A ‘don’t do’ list keeps you on track


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On my business’ "never to do" list is to never work on a project that I personally do not believe in - even if the cheque is very appealing.

I cannot give something my time and dedication if I believe that it would be a failure or if it goes against my morals and values.

My colleagues and I were drafting a social media marketing campaign when this issue came up. As we filtered through the list of social media influencers in the UAE, we came across a name of an individual who had over 1 million followers. One of my colleagues said how this person would market anything as long as it paid well. This issue is not a strange phenomenon when it comes to social media influencers in the region, and many users question their credibility about the products they promote, which brings us to the next point.

As you plan on developing your business, I strongly recommend coming up with a "don’t" list, or a "never" list of the things that you would not do as it conflicts with your values. For instance it could be something very personal such as: “I will not support products that are tested on animals,” or “As a social influencer, I will never promote businesses that do not support community members.”

But I would also suggest some things to include in your list that I personally found very useful when it came to my business: don’t start without a lawyer. Even if your business is small, it is good to seek advice from a consultant so that you preserve your rights and that of your customers; review your business requirements, and draft agreements with the help of lawyers. Big firms may be expensive, but there are many smaller firms, and freelance lawyers who can help you with that. However, I strongly recommend that you do not skip that part and make sure that your business is well protected as you launch.

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When working on your branding do not ask too many people for their advice and feedback. It is good to have a couple of acquaintances or target audience members to get back to, but do not ask too many people. You will just confuse yourself and you will find that even if your logo is designed by the best design agency out there, there will still be people who do not like an aspect of it. It is a matter of taste at the end of the day.

Do not shy away from your customers. Your customers make or break your business and you need them in order for your business to survive. No matter how silly a complaint seems, make sure to answer it in a timely manner. You will come to find that if you provide a good customer service, it would not matter if another business opens around the block, many favour good customer service over everything else.

Do not underestimate the power of social media. If you are not on, your customers will think that you are out-dated. It is like saying that you do not have a mobile phone. Evaluate which channel is the best match for your business and be on it. It will show your customers that you are there for them, and it provides good ground for market and customer research. You can see what your competitors are up to, and which pages or topics are your customers most engaged in.

Last but not least, do not do everything yourself. Sure, you can be multi-talented. I think that way about myself, but you will soon realise that it is best to focus your energy on one or two aspects of work instead of stretching yourself too thin. Learn to delegate, and ensure that you have a back-up plan in case things go bad. Say, God forbid, that you got sick, will your business be able to sustain itself for a week or so? Do your team know how to handle things when you are away on holiday?

Work on your "don’t do" list along with your business’s "to do" list. It is just as important and will help your team know more about your company’s values. If you have not done this before and your business is well established, you can still start today. The good thing about this list is that it could evolve and stretch with time and the ever-changing scope of work.

Manar Al Hinai is an award-winning Emirati writer who manages her branding and marketing consultancy in Abu Dhabi. Twitter:
@manar_alhinai

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Three ways to get a gratitude glow

By committing to at least one of these daily, you can bring more gratitude into your life, says Ong.

  • During your morning skincare routine, name five things you are thankful for about yourself.
  • As you finish your skincare routine, look yourself in the eye and speak an affirmation, such as: “I am grateful for every part of me, including my ability to take care of my skin.”
  • In the evening, take some deep breaths, notice how your skin feels, and listen for what your skin is grateful for.

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
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Spare

Profile

Company name: Spare

Started: March 2018

Co-founders: Dalal Alrayes and Saurabh Shah

Based: UAE

Sector: FinTech

Investment: Own savings. Going for first round of fund-raising in March 2019

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Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

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The specs

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Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

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