paying VAT
Foreign business will be able to recover VAT when visiting the UAE
Appeal process If you want to appeal a decision made by the FTA this is the process to follow: 1. Contact the Federal Tax Authority (FTA) to appeal against a decision made WITHIN 20 DAYS from the date of notification of the decision The FTA will confirm their position within 20 days of receipt of the appeal If unsatisfied with the verdict‌ 2. Objections can be raised with the TAX DISPUTES RESOLUTION COMMITTEE, within 20 days of confirmation of the appeal decision All taxes and penalties have to be paid and up to date before the objection Further Option 3. If still unhappy, businesses can lodge their complaints with court
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real estate
Commercial properties rental and sales will be subject to VAT
Financial Services
LIFE INSURANCE is the only insurance that is tax exempt
It is EXPECTED that fee based FINANCIAL SERVICES will be taxed bargin based services will be exempt
Non-compliance Penalties will be imposed for non-compliance. Examples of actions and omissions that may give rise to penalties include: • • • •
A person failing to register when required to do so A person failing to submit a tax return or make a payment within the required period A person failing to keep the records required under the issued tax legislation Tax evasion offences where a person performs a deliberate act or omission with the intention of violating the provisions of the issued tax legislation
Refunds Refunds will be made following receipt of the application and the relevant checks to avoid fraud
Claiming VAT on expenses VAT on expenses that were incurred by a business can be deducted in the following circumstances: • The business must be a taxable person (the end consumer cannot claim any input tax refund) • VAT should have been charged correctly (i.e. unduly charged VAT is not recoverable) • The business must hold documentation showing the VAT paid (eg valid tax invoice) • The goods or services acquired are used or intended to be used for making taxable supplies • VAT input tax refund can be claimed only on the amount paid or intended to be paid before the expiration of six months after the agreed date for the payment of the supply
What’s exempt from 5%?
Exempt sectors The following categories of supplies will be exempt from VAT: • The supply of some financial services (clarified in VAT legislation) • Residential properties • Bare land • Local passenger transport
Customs
VAT is payable in addition to customs duties paid and cannot be deducted VAT will be charged on both item cost and customs duties
VAT “will be charged at zero percent” in respect of the following main categories of supplies: • Exports of goods and services to outside the GCC • International transportation and related supplies • Supplies of certain sea, air and land means of transportation (such as aircrafts and ships) • Certain investment grade precious metals (eg gold, silver of 99 percent purity) • Newly constructed residential properties, that are supplied for the first time within three years of their construction • Supply of certain educational services and the supply of relevant goods and services • Supply of certain healthcare services and the supply of relevant goods and services Information correct to September 28th. Source: Ministry of Finance
October 2017 //
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Keeping the Cash Flowing
With VAT around the corner, a healthy cash flow is more vital than ever before. This is how you can ensure you maintain one finance
Need to know:
Cash Flow
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Negotiate hard at the payment terms stage
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Create systems, which anticipate bottlenecks and payment delays
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Be relevant, be different and diversify your market
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Invest in proper accounting systems and cloud-based accounting software
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Avoid cash transactions where possible
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Operate a payment received and paid calendar. Payments in should cancel the payments out
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C
ash flow is a big issue for small businesses. With up to 90-day payment terms (and even beyond) the norm here in the UAE, coupled with the need to submit quarterly VAT returns as of 2018, the requirement for stronger cash flow control has never been more pertinent. “To speed up the receipt and processing of receivable cash, we have had to change our tactics and get tough,” says Ian Hainey from I-HC, a PR firm. His company, which started in 2012, has seen both ups and downs in the economy. “We avoid extending credit. We make sure to ask for payments upfront. If a client has a monthly retainer agreement, then we will still ensure that we obtain the monthly payment upfront. I monitor cash flow daily to make sure that we are always able to pay our staff and suppliers,” he explains. Samie Al-Achrafi, CEO of Marmalade Fish, a consultancy in organisational values and culture change, suggests zealous action at the contract negotiation stage. “Ask for 50 percent advance payment, negotiate payment terms down from 60 to 45 or 30 days, and build-in late payment charges,” he advises.
Mohamed Sadek, founder and owner, Com-iot Technologies, an IoT innovation start-up, agrees: “Startups should begin asking tough questions about cash flow and finance management from the get-go. They should plan for bottlenecks, payment delays, and the new tax code.” “Whether you are new or old in the business, managing cash flow can be daunting. But grabbing the bull by the horns and battling it out is exactly what will give you control, and the visibility, allowing you to make sound decisions,” says Nazli Koseoglu, Director - SME Engagement at Zawdeh, an SME co-operative providing a network and greater purchasing power to small businesses. Above and beyond harder negotiation, Al-Achrafi believes that in order to thrive, particularly in the current challenging economic environment, businesses must be relevant, and differentiate themselves. Use the geographical location “The world has woken up to the fact that sustainable business needs to have meaningful values aligned to purpose, and an intentional culture.
