Marketing
The platform to help Emirati small business will require quite a specific marketing strategy. Clearly, the platform implies a lot of online communication with customers. Therefore, it is but natural to implement a wide advertising campaign on the Internet. It will not be a financial burden but it will require a lot of time to prepare it.
First, it is essential to develop the major appeal. The target audience of the company is quite wide and may be diverse. These are owners of local businesses who are often young (20-35 years old) and quite inexperienced in entrepreneurship. It is necessary to note that the majority of customers will be males. However, the contemporary Emirati business ecosystem is quite diverse and females become its members. Young people often use the Internet to acquire information and, hence, Internet-based platform will be ideal for them. The major appeal to the target audience will be as follows: We will provide you with the necessary knowledge and skills to succeed in the changing business environment of the UAE.
It is important to make a number of posters featuring young Emirati people doing business (meeting people, talking on the phone in an office, selling goods, sewing, tending flowers and so on). There can be some mottoes or people’s quotes. A brief video can also be used online. The ads will be placed as pop-ups and at certain websites. It is essential to cooperate with Google Search though this may require additional funds. At the same time, it is possible to address Google and invite the company to participate in a social project as the platform will be helping small businesses, which can be compared to social entrepreneurship. It is noteworthy that social networks have been seen as efficient tools for marketing though the use of this resource is very time-consuming and inappropriate for a small business (Wang & Wang, 2014).
Growth Strategy
Mubadara may start as a small business but it is likely to cover significant number of people and considerable territories since this is an Internet platform. Sharing ideas and readiness to acquire new knowledge are major characteristics of young entrepreneurs these days (Wang & Wang, 2014). The platform will attract more and more customers.
To meet this expansion, the company will need to hire a team of managers who will be able to handle such spheres as IT technology, HR, marketing, accounting and customer support services. The staff of the company will increase with the increase in the number of customers. One of central issues to address is managing the change.
An effective growth strategy for Mubadara will be a combination of two strategies: market expansion and diversification. Market expansion will aim at covering new territories and, eventually, countries. The company can eventually become a global platform that enable entrepreneurs of different parts of the global share experiences.
Another element of the strategy will be diversification. The world is changing rapidly and all these changes are manifested in the digital world. Therefore, it is crucial to identify changing trends and respond accordingly. Thus, entrepreneurs tend to need a variety of services and Mubadara has to be able to provide these services to its customers. Thus, apart from business consultations, the company may offer assistance in dealing with legal issues, identification of business opportunity, education opportunities and so on.
Exit Strategy
Effective entrepreneurs have to develop an efficient exit strategy when developing their business. Peters (2009) identifies a number of exit strategies that can be applicable in different settings. A small business can consider the following strategies: keeping the business in the family, selling the business to employees, selling the company in the open market, selling the business to another company.
The first option is not applicable for Mubadara as it is not a family business. However, the rest of strategies can be taken into account. For instance, it is possible to sell the business to the employees. This may require development of the Employees Share Ownership Plan. This is a good option for the company as there are high chances that it will develop as employees are interested in keeping the company successful.
At the same time, two options are the most effective and profitable for owners. Hence, it is possible to sell the business to another company. Peters (2009) stresses that this can be a good option for an Internet platform, which exists for a few years. Admittedly, the new company should run the same operations and should have similar values. It is responsibility of the company’s owners to make sure that the company will continue developing and the staff will have their jobs. However, it may be difficult to find a potential buyer.
Another option is selling the company in the open market. This is a transparent and easier way to find a buyer. Again, the owners have to pay attention to the new company’s values, traditions and intentions. It is necessary to remember that Mubadara is a company that makes a difference and contributes to development of the Emirati society.
Reference List
Peters, B. (2009). Early exits: Exit strategies for entrepreneurs and angel investors (but maybe not venture capitalists). Canada: Basil Peters.
Wang, S., & Wang, H. (2014). Information technology for small business. Boca Raton, Fl: Universal-Publishers.