As a business owner, you have to keep a lot of things in mind. You are constantly worried about the growth of your company and employees. This is particularly when businesses are facing unique challenges in the post-pandemic era.

The Office for National Statistics conducted a study, and it found that 73% of businesses reported having some kind of business concern for December 2022. This is a staggering figure which shows businesses have some concerns, including the cost. 

This is quite worrying, especially when you consider the fact that there have been many reports of businesses closing down due to the economic downturn.

However, you can prevent this from happening. In this article, we’ll break down four key areas that will help you manage your business costs and make sure that you’re keeping an eye on your bottom line.

Outsource Non-core Services

Organizations are outsourcing non-core services for various reasons. Some organizations want to increase their focus on core competencies, and others want to reduce costs. The main reason why organizations outsource non-core services is that they don’t have the expertise or resources to do it themselves.

According to the 2022 UK IT Sourcing Study, 32% of UK organizations have confirmed they will outsource more in the next two years, while about 66% of those planning to outsource at the same rate or more. With so many organizations outsourcing, a majority of them look to reap cost-related benefits from outsourcing. 

Outsourcing allows you to focus on the most important parts of your business while leaving other things to experts who know how to do them better than you do. The result is that you can spend less time and money on the things that don’t matter as much, so you can use those resources to make your company more profitable.

Prioritize Business Travel

If you’re a business owner, chances are you’ve heard that business travel is important.

According to a study by American Express, roughly 42% of businesses in the UK want to ramp up their current business travel spending. This is because 82% of businesses agreed that business travel is important for boosting revenue, profitability, and fostering growth. Considering these benefits, many companies are increasing their business travel budget. 

Business travel becomes an inevitable component in cities like London, where there were roughly 1.04 million private businesses in 2022. However, transportation options in London are expensive. 

One of the best ways to ensure that your business travels efficiently is by hiring a minibus in London for your travel needs, especially if you’re in a business group. A company offering reliable minibus hire in London provides all of the transportation options necessary for getting around town without having to worry about individual cars or taxis. It also provides space for luggage and other items needed during a trip. 

Having a minibus can make it much easier for your team to get around the city and to meetings with clients or suppliers. This means that you won’t have to rent multiple cars or pay for expensive taxi rides, which saves you both time and money.

Hiring Employees

It’s undeniable that hiring employees is a crucial process to keep business operations intact. If you don’t have enough employees, then you won’t be able to complete all of your tasks and fulfill your customers’ needs. However, hiring too many employees can cost you more money than necessary because you have to pay for their salaries, benefits, and other expenses.

Before you hire someone, it’s important to ensure they are eligible for the position. If they aren’t qualified or have any experience in the field they are working in, then they will not be able to do their job well and may also cause problems within your company.

If possible, try getting employees who already work for other companies so that it will be easier for them to transition into yours without needing any extra training or coaching sessions.

According to the Confederation of British Industries, about 75% of businesses reported having trouble hiring new employees and filling open positions. This statistic shows that businesses are struggling to hire people, which means they are having to spend more money than they would have if they had an effective hiring system in place. Hence, it’s important for businesses to hire employees because they provide capital, skills, and knowledge.

Financial Planning

Financial planning is a process that helps a business create and implement strategies to achieve its goals. The process is used to evaluate the current financial status of the business and make changes to ensure it remains profitable, making sure the company can continue to operate effectively. 

Businesses that do not have effective financial planning processes in place can find themselves in trouble quickly. This may happen if they are unable to pay their employees or bills on time or if they are not able to pay for necessary equipment or supplies.

Financial planning involves:

• Forecasting future cash flow needs
• Determining how much money should be allocated for each department’s budget based on projected sales volumes and expenses over time 
• Allocating funds across different departments based on their projected needs 
• Analyzing results from previous years’ budgets so that adjustments can be made if necessary

In Conclusion

It is important to manage these four aspects to make your business a cost-effective one. If you want to get the most out of your money and keep your company running smoothly, then you need to make sure that you are managing all of these aspects. You can do this by having a good understanding of how each aspect works and what each one means for your business.

The population of Saudi Arabia is currently more than 36 million. As the chairman of Dar Al Arkan Real Estate Development Company and Saudi Home Loans, Sheikh Yousef Al Shelash is committed to bringing modern, comfortable living spaces to the region while helping residents finance their homes.

“The main cities of Saudi Arabia are looking more alive,” stated Sheikh Yousef Al Shelash. As one of the founders of Saudi Home Loans, which helped establish the home loan mortgage market in the Middle East, Al Shelash has vast experience in this sector.

Al Shelash credits the opening up of the markets in regard to lessening restrictions, including allowing men and women to intermix, for ushering in recent changes. He pointed out, “More people live in apartments, and walls around homes are being demolished, adding a different flair to the region. There are more landscapes and apartment blocks.”