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“Whether you are new or old in the business, managing cash flow can be daunting” Nazli Koseoglu, Zawdeh
We work with clients around the world, which ensures cash flow comes in throughout the year. “A quiet time of year in the Gulf can be our busiest time in another market and vice versa,” Al-Achrafi points out. Hainey agrees. He says that finding his niche enabled him to determine where to focus his activities: “As we deal in the B2B market, we are able to work with large corporates. This has brought some stability and vision to us. We also don’t accept payment by cheques. Payments are made directly to our bank account so balancing the account for VAT and cash flow is so much easier.” Plan ahead “Knowing what’s around the corner goes far,” says Koseoglu. “Have your cash flow blueprint up to date at all times: Whether you have an accountant, outsourced resource or simply do the accounts yourself, it’s important to have the expenses forecast as well as the income, never forgetting to factor in risk.” He admits that this can be a painful task but, “once done, it will provide clarity and direction. Factor in possible changes. If you struggle, get help from an outsourced service, colleague or fellow business expert to give it a second look.” Taking VAT into account, Karl W Feilder, CEO of Neutral Fuels, a commercial producer of biofuels, concurs with Al-Achrafi on the need for accounting software and making sure stronger systems and processes are in place. “The introduction of VAT is a fundamental shift for the UAE, as all registered companies now will officially become revenue collectors for the Government,” he explains. “For a company to comply with the VAT system, it will need to have in place, proper accounting, and banking records, preferably with a VAT-enabled software accounting program. This will force companies to move away from cash-based transactions with handwritten receipts.”
Whilst it is known that the law will make SMEs stronger and more robust in accounting standards, Alan Devereux, Managing Partner, Social Media Consultant and Trainer at Cave Chalk, says VAT will, “squeeze SMEs considerably.” “I spoke with a friend of mine who is a financial controller for one of the UAE’s leading hotel brands. I said five percent is going to be a tough ask for Cave Chalk. He said ‘it’s no problem, just add the five percent to your invoices.’” Devereux highlighted that most SMEs cannot simply push up their prices, thus adhering to the new law will be tough for many. Corporate responsibility Feilder remains positive. “We look forward to a future where online payments and computer generated invoices and receipts are the only way to conduct business. Companies have significant responsibilities to accurately record and pay the money they collect. Defrauding the government of VAT revenue will carry significant penalties both financial and criminal,” he says. He is also keen to stress the longer-term advantages of the VAT system that he foresees: “Keeping proper accounts and proper VAT returns will lead to more business transparency and accountability in the UAE, which can only be a good thing. “The government currently has no direct way of tracking all the business income generated in the UAE, [but the] new VAT system will require a mandatory reporting of sales revenues.” VAT: an opportunity Sadek of Com-iot is pragmatic: “With the introduction of the VAT, we have an opportunity to build, from scratch, a cash flow management policy that allows us to fulfil our tax obligations to the UAE government as a start-up, while satisfying the operational costs and capital expenses of the business.
“In a sense, we are fortunate because we do not have to overhaul or refine an existing practice, but rather, to build a comprehensive, fully compliant process.” Acutely aware that many startups fail early in their lifetime as a result of cash flow restrictions and mismanaged finances, Sadek says his firm is, “taking steps to build financial resilience, particularly as VAT approaches. Some of these measures include rigorous financial book-keeping and inventory management.” He is implementing a company-wide education policy, adding that, “we feel this will be an important step in building our financial literacy and responsibility.” This type of policy is a winner to make cash literally flow, as Koseoglu explains: “Keep payments controlled over a course of the month, by creating a strict timetable where you are able to space them out comfortably. It makes good sense to negotiate supplier terms in line with your customer’s payment terms. One needs to be able to feed the other. Manage this timetable with your team and conduct rigorous reviews.” But what about invoices and contracts? Hainey says he is changing the way IHC’s invoices are structured so they show that VAT will be charged in the future: “We are also seeking advice on our contracts; not just the ones we will be offering but the ones that we have in place on January 1st. The challenge for businesses is ensuring that they will be able to claim back the additional five percent from their clients based on the contracts that they have in place already.” Neutral Fuel’s Feilder says the introduction of a VAT system will not only raise taxation revenue for the UAE’s infrastructure and social projects but will also mean less cash-based fraudulent business activities. “This, in turn, will continue to enhance the reputation of the UAE in the eyes of organisations such as the IMF and OECD. It’s a mature, sensible move, in terms of global economics.
