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#BusinessChallenge – Week 1

Welcome to the 2020 Vitalis #BusinessChallenge!

It’s a new decade and a chance to renew your business and get excited with it all over again.

The aim of this business challenge is to get you to implement new ideas or to change the status quo in your business. The whole idea is to grow your business! It is not a turnaround strategy, but it is going to help you renew certain aspects of the business which might have been bugging you for a while.

During the #BusinessChallenge we want you to really consider the weekly challenges and implement what you can if you believe they will make a difference to your business.

We have decided that whoever can demonstrate to us at the end of the 46 weeks, ending on 25 November 2020, what major impact the 2020 #BusinessChallenge has had on their business will stand a chance to win the prize of the lucky draw held on the 07th of December 2020.

In order to qualify for an entry in the lucky draw, you will have to submit your proof of what impact the #BusinessChallenge had on your business to welcome@vitalis.co.za by no later than Friday 04 December 2019 at 17h00.

Terms and Conditions apply. As with any competition. 🙂

The prize for the winner of the lucky draw is a free business strategy consulting session of 16 hours with the consultants of Vitalis Consulting to the value of R28,000! In this session, we will unpack your business strategy, determine where you want to take your business to and then help you build the strategic plan to get you there! If you reside outside of Gauteng, this session will be performed via Skype.

We kick off the 1st week with the theme – STRATEGY

When one thinks of business strategy, unfortunately, there are many misconceptions formed and entrepreneurs have come with some strange ideas of what strategy is.

Read this blog on my concept of business strategy coupled with the thoughts of one of the industry’s greatest minds, Richard Rumelt.

The #BusinessChallenge for this week is as follows:

Step 1: Decide what it is you want to achieve this year with your business. For instance, do not state that you want to grow your turnover by 6%. You can achieve that by simply increasing your prices.

Rather state that you wish to grow your customer base with 10 new monthly clients each paying you R1000 per month or you wish to sell 5% more of product X than last year with an average price increase of 6%.

Be as detailed as possible and do not only stick to your turnover goals. Think about your cost-saving goals, new asset acquisitions, debt reduction goals and more!

Step 2: Once you have decided what it is you wish to achieve, the “steps in-between” come into play. More about step 2 next week!

I sincerely hope you will enjoy this 2020 #BusinessChallenge.

Regards, Tiaan

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