Breaking goals down into small milestones can help one stay on track and achieve resolutions. Tim Mossholder / Unsplash
Breaking goals down into small milestones can help one stay on track and achieve resolutions. Tim Mossholder / Unsplash
Breaking goals down into small milestones can help one stay on track and achieve resolutions. Tim Mossholder / Unsplash
Breaking goals down into small milestones can help one stay on track and achieve resolutions. Tim Mossholder / Unsplash

What you can do so you don’t have to give up on your business resolutions


  • English
  • Arabic

In the first week of January, a friend of mine shared her resolutions for the year. She planned to start an interior design practice. Unlike her other resolutions, she has made this pledge before. By the third week of every year, her enthusiasm wanes and she postpones pursing her goal to the next year on the grounds it's not “the right time”.

My friend’s actions aren’t unique. Some pledge to join a gym and shed extra weight, others look at starting a business plan that’s been on the backburner. Others choose more personal resolutions, like cutting contact with negative people. Much of these resolutions end up on hold before the end of January.

A few years ago I did the same. I realised that for a very long time I had a particular business goal that I wanted to pursue. I would talk about it all the time, but I never did anything about it. There was always a reason not to, or so I thought. It was only after having a conversation with my mentor that she helped me realise where my problem was. Without a plan in place and breaking big goals into smaller targets, it’s easy to feel overwhelmed and not know where to start.

If we look at my friend’s case, she always had a grand vision of establishing an interior design business that would grow and have multiple offices around the world. But she didn’t break down that vision into smaller targets with a deadline. She didn’t make the necessary changes in her habits the way she does in her daily life, which would have helped her realise her dream. She, basically, didn’t put her resolution into an action plan.

When I followed a strict fitness routine five years ago, I had a vision for how my body would look and perform and I conveyed that to my personal trainer. To achieve that vision, I changed my lifestyle and diet, incorporating more protein, which meant I needed to pre-prepare my meals. I also needed to factor in time for personal training sessions that I took seriously and wouldn’t cancel. That meant I had to plan my day around my exercise routine. I told my friends that we could only meet after my training sessions.

The changes to my routine, habits, diet, and breaking down my bigger goals to monthly and daily targets, helped me realise the fitness vision I had for myself.

Since the conversation I had with my mentor, I realised that the problem isn’t in our resolutions, but how we pursue them. No business goal is too hard to achieve. It’s just a matter of adapting one’s vision to yearly, monthly or daily goals.

Manar Al Hinai is an award-winning Emirati writer and communications consultant based in Abu Dhabi. Twitter: @manar_alhinai

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- Abdullah Ishnaneh, Partner, BSA Law 

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.”

Updated: May 12, 2023, 3:23 PM