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strategy
finance Need to Know:
pitching for finance
zz
Time your pitch right
zz
Seek advice from friends, family and clients
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Spend time writing compiling the pitch and IM
zz
Consider outsourcing the writing
zz
Market your pitch to your own networks
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Ask family and friends to kickstart the investment cycle
The Perfect Pitch If you want to tap into crowdfunding finance, follow these steps to attract investors 32
// October 2017
E
quity crowdfunding is quickly establishing itself in the region as a viable source of raising business capital and you can tap into it too. The global explosion of this mechanism for raising funds for (and investing in) early and growth stage businesses has meant that tighter regulation of the industry in the UAE is now on the horizon to safeguard both businesses and investors. “Angel investing (affluent individuals who inject capital into start-ups) in early stage businesses now forms part of many professional and every day investor’s portfolio,” Chris Thomas, CEO, Eureeca explains to Smart Business. He has taken his business global, now operating across three continents. “As with any investment asset class this is very important – the better diversified, the wider the opportunities are.” “Some investors invest because they love the brand or business, and already use it, or some do it purely for the upside potential,” Thomas says, citing that an average return from a properly diversified angel
strategy
Seeking Validation “Before launching your first selffunding round, you need to get validation from your network of supporters. The expression of interest to invest in your company will give you the final push and confidence required to kick-start our campaign,” explains Thomas.
investment portfolio has been estimated to be around 31 percent year on year. With figures like these, it is no shock that investors are literally fighting to offer the best rates on some platforms, in the hope companies will accept their offer, while new businesses to these platforms are looking increasingly to this arena to finance their next endeavour. quid pro quo “An entrepreneur will still need to work hard, but we do make the process easier,” says Thomas. He believes that the job of any crowdfunding platform should be to, “hold the hand of the entrepreneur through the entire journey, helping them get fit for funding and assisting the campaign. “It is down to both the platform and the business leader to shout as loudly as possible to their network of friends, followers, fans, customers etc. The platform should give them the best tools possible to convert those that love their brand into being investors in the brand.” Thomas says some companies even use this as part of their marketing plans. “Which makes sense if you think about it - we spend so many marketing dollars on trying to build loyalty with our customers and supplier. Well, there is no better way to ensure your customers continue to use your business and refer it to their friends then if they own a piece of the business themselves.” Whatever the business motivations for crowdfunding, Thomas has some sage advice to
anyone seeking to secure further business financing through these platforms: “I think it is important to take a step back and look at what needs to be done prior to beginning the process of seeking investments.” But actually waiting for the right moment is a key consideration. The Right Time Raising money for your business is daunting says Thomas: “The company execs are literally putting everything out there, laying your business model bare for everyone to see. And you are asking them to take a leap of faith and to invest their cash into your dreams.”
“An entrepreneur will still need to work hard, but we do make the process easier” Chris Thomas, eureeca If you want to take your business to the next level, eventually you are going to need an external injection of cash and knowing when the time is right is of paramount importance. As transparency is required, the business accounts need to be accurate and illustrate the potential. You also need to think like an investor and provide the information to questions that investors may have. Asking family, friends and other business leaders (especially those that have been through this process) what to include here will help.
Pitch Perfect Do not be afraid to invest a little money into a professional writer to convert your thoughts and notes into the perfect pitch if this is something that overwhelms you. Thomas says that you should not underestimate the power of a, “well-crafted, clear and concise investor memorandum (IM), or the time and effort that goes into fine tuning this financial document and honing your pitch. “Not only is this type of financial disclosure a legal requirement in global equity crowdfunding, but also it can be the icing on the cake if delivered after a smashing pitch.” Build Your Army of Brand Ambassadors Investors are like sheep, and nowhere illustrates this more than on a crowdfunding platform. Often investors can be nervous about being the first person to put money behind a business. By getting your friends and family to formally invest in your business when the offer goes live, you are more likely to notice a cascading effect so that other investors will see people are willing to back and they too will want to follow the action. “It is a tried-and-tested truth that the process of equity crowdfunding doesn’t work unless you are willing to work hard to get your fans and customers to buy into the company and to want to share in its success,” explains Thomas. Platforms such as Eureeca and Beehive are there to facilitate the process by providing an easy-to-use, efficient and transparent mechanism for entrepreneurs to post their funding proposal online and to offer them the tools and support to market their proposal to their network and our crowd of investors. When asked what his one piece of advice would be for any business leader wanting to use a peer-topeer platform to obtain investment, Thomas has one takeaway: “Even in business, people make quick judgements. Make sure your first impression is the right one.”
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Strategy
Need to Know:
Influencer Marketing
zz
Know your Customer – Whom will they trust?
zz
Build a relationship on mutual value
zz
Be clear on who you want to influence
zz
If your influencer wouldn’t like what you are doing in your marketing strategy, don’t do it!
influence peddling When everyone with an Instagram account calls themselves an influencer, are they really as effective as the hype surrounding them?
