TECOM SME Builder focuses on new age business models for small and medium enterprises

Small and medium enterprises (SMEs) need to understand that old strategies and techniques prove ineffective in the new economy. CEOs and senior managers must identify ways to transform their businesses and processes to reinvent their business models, according to Iyad Mourtada, Managing Director, OpenThinking, a training and consultancy institute based at Dubai Knowledge Village. 

Mourtada’s comments came during his presentation on business model generation at the 17^th TECOM SME Builder organized by Dubai Knowledge Village, the region’s premier destination for human resource management and a member of TECOM Investments’ Education Cluster. 

Held on 24 May at the Dubai Knowledge Village Conference Centre, the event was open to the public and provided cutting-edge solutions to crucial issues that small and medium businesses face while working towards improving long-term profitability. The event gathered over 150 participants including prospective business owners who gained considerable expertise through interaction with peers from various industry sectors. 

Mourtada added: “Business model generation is the first step to visualizing business processes and strategies in a simple and effective way. Following this, the strategies must be implemented in real time to test their efficiency and make the right adjustments. In other words, it is essential for businesses to build a unique model and keep refining that model in response to market dynamics."    

The half-day event featured 30-minute speed tables. Led by experts from companies operating out of TECOM Business Parks, the discussions focused on SME-specific issues such as change management, digital marketing and communications, law, strategy, networking and referrals, sales, marketing, banking and investment.  

Phil Bedford, Managing Director, The Referral Institute, underlined the importance of referrals for SMEs. He said: “Over 91 per cent of companies gain between 40 to 100 per cent of their new business through referrals or leads. However, these referrals come by chance. And, business cannot be left to chance.” Bedford additionally shared an easy, systematic and proven approach based on relationship-building for the purpose of generating higher sales in less time. 

Debbie Nicol, Principal Consultant, business en motion, also conducted a presentation about ‘Change and the SME’.  

Supported by Bayt.com, SME Advisor, and Zawya, the event was sponsored by Flagship Consultancy. 

Suhail Masri, Vice-President of Sales, Bayt.com, said: “The TECOM SME Builder has for years provided a space for owners of small and medium companies to grow their businesses, sharpen management skills, and network with professionals. At Bayt.com, we are excited about our collaboration with such a highly-strategic initiative to help businesses in the UAE develop and eventually contribute to the UAE economy as a whole." 

TECOM Investments, a member of Dubai Holding, regularly hosts events that support and encourage the growth of businesses in the region. TECOM Business Parks (Dubai Internet City, Dubai Outsource Zone, Dubai Media City, Dubai Studio City, International Media Production Zone, Dubai International Academic City, Dubai Knowledge Village, DuBiotech, Dubai Industrial City and ENPARK) offer a favourable ecosystem for SMEs through shaping a business environment that fosters the sector’s long term growth.