The world is still reveling and quibbling at the same time about the new administration in the White House. Donald Trump is by no means an unquestionable character, but he is the newly democratically voted president of America, as voted for by the people. During his first 60 days he rattled the whole world, latest of which being the immigrants wishing to enter the good ol’ United States of America. Now you might wonder and ask yourself, why another politically motivated blog post? We see so many of them. Yes, indeed we do, but this post brings this political theme to the business world and more specifically – straight to your business!
Business Growth Tips: #43 We have all been there. Sitting with a big decision to be made and we just don’t know whether the choice we are making is the best or right one. Every day as a Business Strategist I make decisions on behalf of my customers. Many times, it happens that I do not have the necessary info at hand and make decisions "blindly" as some might call it. I often have to ask for assistance as I know that I do not have all the answers to all business problems. As a Professional I realise that there are people I can trust to assist me, ones that always give me a new angle from which to look at a tough decision. It is an unfortunate belief, especially with South Africans, that a Business Owner or Entrepreneur should know it all, have it all, be it all and be the greatest business
I bet you read the topic of this blog and thought, boy, what a contradiction. You probably also thought: “Yeah right genius, it is the end. Closing a business IS the end”. Well, it is the end for that specific business, yes. But is it the end of your career as an entrepreneur? Sir Richard Branson certainly does not think so after 15 failures. Is it the end of your creative journey? No, you just need to come up with a different angle on your business idea. This time you have a chance to start over while knowing the pitfalls and dangers. Let’s be real for a second though, closing a business is not easy. In my job of saving companies, this is the exact opposite of what I am trying to achieve. Sometimes, things just don’t work out. Sometimes, you have to explain to your staff members that they do not have
The aim of running a business is to make a profit, otherwise it would be a charity. It happens at least once in every entrepreneur's lifetime that their business runs at a loss. This means that their business is not profitable and is obviously not a good situation to be in. It is now time for a Business Turnaround. The question begs "how do I turn this situation around?". Now every entrepreneur knows a specific field or industry very well and has specific skills. But not all entrepreneurs have the skills to turn a business around from a loss-making operation to a profitable entity. However, all entrepreneurs can implement an effective turnaround in a few simple steps: Step 1: Take a step back and shift your focus. As the owner of the business or the entrepreneur, it is your duty to ensure that the business as a whole is a success. It is your
Profit Tip 1: Focus on your most profitable products or servicesFocusing on your most profitable products or services is one of the easiest ways to generate more profit quickly. A lot of businesses focus on the products that are “nice” or “entertaining”, but not necessarily profitable. We all like the nice and entertaining goodies, but if they are not profitable then why are you pushing the sales on these? Focus more on the ones that generating you profit, money in the bank!
Profit Tip 2: Streamline your operationsAlthough cutting costs might be a logical step, be careful with which costs you cut. You cannot retrench staff to the point where customer service suffers. You cannot sell off assets to the point where staff do not have sufficient equipment to perform their duties. You need to streamline operations, thus you need to spend the least amount of costs on all purchases (yes cost
We have probably all gone to a networking function and hated it. There are always many people, all talking about who they are and what they do, giving and receiving business cards, trying to match up with a person that can provide them with business, and all happening between munching down the usual over-supply of food. Usually, one would stand by the snacks-table, or bar, and make untimely, if not outright ridiculous, comments to the people partaking of the meal or drinks. Not promoting your business or yourself while making small talk is not networking; you're trying to hide your discomfiture. Why do we do it? Because we are naturally shy. In order for networking to work for you, you need to be confident about yourself,your business and unafraid to talk to strangers. Networking is all about gaining access to another person’s network. In most cases this is a person you have never
Number 1: How often should we meet?The answer to this question should be glaringly obvious to your accountant. At least once a month! Your accountant is your first business advisor you have. They are the first ones to assist you in starting your business, running your business and ensuring that you run your business as legally sound as possible. They should know the value that a monthly meeting has for your business and should make themselves available to meet with you to discuss your previous months’ financial performance at a minimum.
Number 2: Can we arrange for a fixed monthly fee that includes all possible costs?Many accountants only charge their clients whenever work is to be completed or when it has already been filed with the authorities. Although this might be a great policy to abide by, it is not very forgiving on your cash flow. You might just receive an
Over the weekend I stopped at a cell phone shop to enquire about migrating over to their network. I had a hundred questions regarding their service, their product offering and whether they could really offer me a better package. I had the unfortunate luck of the draw to end up with a salesman that did no selling at all! Whether he did not want to or could not is debatable, but I had to drag answers out of him for all my questions and I had to choose my own products! Instead of selling me premium products, I had to ask him to give me the best products for my needs and the only response I received was an “uhm”. Now, I will concede that in our technologically interactive world Google, Facebook and the like does most of the selling for our businesses. Before the customer actually steps through your doors, he
The process of Business Rescue was incorporated into the new Companies Act of 2008 and has one of two goals as defined in the act. The first goal is to rescue the company so that it can continue in existence or, if this is not possible, to provide the company’s creditors or shareholders with a better return than what they would receive if the company was immediately liquidated. I believe that the main aim of including Business Rescue proceedings into the South African legal landscape is to ensure that the business can continue as a sustainable business adding value to the economy. The moment that this is achieved the benefits are enormous. Jobs of employees are saved, income is generated for many households, and in many cases for the lower income groups, SARS continues to collect taxes from a viable entity and suppliers continue to do business and retain a customer. Yes,
We are all intrigued by the notion of being an entrepreneur, but do you understand the responsibility that comes with being an entrepreneur? Most importantly, do you know that you must be weary of not being a wantrepreneur? A wantrepreneur is someone who wants to start a business, who waits for the perfect idea for starting a business or who loves the idea of being an entrepreneur. They don’t love business. They don’t crave the excitement of launching an innovative product. They don’t want the nervous feeling of meeting intellectual investors. They don’t know that a massive high always comes after a massive disappointment. They love the idea of what an entrepreneur could be, the successful businessman riding that Italian sports car with the wind in his hair and wears a fancy suit. Many people forget or don’t know what a real entrepreneur goes through. They don’t realise the amount of effort,