marketing
W
e have all heard about influencers who seem to charge huge sums of money to post to their audience about products, but how effective the ROI is for this type of marketing depends entirely on your strategy, and whom you choose to work alongside. Mike Al Naji, Digital Outreach Manager for The Online Project, states, “51 percent of marketeers have seen better quality customers acquired through influencer marketing (IM) versus any other form of marketing, while 38 percent of them found it the same. My clients always ask me “Why should we go with IM and why do you highly recommend it? It’s simple - IM delivers. Not only does it deliver, but when it does, it is instant. IM
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// October 2017
generates an average of dh20 for every dh3.5 you invest in it.” Others disagree. With complaints as the amount of ‘work’ that influencers do for their money, to charging exorbitant fees for appearances, how can you get the results suggested by Al Naji? Be Strategic To get an ROI, the strategy needs to
Strategy
“Ensure a complete breakdown of responsibilities has been drafted for the influencer so that he/she is aware of the expectations and the brand’s objectives” Maurice Hamilton, the SMC Group
be on point. Ultimately, it is the approach to the digital marketing campaign that will provide the success of the campaign. “Develop an agenda and plan out everything. Ensure a complete breakdown of responsibilities has been drafted for the influencer so that he/she is aware of the expectations and the brand’s objectives. Leave room for the influencer to make their own suggestions, too. They may have some great ideas that you hadn’t thought of,” suggests Maurice Hamilton, Global Chief Executive of the SMC Group. In order to ascertain if you will succeed you need to ask three questions: Who do I want to influence? To answer this effectively you need to think like a marketer, says Al Naji. “When you ask yourself who your target audience is, you know exactly who they are and may even have a picture of how they look… This isn’t enough. Marketers will create client personas, be able to describe their behaviour not just their sex, age, and nationality. They know where they shop, what they do in their off time, what they do at work, what other brands are they likely to use etc.” Who will my client trusts? IM, in a nutshell, is getting your brand or product shown to someone, by someone else that they trust. The number of followers does matter to a certain extent, as you want to ensure you reach the largest number of people in the shortest possible time frame, but it is more about whether or not they have high engagement with their following. IM is the modern day equivalent of word of mouth. An impact on your business won’t be visible if you don’t engage the appropriate person. For example, the first family of influence is the Kardashians. But if you want them to market your line of soccer balls, would your clients trust them? They would be perfect for selling other gym related equipment due to their strict
workout régimes, but soccer? No. You won’t see a business impact if the customer doesn’t trust the influencer. “By working from a clear idea of exactly who you want to influence, you can then ascertain who your audience would most trust,” says Al Naji. Taking the soccer balls into account, an international player, like Christiano Ronaldo would undoubtedly fit the bill. If your budget can’t handle players of this magnitude, then you can work your way through them until you find one that does. Chances are, there are people on social media who are already engaged as thought and opinion leaders for your audience with smaller followings, but who get very good results. These are the real influencers, people with whom partnerships can drive real impact. What would my influencer do? “Influencer personas should be based on an actual human, not a character you have created in your head though from various brainstorming and mapping sessions with your marketing team,” explains Al Naji. “Would [my influencer] like what we’re doing?’ and let that answer guide you.” “If you really want to build your brand and divert traffic towards your business, consistency is key. Ensure the influencer posts regularly, responds in a timely manner to your followers, sparks conversation relevant to the brand and proactively interacts with the target consumer base,” Hamilton explains. The identities mean you will be able to define exactly what you want your influencer to be. You know that this person is able to work with certain brands but not others. It also enables enterprises to not get too hung up on follower numbers, as these may not be important to your goals. For information on how you can get a return on your IM investment, turn to page 36
October 2017 //
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Strategy
Need to Know:
Influencer Marketing budgets
zz
The question you need to ask is; How can you influence your influencer?
zz
Needs to be a mutual value exchange
zz
You may be able to barter or content share
Pricing influence correctly Once you have found the right influencer, this is how to drive your ROI marketing
B
usinesses tend approach influencer marketing as though it is a privilege for the influencer to work with their brand. Those brands are missing the main element in this marketing method; influencers must obtain value too from partnering with your brand. “Without a mutual exchange of value, you will struggle to create a truly beneficial longterm partnership and you will have a tough time engaging influencers in your activations,” cautions Mike Al Naji, head of influencer marketing at the Online Project, when discussing how businesses should want to work with influencers. Maurice Hamilton, Global Chief Executive of the SMC Group agrees. He explains that an influencer has their own brand to protect: “If you want an influencer on your side, you need to show them the value of partnering with you. Influencers
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// October 2017
are protective of their audience and will only connect with brands they see value in.” not all about money Whilst businesses will find many influencers are demanding increasing sums of money, “value” doesn’t necessarily mean financial compensation. It can also mean that there is a perceived benefit of the partnership that is equally important to both parties and both sides are receiving similar value from the exchange. There are brands that only want to offer barter deals. Some influencers will expect financial payments, while others are happy with receiving freebies, from free products (usually for the low-tier influencers) to an island holiday (for the higher-tier influencers that achieve better results). Alternatively, Al Naji suggests you could go very simple and ask for something as simple as a content swap: “You share their content
to your networks, and they share yours with theirs. Think outside the box and be creative, but always keep in mind that mutual value will be the key driver of long-term influencer relationships.” flexible Budgets Budgets can vary substantially, and Al Naji says that he sees deals from gifts or monetary compensation which range from dh250 - dh50,000 in exchange for one post depending on the tier of the influencer you are looking to work with. “If I could leave you with one piece of advice about your influencer marketing strategy, it would be: Be genuine, show that you care and personalise everything you do with them to become an essential part of their life that they cannot part with,” advises Al Naji. In essence, create a mutually beneficial relationship so each post will reach the audience as being genuine and trustworthy.
