Deciphering the Survival Odds for UAE SMEs
By 
15, August 2023, Author Business Setup Consultant
Evaluating the Success Rate for UAE SMEs
The United Arab Emirates (UAE) is a constantly changing place where small and medium-sized businesses (SMEs) are vital to keeping the economy moving. However, the service sector can be a challenging place for SMEs to survive. In fact, only 50% of SMEs make it to their third year. In this article, we explore what factors help and hinder SMEs in the UAE’s service sector.
Getting Started
Starting an SME takes a lot of energy and enthusiasm. However, there are many obstacles to overcome, such as bureaucratic red tape and competition. The SMEs that manage to overcome these obstacles show dedication and determination.
Money Matters
Having enough money is critical for any business, but it is especially important for SMEs in the service sector. Without enough money, businesses cannot grow or innovate. SMEs that manage their money well by getting funding when they need it and being careful with expenses are more likely to succeed.
Find out the cost of starting your business in UAE today
Keeping Up with Technology
Technology changes quickly in the service sector. SMEs that can adapt to these changes have an advantage over those that cannot. Businesses that don’t keep up with technology can quickly become irrelevant.
Hiring and Keeping Good Employees
Having good employees is essential for any business. In the UAE, there is a diverse talent pool, but SMEs often struggle to keep talented employees who may be lured away by larger companies. Businesses that prioritize employee engagement and growth are more likely to keep their employees.
Standing Out
It can be tough for SMEs to stand out in a crowded market, but those that do have a better chance of succeeding. Businesses that offer something unique, provide excellent customer service, or have memorable branding have a better chance of being noticed.
Dealing with Regulations
Regulations can be complicated for SMEs, but it’s important to follow them. SMEs that can navigate the regulations successfully are more likely to be successful.
To successfully navigate the complex and formal procedures involved in setting up a company in the UAE, it’s crucial to seek the guidance of YABS Corporate PRO Services. We can provide invaluable assistance in effectively managing and executing the intricate processes that have been predefined, leveraging their expertise in the field.
