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American business targets the high-spend potential of the Middle East

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Here’s a couple of insights which should have any self-respecting entrepreneur checking their business credit card limit before flying off into the blue yonder on a fact-finding mission. Official estimates put the number of Americans living abroad at just over six million, a large but mainly untapped market. And something like 95% of consumers are to be found outside the borders of the United States. Yes, it’s a big, wide world of opportunity out there and there are no bigger buyers of American luxury goods than the citizens of the Gulf States of Qatar and Bahrain in the Middle East.

The American Express Middle East Luxury Spending Tracker surveyed a random sample of 1,000 residents a year or two back, drawn from Bahrain, Jordan, Kuwait, Lebanon, Oman, Qatar and the United Arab Emirates (UAE). And it found Qatari citizens were the biggest buyers of luxury goods across the Middle East, closely followed by consumers in Bahrain. Qataris, the survey found, spent up to $5,000 a month on luxury goods, while consumers in Oman and Jordan were the most conservative shoppers, spending less than $250 per month.

And they preferred luxury products such as cars, high-end electronic goods and fashion accessories as opposed to holidays and spa treatments, with quality and brand name influencing purchasing decisions.

Mazin Khoury, Chief Executive Officer, American Express Middle East, said at the time, “Quality is by far the biggest driver of luxury purchases among consumers, though the brand name also remains a key deciding factor. Those surveyed said that the brand name was key in determining spend, in addition to sales, price reductions and advertising. It is only in the UAE that a friend’s recommendation carried the greatest weight.”

Winding forward to today, it’s perhaps little surprise to find the U.S. Chamber of Commerce, along with more than 300 business leaders and government officials from nearly 20 countries, has just launched a new initiative aimed at promoting the business potential of the Middle East.

Called the Middle East Commercial Center (MECC), the private sector-led alliance intends to promote greater trade and investment to address economic challenges and opportunities across the region. The MECC mix includes business and trade organizations, American Chambers of Commerce abroad, national chambers of commerce and industry, and major companies.

“Through the MECC, we are taking a new approach in this region and looking for those things that bring us together,” said Myron Brilliant, the U.S. Chamber’s executive vice president and head of International Affairs. “We are overcoming obstacles and building a more economically integrated Middle East.”

During two days of meetings last month in Jordan, the group identified concrete steps to guide the organization moving forward. As a “coalition of action,” the MECC aims to advance projects and promote public policies that will contribute to more regional economic integration and increased foreign investment.

The group will initially focus on a limited number of pressing economic and strategic issues through task forces focused on movement of goods and market access, national resource cooperation, special economic zones, and entrepreneurship development. More broadly, it will address a number of key sectors in a regional context, including finance and development, health care, education, regional tourism, and women in business.

Further details about the MECC and its aims are available here.

Student @ Advanced Digital Sciences Center, Singapore. Travelled to 30+ countries, passion for basketball.

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4 Changes to Increase Your Bottom Line: Dip in Revenue? No Problem!

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It’s happened to the best of us: a dip in our bottom line. Don’t worry, though, there are plenty of things you can do to move that curve back up! In this blog post, we will discuss four changes that you can make to improve your revenue and get your business back on track. Making just a few small changes can have a big impact on your bottom line.

Evaluate Your Expenses

One of the first places to start when you are trying to increase your revenue is by evaluating your expenses. Take a close look at where your money is going and see if there are any areas where you can cut back. Even small changes can make a big difference in your bottom line. If you’re not sure where to start, try looking at things like office supplies, travel costs, and marketing expenses. See if there are any areas where you can reduce spending without sacrificing quality or effectiveness. Don’t be afraid to negotiate with vendors either. If you feel like you’re paying too much for something, reach out and see if you can get a better deal. You may be surprised at how often this works! Finally, make sure you are taking advantage of any tax breaks or incentives that your business may be eligible for. There may be some easy money that you’re leaving on the table!

Review Your Pricing

Another way to increase your revenue is by reviewing your pricing. If it’s been a while since you’ve evaluated your prices, now is the time to do it! Make sure you are charging enough for your products or services to cover your costs and leave you with a profit. Don’t be afraid to raise your prices if necessary. If you’re providing a high-quality product or service, your customers will be willing to pay more. You may even find that raising your prices helps to increase demand for your product or service! Of course, there may also be times when lowering your prices is the right move. This can be especially true if you’re trying to enter a new market or reach a different customer base. By offering a lower price, you can attract new customers and boost your revenue.

Increase Your Sales

One of the most obvious ways to increase your revenue is by increasing your sales. This can be done in a number of different ways. First, take a look at your marketing efforts. Are you reaching as many potential customers as possible? If not, it may be time to invest in some new marketing initiatives. These include from your website design to social media to traditional advertising. There are a lot of great options out there, so find one that fits your business and budget and get started! You can also try selling more to your existing customer base. Upselling and cross-selling are great ways to boost revenue without having to find new customers. If you’re not sure how to do this, ask your sales team for help! They’ll be able to give you some great ideas. Finally, don’t forget about seasonal sales! This is a great time to offer discounts and promotions to boost your revenue. Just make sure you plan ahead, so you don’t end up cutting into your profits!

Reduce Your Expenses

Now that we’ve covered some ways to increase your revenue let’s take a look at how you can decrease your expenses. Reducing your expenses is another great way to improve your bottom line. Here are a few ideas to get you started: First, take a close look at your inventory levels. Do you have more products than you need? If so, you may be able to reduce your inventory costs by reducing your stock levels. You can also save money by negotiating better deals with your suppliers. If you feel like you’re paying too much for something, reach out and see if you can get a better price. Chances are, your supplier will be happy to work with you! Finally, make sure you’re not wasting any resources. This includes things like office supplies, energy, and even water. By reducing waste, you can lower your expenses and improve your bottom line.