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strategy
Need to Know:
IoT BUDGETS
zz
Internet of Things platforms enable new revenue streams and real-time decision-making
zz
The Internet of Things is already an $8bn market in the wider region
zz
Open-source software is driving down costs to business
zz
Public cloud platforms offer IT Ops tools Meaning no need to spend money!
zz
Hybrid products are available to provide businesses with a more tailored IT offering
zz
The increase in companies selling IOT solutions may add confusion to businesses seeking advice
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investing in the internet of Things This is why the Internet of Things must be factored into your budgets technology
T
he primary driver for companies moving to IT operations management open-source software (OSS) is the lower cost of ownership. Businesses from logistics companies, to retail outlets, car manufacturers, interior designers and much more now use the Internet of Things in their everyday work due to the lower cost of software. As the inter-connected Internet of Things era advances, Middle East organisations are forced to manage a vast network of connected devices, wearables, and physical objects – from cars to oil drills. Using machine-tomachine technology, companies can
provide a secure, usable infrastructure that shares machine and sensor data for actionable information in real-time. In the Middle East and Africa, Internet of Things spending is set to reach $8bn (dh3,67bn) in 2017, according to the FutureScope 2017 report by IDC. In particular, the highest-spending industry verticals include manufacturing and transportation, both at $1,3bn (dh4,77 bn), and utilities at $918million (dh337bn). “Every industry vertical in the Middle East is set to be transformed by the Internet of Things; from smart utilities predicting service outages, to healthcare providers predicting
82 percent
strategy
of companies see the Internet of Things as “strategic” or “transformational” to their business
“Every industry vertical in the Middle East is set to be transformed by the Internet of Things” Gergi Abboud, SAP
patient treatments,” says Gergi Abboud, Managing Director for the Gulf, Levant, North Africa, and Pakistan at SAP. “The strength of an Internet of Things use case improves exponentially when you consider the connectivity between the ‘things’ inside and outside of an enterprise across its supply chain. A secure Internet of Things platform on the cloud is vital for supporting next generation applications, which can scale up quickly and easily,” he adds. Showing the strong demand, 82 percent of companies see the Internet of Things as “strategic” or “transformational” to their business, according to the 2017 report by IDC, but how deployment throughout business will occur depends on the company itself. Service issues Industry experts Gartner believe many enterprises will turn to managed IT, or IT operations management as a service (ITOPaaS) enabled by open-source technologies. They also believe that the technology will be provided by a third party. With OSS, vendors can provide more cost-effective and readily available IT operations management functions in a scaled manner through the cloud. “While acceptance of OSS IT operations management is increasing, traditional closedsource IT operations management software still has the biggest budget allocation today. Moreover,
complexity and governance issues that face users of OSS IT operations management tools cannot be ignored. In fact, these issues open up opportunities for IT operations management vendors. Even vendors that are late to market can still actively compete in this area,” says Laurie Wurster, Research Director at Gartner. The Supply Up until 2020, use of public cloud and managed services is expected to be increasingly used as a tool for the Internet of Things, driving the growth of the subscription business model for both cloud and on-premises IT operations management. Analysts Gartner believe however, that the most common method of delivery for this will continue to be officebased servers. This means multiple challenges to incumbent IT operations management vendors. First, the vendors that do not offer a cloud delivery model will face a continuous loss of sales to the vendors that are able to offer both cloud and on-premises services, as businesses seeking advice will look for a more holistic approach. Second, platform vendors, such as Microsoft Azure and Amazon Web Services (AWS), are providing some native IT operations management functionalities on their public clouds. Customers that are running workloads solely on these platforms may prefer these native features. They know
the programmes already and understand how the software works, so these services will have an advantage. Business leaders however, may be unaware of “hybrid” requirements for IT operations management tools that can seamlessly manage both cloud and on-premises environments. the future “Customer demand has driven traditional software vendors to transform and adapt to the changing technology and competitive landscapes. Competitive pressure from cloud (SaaS offerings) and commercial OSS (offerings with a free license plus paid support) is forcing IT operations management providers to move toward subscription-based business models for both cloud and on-premises deployments,” explains Matthew Cheung, Research Director at Gartner. “This shift will eliminate the revenue growth spikes as the large upfront investment seen in traditional models is spread out over time in a repeatable revenue stream,” he says. Businesses that are in the process of reviewing their IT are likely to see an influx of new, smaller IT operations management vendors that are focused on one or two major tool categories. While this will continue to cause disruption for large traditional suite vendors, it can also spell confusion for the businesses seeking the right products. Companies will need to understand exactly how their current and potential products will fit together to bring the desired results, so seeking the advice of both traditional and smaller IT vendors will be paramount.
