// EXPERT PROFILE //
Empowering small businesses in the UAE :
NAVIGATING CHALLENGES AND UNLOCKING GROWTH
Drawing on insights from the GoDaddy MENA Small Business Survey , Selina Bieber , Commercial Strategy Senior Director , International Markets at GoDaddy , addresses crucial obstacles faced by small businesses in the UAE , including rising raw material prices , currency fluctuations , fixed costs and limited financing . She presents innovative solutions such as alternative sourcing , digital platforms for market insights , effective hedging strategies , technology adoption and diverse financing avenues .
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TACKLING FIXED COST BURDENS
IS CRUCIAL FOR THE
SUSTAINABILITY OF SMALL
BUSINESSES .
N THE DYNAMIC landscape
I of the UAE , small businesses are the unsung heroes , driving economic growth and pushing the boundaries of innovation . Their entrepreneurial spirit is a testament to the country ’ s vibrant business ecosystem . However , behind their remarkable achievements lie a set of challenges that demand our attention . To empower these small businesses and unlock their full potential , we must address the hurdles they face head-on .
According to the GoDaddy MENA Small Business Survey , rising raw material prices and currency fluctuations have emerged as key challenges impacting one-fourth of small businesses in the UAE over the past year . As the cost of essential inputs rises and currency values fluctuate , maintaining profitability becomes increasingly difficult . Such obstacles not only impede growth but also jeopardise the survival of these ventures .
Moreover , fixed costs and the availability of financing pose additional roadblocks for small businesses , particularly in the UAE . To overcome these challenges , we must adopt innovative strategies that foster resilience and create an environment conducive to their success .
One strategy involves proactive measures to mitigate the impact of rising raw material prices . Small businesses can explore alternative sourcing options , diversify their supplier base and negotiate long-term contracts to ensure stable pricing . Leveraging digital platforms that provide real-time market insights and price comparison tools equips these businesses with the information they need to make informed purchasing decisions . By staying informed and nurturing strong relationships with suppliers , small businesses can navigate price fluctuations effectively .
Currency fluctuations , another formidable challenge , necessitate a proactive approach . Small businesses engaged in international trade can minimise risks by employing effective hedging strategies . Seeking guidance from financial experts to develop a tailored hedging plan and utilising foreign exchange tools and platforms provide valuable
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