With the small- and medium-sized enterprise (SME) segment recognised as instrumental in the recovery of global economies, driving growth in this sector has become a key focus for governments, global philanthropists and entrepreneurs.
SMEs are playing a critical role in the larger economic development of countries around the world including those in the Middle East, and devising a simple but successful strategy for the growth of these companies is equally important. This is according to renowned business strategist and bestselling author Verne Harnish, recently in Dubai for the launch of biz-strategy, a newly formed division of biz-ability, the region’s leading corporate training, teambuilding and business strategy group.
“SMEs are the engines for economic growth, but many of them don’t have the processes and structures that larger corporations employ to manage and grow their businesses,” said Harnish. “While this can be an advantage – fewer processes equate to greater flexibility, latitude and the ability to respond quickly to both threats and opportunities – what is essential for all SMEs is a clear business strategy and plan to execute that strategy.”
Harnish is the creator of a simple but highly effective business strategy programme that is being followed by thousands of SMEs around the world. Run through Gazelles Inc. of which he is the founder and CEO, The One Page Plan is a strategic roadmap to drive significant growth and focus on differentiating companies from their competition.
biz-strategy is the exclusive licencee in the Middle East for Gazelles Inc and has introduced the One Page Plan to a significant number of successful SMEs and growth companies in the region. The Gazelles program defines growth companies as any firm that records four consecutive years of growth at an annual rate of 20% or more.
Hazel Jackson, CEO of the biz-ability group, said: “We have been delivering The One Page Plan for four years now and witnessing its success through our clients’ businesses has been hugely rewarding. Businesses in the SME sector need to be well equipped to capitalise on the opportunities in this market, and a programme that is real, relevant and easy to apply will guarantee that.”
Of the 260,000 trading and industrial companies registered in the UAE, more than 200,000 are classified as SMEs. In Dubai, this equates to a staggering 98.5% of companies operating in the emirate, with more than 61% of the workforce employed within this sector, according to Dubai’s Department of Economic Development (DED). In February alone, 1,150 new business licences were processed by the DED.
“There is no doubt that the world’s long term economic recovery and global business strength depends on the vibrancy and success of the SME sector. This is being demonstrated right here in the UAE, and presents exciting opportunities for those businesses using a proven alignment and execution tool such as the One Page Strategic Plan. The sky really is the limit,” said Harnish.
Verne Harnish is the author of Mastering the Rockefeller Habits and the founder and CEO of Gazelles Inc. Verne hosts a faculty of well-known business experts including Jim Collins, Geoff Smart, Jack Stack, Neil Rackham and Seth Godin and runs best practice workshops for companies like GE, Southwest Airlines, Microsoft and Dell. He is the Chairman of the renowned “Birthing of Giants” program at MIT and the MIT/MEO “Advanced Business Program”. Given his expertise in the field of entrepreneurship, he regularly appears on several US television and radio shows including Smart Money and CBS News. He is also a syndicated columnist for prominent business magazines and newspapers including Forbes, The Wall Street Journal and Gulf News.