October 2017 //
39
strategy
Need to Know:
Tech Trends Driving spending
cloud services
zz
Cloud services should provide virtualisation, standardisation, automation, selfservice access and resource monitoring
zz
Smaller businesses may be able to work with a standard setup model
zz
Continuous ongoing support is paramount for all businesses
Cyber security, flexible solutions and value added support should be what you are looking for from your cloud services partner technology
B
usinesses in the Middle East that invest in cloud capabilities in 2018 are advised to select their cloud partner based on cyber security, flexible payments and value added services such as round-the-clock support. In order to keep up with the rapid evolution of IT systems for business, owners of small and medium sized enterprises (SMEs), as well as leaders at large corporations, need to place greater focus on the long term effectiveness of systems, rather than the immediate capabilities. “We believe that 2018 will be defined by the added services a supplier can bring to their customers, such as consultancy and training,” explains Ayman Al Bayaa, CEO of IT provider STME. cloud computing “Cloud computing is increasingly becoming a vehicle for nextgeneration digital business, as well as for agile, scalable and elastic solutions,” said David Mitchell Smith, vice president and Gartner Fellow. “CIOs and other IT leaders need to constantly adapt their strategies to leverage cloud capabilities.” Often the services to achieve this are outsourced, and finding the right provider can prove difficult. Enquiring about the security, support and solutions that are offered will bring clarity. Cyber security Few CIOs enjoy risk. They want want proven and scalable security.
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// October 2017
Cloud services should provide virtualisation, standardisation, automation, self-service access and resource monitoring. Complementing the security suite, business leaders should enquire if there are additional products and services including backup and recovery, disaster recovery and business continuity to safeguard operational capabilities should the worst happen. Flexible solutions Because every business is unique, understanding your needs is important. Smaller businesses may be able to work with a standard setup model, so an off-the-shelf option may be the most cost effective. Larger businesses may have people working remotely and/ or from different locations so their requirements may vary. A more bespoke solution is likely to be required. “More organisations are creating roadmaps reflecting the need to shift strategy. At these companies, projects that propose on-site resources are considered conservative, as the reduced agility and innovation options decrease competitive agility,” says Kasey Panetta, on the portal, ‘Smarter With Gartner’. Al Bayaa says this shouldn’t
proove problematic, “clients should be able to select an option that suits their needs, rather than adapting to what is prescribed.” He suggests questioning if the provider’s standard services include professional, managed and enterprise support, implementation and migration support. Value Added Support Continuous ongoing support is paramount for all businesses, yet surprisingly rare. Businesses may experience problems especially if their cloud-operating platform is run from abroad, as the support may be limited to only during the provider’s own business hours. Ascertaining the level and times of support from your preferred partner is vital. There are options available that will provide 24x7 support, 365 days a year, with dedicated call centre for customers, case management system, automated call tracking and reporting and a target response time of 15 minutes. “Understanding the pressure businesses are under to maintain peak operational performance should be the priority for any cloud partner. They should be able to offer solutions and systems that are adapted to prioritise up-time no matter what,” Al Bayaa adds.
strategy
Get your point across Good communication is not child’s play. Make sure your message is heard
Need to Know:
communication zz
Ask questions to make sure people understand
zz
Choose your words carefully
zz
Be succinct
zz
Follow up in writing
zz
Deliver bad news in person, justifying it
C
ommunication is key to business, but often the message and valuable man hours are lost as your staff try to provide you with what you want, which doesn’t meet your vision. So how can you ensure you are successfully getting your point across? Listen “While it may sound strange, listening to what your employees are asking, picking up on their facial cues, will help you decide if your team really understand or not,” says Rachel Conde, of Code Associates, a management consultant business. She suggests asking them questions and having them repeat what is correct back to you to prove that you have been understood. Select your words carefully There is a difference between being confrontational and judgemental, explains Conde. “Express your thoughts and needs politely. Make reasonable requests and if any push back is experienced, ask them why. This will enable you to formulate your counterargument, or even understand if you request is unreasonable,” she says. “Your choice of language is key to making the difference between assertive and confrontational. Saying things like, ‘Can you please send that email to me within the next hour?’ or ‘Please can you arrange for the delivery before 10am,’ is being assertive. If you replace the polite statement saying, ‘Send me the email within the hour.’ Or ‘I want it delivered before 10am,’ you will sound aggressive,’ she explains. Get to the point “Communicating the headline point of the action is best if you want something done immediately,” says Conde.
