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Growing volume of Halal industry: What Considerations Businesses should Take When Shifting to Halal

Growing volume of Halal industry

With the rise of the global halal industry as an emerging economic area in the global economy, the market is beginning to establish a significant footprint in developed countries. The fastest-growing halal markets are those in Asia, the Middle East, Europe, and the Americas, all experiencing rapid economic growth. Having a rising consumer base and expanding growth in many regions of the world. The industry well-positioned to become a competitive force in global international trade. Because the halal industry has now spread well beyond the food industry, it has increased the economic potential of halal even further. Halal Monitoring Authority ensures the consumer gets the best Halal meat Toronto offers. We offer a Halal meat ordering service online that lets you order delectable fresh cuts of meat online.

In addition to providing health benefits, Meat Halal possesses many advantages that go beyond its raising and preparation. Muslims regard Halal Meat as an essential part of their diet, and proponents say traditional Islamic slaughter procedures are merciful. Approximately 3% of UK residents consider themselves Muslims. Despite this, halal meat accounts for a significant share of lamb consumption in the country, and beef consumption is increasing.

According to Statista, the Halal market is predicted to be worth $2.6 trillion by 2024. And North American companies will account for a large percentage of the expected market value. More businesses would do well to switch Halal since it can enhance revenue while reducing negative consequences on society and the environment.

There are, however, certain factors that businesses need to consider when determining which Halal products are suitable:

Your current services may be Haram.

Halal refers to the complete ecosystem in which it exists, not simply the raw components and finished goods. A firm can’t be directly affiliated with something Haram if it claims to be Halal (forbidden). That can include any interest-bearing payment agreement in the corporate world and consumables such as pork, alcohol, or tobacco. Because of this, if you already run a business, you may need to reorganize your stock to ensure that non-Halal products are kept separate. The separation of raw and unfinished goods, and the thorough sanitization of all equipment before, during, and after manufacturing implied. If you’re unsure, consult a licensed Halal certifier such as Halal Monitoring Authority to see if any of your items prohibited or discouraged in Halal. Their professional opinions will backed up by scientific and technological evidence, as well as references to an Imam’s opinion.

There Will Have To Be Budget Shifts

Given that Halal must follow from supplier to shelf and farm to fork. The change may impact both operational operations and budgetary budget allocations. A Halal food company, for example, may need to discover Halal sources for its supply chain network. During this time, it’s critical to pay for all vendor supplies and services as soon as possible. That is a social and fiduciary responsibility of yours. Furthermore, maintaining a positive relationship with your new suppliers will benefit your cash flow. As per the Halal Monitoring Authority’s guide on cash flow, business owners can accurately determine the net increases and decreases that their newly-Halal businesses may incur by maintaining precise records of payments and receipts. Because becoming a Halal business will almost certainly increase your revenue, including a cash flow statement in your financial analysis will help you manage your money and expand your business.

Additional Training Is Possible

Finally, additional quality assurance (QA) and customer service training will required. Your customer engagement will increase because you’ll provide a conditional service based on Halal compliance. On the other hand, employee training is just as necessary. A recent PWC survey found that 59 percent of US customers will leave a company they love after several negative interactions.

Conclusion

In QA training, qualified technical staff and production management will discover. And how critical it is to follow documented Halal protocols from start to finish. According to research, employees will be taught best practices, complaint management, and personalized product knowledge during customer service training. That is to ensure that they are aware of the company’s services. Apart from what your brand offers, they should also understand what Halal is and what it means. As a result, they will accurately explain its value to customers, enhancing your brand’s reputation as a Halal company. You create an ethical, socially conscious, and profitable business model that aligns with consumers’ discerning behavior by adopting Halal policies. Shifting your company to Halal is an excellent way to ensure its long-term viability and success. To begin the process of certification and recognition, please get in touch with Halal Monitoring Authority to assist you.

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