The value of awarded contracts in Saudi Arabia during Q1, Q2, and Q3 2022 increased 67% year over year for a total of $31.87 billion, according to a report from the U.S. Saudi Business Council. It’s expected to outperform the region’s 2021 growth. “The improved macroeconomic environment spurred by the Kingdom’s oil revenues coupled with ongoing non-oil sector initiatives have helped propel project awards,” stated Albara’a Alwazir, the U.S. Saudi Business Council’s director of economic research. “The construction sector continues to perform at a fast pace as a number of supporting developments have aided in its surge.”

Near Saudi’s capital and largest city, Riyadh, Dar Al Arkan is busy building communities. The Shams Ar Riyadh is a sprawling 5 million-square-meter mixed-use project, which includes co-branded properties, notably Upside Living Villas with interiors by Versace Home. “Dar Al Arkan has developed many communities, but because the Shams Ar Riyadh is close to Riyadh, Dar Al Arkan has the opportunity to develop the most luxurious villas,” said Sheikh Yousef Al Shelash. “It was able to create more premium products in the proximity to the city center, which was one of the many plans the real estate development company makes.”

For those looking to escape the bigger cities, the company created a residential community in Buraydah Hills, Qassim, which is one of the central areas of Saudi, approximately a two-hour car ride from Riyadh. “It is a small development, mainly bought by the people who moved away from Riyadh,” stated Sheikh Yousef Al Shelash. “It was like buying a piece of land back home, although they had already moved to the city.”

Future Forecast: Residential Property Prices in Dubai

Last year was a record year for residential property prices in Dubai. The city experienced over a 60% increase in total units sold, according to Betterhomes, a real estate consultancy agency. However, in 2023 residential property price growth is expected to slow significantly.

As noted by Betterhomes, after prices rose 21% in 2021 and 11% in 2022, they are only expected to increase by approximately 5% in 2023. And cash purchases make up about 70% of transactions in Dubai. “We are obviously less exposed to interest rates here though the prevalence of cash purchases,” stated Richard Waind, Betterhomes’ group managing director. “Higher interest rates have not removed the underlying demand, but they are certainly having an impact on people’s willingness and ability to pay more for properties.”

While villas experienced a 3% rise in purchases in 2022, apartment sales swelled 73% in 2022. Apartment living only recently became acceptable, and it’s becoming a big business and attracting people from around the world. The total expat population of the United Arab Emirates in 2022 was 8.92 million, while Dubai’s population in December 2022 was 3.54 million, noted the Global Media Insight report.

Sheikh Yousef Al Shelash: The Newfound Appeal of Apartments

“We have seen a shift from stand-alone houses to apartments because real estate is becoming so expensive,” explained Sheikh Yousef Al Shelash. “You wouldn’t see any Saudi national living in an apartment 15 years ago, but now they are. Moving into apartments has become an acceptable way of living, which is how it has become a big trend.”

No matter where you want to live in the world, the cost is a significant consideration when choosing a home, especially during times of economic uncertainty. The cost of the utilities, including HVAC and electricity, in an apartment tends to be less than those required to keep a villa running comfortably.

In recent years, nationals from over 200 countries have established residency in the United Arab Emirates. Who is buying property in Dubai? According to Betterhomes’ findings, regarding nonresident buys, Russians comprised 15%, while Britons accounted for 12%, followed by Indians at 11%, Italians at 7%, and French at 4%. Buyers from Pakistan, Lebanon, China, the United States of America, Canada, and Kyrgyzstan rounded out the top 10.

“Dubai has been visionary in building up the area since 2002. Because it is like Manhattan, except it is very secure and there are no taxes, it has become a place where all of these nationalities are converging and looking for their first home, or second home, or a weekend/vacation place,” noted Sheikh Yousef Al Shelash.

For those looking to live in luxury apartments, Al Shelash and Dar Al Arkan have them covered. The premier real estate development agency has three luxury towers in what is often called the City of Gold. “Dar Al Arkan is working in Dubai to provide products to the people who are investing in and want to live there,” said Al Shelash. “So far, the real estate development company has only taken plots in key locations, either on the water or in the center of the downtown. Thus far, the company has also only presented co-branded products, which is another major trend, in Dubai. It [delivers] the limited edition of the real estate market in Dubai.”

Dar Al Arkan Develops Luxury in Dubai

In the spring of 2022, Al Shelash attended the topping-out ceremony for Dar Al Arkan’s Urban Oasis by Missoni residential tower. This was the real estate development company’s first project in the United Arab Emirates.

The stunning 34-story building sits on the Dubai Water Canal and is worth $217 billion. It includes a swimming pool, a play area for children, plenty of parking, and 24/7 concierge and security services. The immaculate property is expected to be completed by the end of 2023 and is approximately 80% sold with owners and investors from 45 nationalities. The penthouse apartments feature exquisite Missoni decor and fixtures and are only accessible via a private elevator.

Dar Al Arkan is also responsible for bringing the world’s only W hotel brand residences to Dubai. Its W Residences — Dubai Downtown boasts 384 one-, two-, and three-bedroom apartments in the 49-story tower. The luxurious vertical structure includes a VIP clubhouse, private cinema, and an infinity pool. “This is like owning a W hotel, without the hassle of checking in or out or losing your privacy because it doesn’t have any of those hotel elements,” noted Sheikh Yousef Al Shelash.