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// October 2017
Your employees, for instance, don’t need to know why you want to review a brochure that they have received by email, just that you want it. Put it in writing Once you have discussed the action points or had the meeting, following up with an email, detailing all that had been agreed, is key to a successful interchange. “If you write up exactly what has been discussed, and the time frame for achievements, you are leaving little excuse to it not being done,” she says. This good practice should be followed for all meetings and exchanges where there is action that needs to be taken. Delivering Bad news Sadly, every entrepreneur will have to give bad news to someone at some stage of their career. “Bad news should always be delivered in person by the decision maker. Whether it is on the phone to a supplier to say you are switching your sources; or face to face, letting an employee go, it should always be in person,” says Conde. She explains that in business, leaders live and die by their reputation, so conveying why the decision is fair is paramount for not just the brand of the business, but also the personal brand. “Communication is an art form that needs to be learned and worked upon. By mastering this art, you will have gained an effective skill that will, in time, increase your revenue,” she states.
property
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October 2017 //
43
property
INVESTMENT OPPORTUNITY SE7EN Residences is an exclusive property offering luxury residential apartments. Prices start from AED 752,000 for studios, AED 1,03 mil for 1 bedrooms, AED 1,99 mil for 2 bedrooms and AED 3,55 mil for 3 bedrooms. Apartment sizes range from 302sqft to 499sqft for studios, 500sqft to 874sqft for 1 bedrooms, 1,032sqft to 1,151sqft for 2 bedrooms and 1,540sqft to 1,707sqft for 3 bedrooms. Completion is December 2019. THE PERFECT LOCATION This project is located on the trunk of Palm Jumeirah, opposite Nakheel Mall, and next to DUKES Dubai Hotel - just 10 minutes drive from Dubai Marina and Sheikh Zayed Road and 45 minutes from Dubai International Airport. OVERVIEW AND FACILITIES This development has spectacular beachfront views over the Arabian Gulf, Dubai Marina Skyline and Burj Al Arab. It provides residents a desirable all-in-one way of life; luxury, convenience and harmony. Facilities includes a rooftop infinity swimming pool, fully equipped gymnasium, food and beverage outlets, direct beach access and retail outlets such as a gourmet grocery store, laundry services, pharmacy and many more.
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property
INTERIOR AND FINISHING SE7EN Residences have been designed to fulfill your every need. Apartments are sold unfurnished with luxury fittings and finishes complemented by floor-to-ceiling windows. Bedrooms feature soft drawer walk-in wardrobes and en-suite bathrooms with rain showers and floating vanities. Kitchens are fully fitted with white goods and cooking range appliances plus breakfast counters. Each apartment boasts separate air conditioning controls, giving the owner full command of the environment. PAYMENT PLAN This project has an attractive payment plan and you can book your unit by paying as little as 5%. Available upon request. WORLD-CLASS PROPERTY DEVELOPER SE7EN Residences is owned by luxury property developer Seven Tides. Established in 2004, Seven Tides has developed its own portfolio of commercial, residential and resort projects. ADDRESS AND CONTACT DETAILS Our Sales Office is located at DUKES Dubai Hotel, Oceana complex, Palm Jumeirah. T: 800 883 007 or +971 4 444 0700 E: sales@seventides.com W: seventides.com
October 2017 //
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property
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// October 2017
property
October 2017 //
47
property
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// October 2017
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property
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October 2017 //
49
pursuits
Le Meridien Mina Seyahi Situated alongside the Westin, the Le Meridien Mina Seyahi is the oldest beach club in Dubai hotel review
T
he small hotel (small by Dubai standards anyway), provides a warm welcome on arrival to the hotel, with staff who are very eager to assist with your luggage and incredibly friendly to all who arrive… I can tell you all this, but let’s be honest, we are in the UAE and it is difficult to find a hotel that doesn’t provide this as standard. So what is it that makes this hotel perfect for staying in when in town on business? To be honest, it is difficult to think of a reason as to why you may want to stay elsewhere. Only five minutes away from Sheikh Zayed Road, means you can get to Dubai airport within 30 minutes on a clear run. It is also right next to ‘new’ Dubai, of Media City, a five-minute drive from the DMCC and a 10-minute walk from the marina. The small hotel means you gain a greater sense homeliness than you may in others. With only three restaurants (excluding Barasti bar, the pool restaurant and the numerous eateries that you can walk to at The Westin next door), there is no immediate sense of being overwhelmed by choice, yet the selection is immense. The lobby large and unassuming, is always full of people milling around, but help is always on hand for anything that you may require. The Rooms On being shown to our room, which sadly was at the front of the hotel (the back has beautiful views across The Palm towards Atlantis), was very comfortable and airy, with two plush double beds that were incredibly comfortable, although we spent most of the time at the pool.
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// October 2017
The facilities The best news about the hotel is that the internet works perfectly all the way down to the beach. This meant I wasn’t tethered to the room or the work suite and could enjoy the gardens, pools and beach while working. Frustratingly, I was unable to convince my husband to eat at Fish, instead opting for the super healthy, and surprisingly delicious Gourmet by Kcal. Their promise to deliver fresh, locally-sourced food, following a paleo philosophy means that the family ate the filling superfood salad and gourmet shawarma without making a nasty dent in my expenses. The breakfast the following morning in the buffet restaurant, ‘Latest Recipe’ catered for everyone on every continent, providing traditional English and European breakfasts, American high-rise pancakes and Indian parathas, which left me full and able to concentrate for my day of meetings. All-in-all the perfect place to stay - especially when you use their Mina Madness promotion that provides a 25 percent discount for the room, food, beverages, spa and watersports for all UAE residents.
