Initiating and then growing a business is a tough assignment in the best of times; trying to do this in a market full of uncertainties makes
it doubly so.
Confidence, as we all know, is a critical factor when it comes to consumers electing to part with their hard-earned income. For businesses any absence or perceived lack of this sentiment usually spells one thing — a reduced potential to generate revenues.
History, however, has clearly demonstrated that some of the best businesses started their life in the worst of times; figuring out how to be successful in a downturn not only results in some pain but, with it, the opportunity for significant gain.
The construction of an appropriate strategy to implement an initial vision is vital if that business idea is to take flight and then generate the sort of returns one might have only dreamed to be possible. In a market the size of Bahrain, that often means adding an offshore revenue stream into a business plan.
Factor in the sort of issues people have had to contend with over the past year, and the opportunity to diversify risk is both appealing and self-evident. Small- and medium-sized enterprises (SME), though, often pay little heed to a proper and well-thought out marketing plan. Yet working through such a plan provides valuable insights into the opportunities and threats for a business; it can also yield revenue ideas that previously might have appeared implausible.
One conclusion many people seem to have drawn from the lessons of the last year is that, while Bahrain might be small in size, it needs to think big when it comes to ideas. While we might perceive the global nature of business today as an insurmountable obstacle, it can also be turned to our advantage. Our customer base should no longer be considered as just ‘local’; tapping into a potentially worldwide audience is one of the reasons why marketing is such an attractive career by many people.
Assessing risk and understanding opportunity are equally critical when it comes to sourcing financing for a business that is looking to grow. One of the positives of the Tamkeen portfolio of incentives is the funding that it offers businesses who are willing to think big, expand beyond our shores and who are prepared to acknowledge the value that professional consultants can deliver.
With this government agency planning to invest more than BD100 million over the next year to promote the development of the Kingdom’s SME sector, it’s a great opportunity for businesses here to explore how they can be ‘bigger’ than they might otherwise imagine.
What’s equally true is that financial institutions are in the business of lending money; they require a flow of potential deals in order to make profits themselves. Whether they are a global leader, such as HSBC, or an enterprising player, like Mashreq Bank, a business plan that is well constructed and has clearly identified risks and opportunities will stand a much greater chance of successful financing.
There’s a great opportunity over the next year for the Kingdom’s SMEs to transform their businesses; it’s one not to be missed by those who really want to be ‘big.
|
