Month: April 2022

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Competitive landscape: Make your business survive

Business landscape

In today’s time, the business landscape has become highly competitive. It has become extremely difficult to stand out in the business arena. Moreover, there are a plethora of businesses selling or offering the same products or services, but what makes them notice is their unique brand identity and how they market themselves. However, it is more challenging for small businesses to survive in a fierce business market. For this, businesses need to make deliberate effort and build effective strategies to achieve their business goals. Though, inclusion of certain elements in your business plan can help your business stay ahead of the competitors. 

How can you survive the competitive landscape?

Here are few things that can help businesses survive in the competitive landscape:

  • – Make your brand unique: The first rule is to make your brand products and services unique. This will help drive customers’ attention and increase your sales. Build a strong brand identity to differentiate from your competitors. Ultimately, it will leave a lasting impression on your customers and your brand will increase.
  • – Improve your business operation: Scrutinizing your business operations is important from time to time. It will help you highlight inefficiencies that are becoming a hurdle in your business growth. By removing errors and improving your business operations, you can work efficiently on a competitive business landscape and accelerate your business growth. 
  • – Active social media presence: To compete on a digital platform, it is crucial for businesses to maintain an active social media presence and spread their brand messages to their niche. If you don’t have an updated website on social media accounts, your potential customers will most likely not trust your brand and may revert to other competitors of your brand. Therefore, it is essential to present relevant and promising information on your digital platforms.
  • – Step up your marketing: For any size of business, making continuous marketing efforts is important. Make sustainable marketing campaigns to give out brand messages to your target audience. This will help your target audience understand what you’re offering and how you are better than your competition. Also, a good marketing campaign is remembered by the audience to make a purchase at a correct time when they are ready.

Bottom Line:

Surviving this cruel business environment can be hard where your brand can be easily replaced by any other competitor. However, by building plans ahead of the time means you have won half of the battle. From making your business plan to listing your short-term and long-term goals to ruling the digital platforms, these elements will define your success in the competitive landscape. Do your best about learning about your target audience and you’ll be on a rise despite the growing competition.  

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Corporate Tax implementation in the UAE

Corporate tax
Corporate tax

UAE authorities have announced the implementation of corporate tax in the country from next year. The decision came out as a surprise to the business community as it was surprising news to them. Many businesses in the UAE have enjoyed zero income tax on their profits which will now change from June 2023. Previously, UAE has already introduced VAT, Economic Substance Regulation (ESR), Excise tax and Country by Country reporting. However, Corporate Tax (CT) will also play a significant role in the evolution of the UAE tax regime. 

The decision came into the consideration of UAE authorities to meet the international standards, by implementing similar decisions to their neighbouring Gulf countries. Also, the UAE wanted to modernise their business environment and boost their economy. Moreover, UAE aims at minimising the compliance burden for startups and small businesses in the country. 

Let’s look at some important points regarding implementation and process of corporate tax in the country;

  • – The corporate tax regime will be effective for fiscal years starting from or after June 1, 2023.
  • – UAE has implemented 9% CT on taxable income above AED 375,000. As for larger multinationals, different CT rates will be applied (will be announced by MoF) that generate consolidated global revenues above  EUR 750m in line with the Pillar Two of the OECD Base Erosion and Profit Shifting (BEPS) project.
  • – Ministry of Finance may announce any further relaxations related to Small, Medium and Micro Enterprises

Exemptions of CT:

  • – Natural resources are exempted from the corporate tax and will be taxed under Emirate level as before. 
  • – Foreign individuals and entities who don’t operate business in the UAE regularly will not be charged with CT.
  • – Income of foreign investors generated from dividends, capital gains, interest, royalties and other investment returns.
  • – There will be no withholding tax on domestic and international level

Businesses should in advance prepare for CT by conducting a review of their entity structure, accounting system and processes, financial model, and conduct audits. Certainly, the introduction of CT will have an impact on the tax compliance and costs of most UAE businesses.  Therefore, it is imperative for businesses to understand the tax implications and make any necessary changes in corporate structure, financial model , reporting system to ensure compliance with the new UAE CT regime.

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Business intelligence can help a company grow

business intelligence helps companies grow
business intelligence helps companies grow

Majority business owners working in the industry take important business decisions based on their gut or intuitions. Business analyst suggest that making crucial business decisions without any analytical data can be doubtful. Business owners are doing things as per their liking which sometimes work right for them but once the table turns, the million dollar deals can all go in vain if just one decision gets wrong. Here comes business intelligence that is used by dynamic companies to make their important decision based on data.

With the advancements of digital industry, new business tools are available that helps gather insightful and comprehensive business data. Business intelligence tools enables business owners to leverage the available tools and make informed decisions based on the data. Moreover, these are powerful tools that can be used by medium sized and large businesses to analyse their company’s data and implement new trends and solutions.

Understanding Business Intelligence 

Business intelligence tools is define as an umbrella term that includes tools, applications, technologies and practices that enables business to analyze, collect and interpret data into insightful and actionable format. BI process includes the following

  • – Data mining
  • – Analytical processing
  • – Querying and reporting

Business intelligence tools are important for businesses because it will help business executives, analysts and operational team to make decisions based on rational data. Successful business executives are already using these tools which has given major benefits to their business. Also, it improves the overall operations of the business and makes it more efficient and profitable.

Why do you need Business Intelligence?

Let’s discuss how BI can help your business grow.

  • – With an effective use of BI, you can gather business information and convert that into actionable insights that will ultimately improve competitive intelligence. This allows business leaders to make business decisions strategically based on logical data and numbers.

  • – BI software can help your business identify new trends, new business opportunities, identify buying patterns, understanding customer behavior and predicting future market trends.

  • – With BI tools you can eliminate the complexities of storing data at different locations. BI allows you to integrate all business data in your workplace in different formats. This saves you from the hassle of maintaining data on different softwares.

  • – Using BI, you can make your business strategies more composed and effective. Based on your performance data you can make effective plans and strategies that are personalized and more specific in order to elevate your business.

  • – With interactive dashboards, you can make all the complex business understandable. Dashboards include both customer related data as well as your business insights. Also, dashboards will give a single consolidated view of your business and customers.

Conclusion

As we all live in a highly digitalized and competitive business environment, it is important to understand the power of data. Furthermore, leverage the available business tools, prepare personalized strategies based on the data and make your business data driven.