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pursuits
Clock watching The time management techniques you need to try Work/life balance
Need to Know:
time management zz
Know what you want to achieve
zz
Use lists
zz
Use calendarbased planning
zz
Ask yourself, what is within your ‘circle of control?’
zz
Start each day with a review of your goals
zz
List three things to achieve during the day towards your goals
T
ime management is the process of planning and exercising control of your time. “When procrastinating, time passes quickly and with it, opportunities and getting closer to what you truly want in life,” says Marc Holland, Business Coach, and Marketing Consultant. He says that the reason entrepreneurs burn out is because of not having a clear focus, which in turn, provides a clear blueprint to using your time. “Success in business is about having clear goals, priorities and understanding of your core values (the stuff you do that makes you happy – family, friends, fitness etc). To do this, you need to be effective with time management so you can achieve your full potential.” He suggests using these simple techniques to increase your focus and free up your time. Know where you want to go “Time management becomes much easier if you know where you want to go, what you want to achieve and who you want to be. Time is never wasted if you are moving forward, learning or growing. Better to try, fail, learn and try again, than to stand still wondering what if.” Use lists “In the words of the author Steven Covey, ‘start with the end’” says Holland. He suggests writing a list of what you want to achieve today.
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Correlating how your daily goals compare to your long-term dreams will help you determine the importance of the goals. The more inspiring and authentic those goals are to you, the more invested you’ll be on a daily basis to use your time effectively to achieve them. Plan more “The work/life balance of any entrepreneur is normally a fantasy, but you can plan to get a better balance,” says Holland. “What are the steps or goals you need to take to achieve this dream and by when? Make a two to fiveyear personal strategy and include all aspects of your life - Work, financial, family, fitness etc.” Business leaders often know what big pieces of business they have and when they are due. By recording and monitoring them, you know when you need to start, for example, work on a contract renewal, it will help beat the stress of having everything pile up. “Breakdown each year into months and weeks. What tasks do you need to achieve, and by when? Record and log them.” Get in control Holland says many business leaders struggle with control. Very often, if things don’t go according to plan, there is not a lot that can be done. Yet the effect on confidence can be catastrophic, taking leaders to a dark place causing them to think only of the ‘what-ifs’. “Get very clear on what things you can and can’t control. To help, draw an inner circle and an outer circle. On the inner circle list all the things you can control, on the outer circle, those you can’t. Focus all your energy on the inner circle - don’t waste time on the outer circle. This will focus your time, energy and effort on what you can actually impact,” says Holland. Empower yourself “Start each day with a routine where you take time out to a) remember what your dream/end goal is, b) review where you are at in the journey and c) focus on three things that you can do that day which will leave you just a bit closer than you were at the start,” says Holland. He explains that it could be as simple as learning an aspect of business, writing a blog or sending some prospect emails. Action brings learning. Learning increases confidence and confidence will ultimately bring control of your business and your time.”
pursuits
The team works MUST READS They say the average CEO reads upwards of 60 books a year. Every issue we suggest one book you need on your reading list.
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The executives behind the iconic Pixar studio reveal their hard-learned techniques for getting the most creative ideas from large groups
B
uzz Lightyear. Woody. Merida. Lightning McQueen. Beloved children’s movie characters they may be, but what has this curious cast got to do with your business and how you manage your staff? Well, if you run a team that has to be in any way creative and come up with a constant stream of ideas, then seemingly a great deal. Woody and Co are the smoothly-rendered, colourful faces of Pixar Animation Studios, the firm that not only creates seemingly endless streams of blockbuster hits (not to mention merchandising revenues) but also developed an entirely new genre – computer animation. Ed Catmull (pictured), one of the lesser-known founders of Pixar behind Jeff Lasseter and Steve Jobs, distills in ‘Creativity Inc.: Overcoming the Unseen Forces That Stand in the Way of True Inspiration’, the hard-won lessons of management theory in
this fascinating and inspiring read. Just like his animators, Catmull brings the subject to life as you are brought into the boardrooms and editing suites – the backdrops to this business evolution tale. Rendered onto the pages of ‘Creavity Inc.’ are a host of tried and tested methods for running a creative team. You will learn of the ‘Braintrust’, a set of key members of the Pixar family who, with unflinching honesty, will deconstruct a movie in production. You will hear about the proactive application of the ‘fail forward fast’ principle and how critical feedback should best be applied, as well as how to be a ‘problem hunter’. It will be made plain how the pecking order can be counterproductive and even how to deal with your ‘inner fraudster’. Plus, quirky asides will illuminate developments such as how Steve Job’s eye for interior design helped create the perfect blend of corporate and creative space for the new Pixar headquarters. And if any story sticks with you, it will probably be reliving the heart-stopping moment when an entire Toy Story movie was accidentally wiped from the company servers, mere months before it was due to be released. The only real lesson there though; sometimes you just have to be incredibly lucky. Reading this story alone makes the investment in this book worth every penny.
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