Feasibility Study & Strategic Plan for a New Advisory Center at Dubai Economy to Support SMEs & Entrepreneurs
BACKGROUND & OBJECTIVE
Small and Medium Enterprises (SMEs) and entrepreneurs play a pivotal role in economic development, job creation, and innovation. Recognizing the need to enhance business advisory services, an economic entity under the Dubai Government sought to evaluate and design a dedicated advisory center to support business setup and growth for SMEs and entrepreneurs.
The primary objective was to develop a feasibility study and strategic plan for the center. This included:
- Conducting international benchmarking to align with global best practices.
- Defining the service offerings and value proposition tailored to entrepreneurs’ needs.
- Establishing governance and operational structures to ensure efficient service delivery.
- Assessing financial feasibility to determine investment requirements and sustainability.
The initiative aimed to provide a blueprint for the advisory center, ensuring that it serves as a one-stop hub for business setup, regulatory guidance, and SME support programs.
PROJECT APPROACH
A structured methodology was implemented to assess market demand, define service offerings, and establish an implementation roadmap. The key phases included:
- Market Research & International Benchmarking
- Conducted a comparative analysis of leading SME advisory centers worldwide.
- Identified best practices in advisory services, governance, and business incubation models.
- Service Offering Definition & Value Proposition Development
- Mapped out key advisory services required for SMEs, including business setup, funding access, regulatory support, and digital transformation advisory.
- Defined a clear value proposition to differentiate the center from existing support programs.
- Governance & Operational Model Design
- Established standard operating procedures (SOPs) for service delivery.
- Developed a structured governance model, ensuring alignment with Dubai’s economic policies.
- Financial Feasibility Study & Business Case Development
- Conducted financial modeling to estimate investment costs, operational expenses, and revenue potential.
- Assessed funding sources, including public-private partnerships (PPPs).
- Stakeholder Engagement & Concept Validation
- Conducted interviews and surveys with key stakeholders, including entrepreneurs, investors, and government officials.
- Refined the strategic plan based on stakeholder insights.
OUR METHODOLOGY
The study was conducted using a data-driven approach, integrating qualitative and quantitative insights:
- International Benchmarking & Concept Design
- Reviewed global best practices in SME advisory services.
- Created a concept framework to structure service offerings.
- Surveys & Stakeholder Interviews
- Engaged with entrepreneurs, SMEs, and business support organizations.
- Identified key challenges and advisory service needs.
- Service Offering Definition & Strategic Positioning
- Developed a comprehensive advisory service catalog.
- Aligned services with market demand and regulatory requirements.
- Financial Feasibility & Business Modeling
- Estimated cost structures, operational sustainability, and potential revenue streams.
- Created an investment roadmap and risk assessment framework.
- Implementation Planning & Governance Framework
- Designed an organizational blueprint for governance and operational management.
- Developed an execution roadmap with key milestones.
THE RESULTS
The project delivered a structured feasibility study and strategic roadmap, leading to:
- Concept Design of the Advisory Center:
- Developed a detailed blueprint aligning with international best practices.
- Comprehensive Understanding of Stakeholder Needs:
- Identified internal and external stakeholder requirements to refine service offerings.
- Defined Advisory Service Offerings & Competitive Features:
- Developed a service catalog including regulatory guidance, business incubation, digital transformation support, and financial advisory services.
By leveraging global best practices and aligning with Dubai’s economic vision, the initiative laid the foundation for a high-impact advisory center, ensuring sustainable business growth and increased SME participation in the economy.