There are a lot of great ways to boost your bottom line. By increasing your sales, reducing your expenses, and taking advantage of tax breaks and incentives, you can easily improve your bottom line. So what are you waiting for? Get started today!

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How To Manage A Team Working Remotely

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Once upon a time, practically all businesses were run on a local scale, meaning that they were within a short distance of their core consumer group. Even the largest, most expansive firms in the country have broken their territory up into smaller regions, cities, and zones. Through the use of eCommerce solutions, remote working, and outsourcing, modern firms are no longer constrained by their physical locations. This has allowed the wheels of industry to continue rolling.

In point of fact, the time has come when a proprietor of a company may now conduct their entire operation from the comfort of their own home and the benefits of a distributed workforce

 are now more commonly known.

Let us get started with our discussion of how to manage remote workers.

Improve the efficiency of communication

You may probably guess that clear and concise communication is one of the most important aspects of managing a workforce that is geographically dispersed. The very last thing you want is for anything significant to be lost in the shuffle as a result of a mistake that was made with the logistics.

As a result of this, it is of the utmost importance that you establish a clear chain of command and make every effort to simplify and expedite your communication process. You do not want your workers to be uncertain about who they should report to or where they should deliver paperwork, do you?

Establish early on how you intend to conduct business, and then modify your approach only when it makes logical sense to do so. Your team will not benefit from continual upheaval in any way.

Place emphasis on the big picture.

How do you plan to make sure that everyone is on the same page? Paying attention to the whole context is one of the most effective responses to that query. Not just the deadlines and information that they “need to know,” but also the end goal of their job should be communicated to the members of your team.

The likelihood of your employees becoming interested in the various projects they are working on increases in proportion to the amount of involvement they have in the firm as a whole.

Use modern tech

It ought to go without saying, but it is important to emphasize that managers should make use of the most cutting-edge technology available in order to link the members of their teams. Skype, Zoom, and other video chat platforms to assist in maintaining continuity despite the large distances that separate them.

The use of voice over internet protocol (VoIP) phone systems in establishments such as hospitals, legal firms, and private schools will make it possible for members of the team to share vital information instantly.

Keep in mind that managers have a responsibility to encourage their staff to investigate all of the possibilities and benefits that current technology offers. It is a waste of resources to invest a significant amount of money on a communication or software programme that is not utilized to the maximum possible degree. Remember to keep this in mind prior to making any more investments.

Face to face meetings

When it comes to bringing your team together for regular meetings, video chat is an upgrade over phone calls; but, neither of these options is as beneficial as having everyone in the room together in person. Create recurring activities in which all of your employees may interact with one another and spend time together. When people like one another, or at the very least have a healthy mutual regard for one another, they are able to collaborate more effectively.

A frequent “catch up” session with the team might involve either work or play. The culture of the team is an essential component in the process of constructing a company in which all employees, irrespective of their location, respond to clients in the same manner, utilizing the same templates, and communicate in the same manner.

The culture of your company, which includes how your employees interact with one another and with customers, is shaped from the very top, by the person who owns the firm. Maintaining a positive reputation for your company depends on providing consistently high-quality customer service. Now that the majority of business is conducted online and is less dependent on foot traffic, the way in which we collaborate has altered, which has produced issues for the management of the team.

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How To Scale Your Business In 10 Steps

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It’s no secret that businesses today face more challenges than ever before. In order to stay afloat and thrive in today’s economy, businesses need to be able to scale their operations effectively.

The good news is that there are a few key things you can do to make sure your business is able to scale successfully. In this article, we’ll go over ten essential tips for scaling your business effectively.

1. Define Your Target Market

The first step to scaling your business effectively is to define your target market. Without a clear target market, it will be very difficult to focus your efforts and resources in a way that will allow you to scale effectively.

2. Know Your Costs

Another important factor to consider when scaling your business is your costs. It’s important to have a clear understanding of all the costs associated with running your business, such as overhead costs, production costs, and marketing costs.

3. Streamline Your Processes

Another important tip for scaling your business is to streamline your processes. When you’re first starting out, it’s common to have a lot of different processes and procedures in place that may not be entirely necessary.

4. Invest in automation

Investing in automation is another great way to scale your business effectively. Automation can help you save time and money by taking care of tasks that would otherwise need to be done manually.

5. Focus on Your Core Competencies

When you’re scaling your business, it’s important to focus on your core competencies. These are the areas of your business that you’re most skilled at and that provide the most value to your customers.

6. Delegate and Outsource

As your business grows, it’s important to delegate tasks and outsource work to other people. This will allow you to focus on your core competencies and leave the less important tasks to others. For example, you may need to involve Het Vertaalbureau to assist with translation of your website and documentation.

7. Get Feedback from Your Customers

Another great way to scale your business effectively is to get feedback from your customers. This feedback can help you improve your products or services and make sure you’re meeting the needs of your target market.

8. Focus on Your Marketing

Marketing is another important aspect of scaling your business effectively. When you’re first starting out, it’s easy to focus all of your attention on the product or service you’re offering.

9. Expand Your Team

As your business grows, you’ll need to expand your team. This means hiring new employees or contractors to help you with the additional work.

10. Keep Your Costs Low

One of the most important tips for scaling your business is to keep your costs low. This means finding ways to save money on overhead, inventory, and other expenses. There are a number of different ways to save money, so it’s important to find the ones that work best for your business. You can negotiate with suppliers, use cheaper materials, or find other ways to reduce your costs.

In Closing

By following these ten steps, you can effectively scale your business while still maintaining a high level of quality. Automation, delegation, and feedback are key to success. Keep your costs low, focus on your marketing, and keep moving forward. With these steps, you’ll be well on your way to scaling your business effectively.

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