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Cape Town - Proactive planning and clear timelines can help entrepreneurs make their small business a success story, says Gerrie van Biljon, executive director of Business Partners.
“Business owners who avoid planning ahead may increase their exposure to risks," he says.
Van Biljon has the following five tips for owners in the small business sector.
Manage cash flow as effectively as possible
Cash flow is the life blood of any business and managing this effectively will allow more flexibility when you need to address emerging dilemmas, like late payments.
It also applies when you have to make critical decisions, such as having the capital available to purchase additional stock so that you can satisfy client demand.
Regularly updating a budget and a statement of cash flow will enable you to keep an eye on where money is spent, and allow you to cut back where applicable.
Create and maintain valuable partnerships
It is always good business practice to establish new and beneficial partnerships, as well as cement any present valued partnerships.
Building relationships with the right individuals and businesses is key to the success of any business, because of the long-lasting and powerful effect a favourable relationship can bring about.
You can make a successful partnership thrive by establishing a win-win solution that is fair to both parties.
Attendi networking events
Building a successful business takes a lot of time and drive, so it’s a good idea to surround yourself with people who share a similar ambition.
As an entrepreneur, networking is crucial as it provides the opportunity to build those much-needed business contacts and relationships.
Continuously seek mentorship
Seeking regular advice and guidance from a mentor can prove invaluable for business growth, as well as personal development.
It is simply impossible to know everything about running a business as everyone has their individual strengths, and a fresh pair of eyes can identify possible gaps in business practices and assist with strategies your business has not yet considered.
Not only will a mentor enable you as a business owner to focus on your objectives more effectively, but it can also boost morale.
When selecting an appropriately experienced business mentor, seek one with experience in the skills you may lack and ensure the terms of the mentorship – time, costs and outcomes – are as clear as possible so that the match works effectively.
Establish a successful online presence
Having a successful online presence and strategy is becoming increasingly important for SMEs as growing numbers of consumers make use of online tools to find suppliers and solutions for their needs.
The swelling numbers of online users and the growing popularity of online mediums such as a company’s website, Twitter, Facebook and LinkedIn have created many opportunities for you to interact directly with both your current and potential new customers.
These tools have also dramatically changed the way brands interact with their target audience.
So, it is key for your business to utilise these platforms effectively so that you can maximise exposure and boost awareness of your enterprise. A constant stream of engaging content will ensure that your business maintains a favourable online presence.
- Fin24
* Share your experience of setting up a business or simply ask a question. Our business panel can put you on the right path.
“Business owners who avoid planning ahead may increase their exposure to risks," he says.
Van Biljon has the following five tips for owners in the small business sector.
Manage cash flow as effectively as possible
Cash flow is the life blood of any business and managing this effectively will allow more flexibility when you need to address emerging dilemmas, like late payments.
It also applies when you have to make critical decisions, such as having the capital available to purchase additional stock so that you can satisfy client demand.
Regularly updating a budget and a statement of cash flow will enable you to keep an eye on where money is spent, and allow you to cut back where applicable.
Create and maintain valuable partnerships
It is always good business practice to establish new and beneficial partnerships, as well as cement any present valued partnerships.
Building relationships with the right individuals and businesses is key to the success of any business, because of the long-lasting and powerful effect a favourable relationship can bring about.
You can make a successful partnership thrive by establishing a win-win solution that is fair to both parties.
Attendi networking events
Building a successful business takes a lot of time and drive, so it’s a good idea to surround yourself with people who share a similar ambition.
As an entrepreneur, networking is crucial as it provides the opportunity to build those much-needed business contacts and relationships.
Continuously seek mentorship
Seeking regular advice and guidance from a mentor can prove invaluable for business growth, as well as personal development.
It is simply impossible to know everything about running a business as everyone has their individual strengths, and a fresh pair of eyes can identify possible gaps in business practices and assist with strategies your business has not yet considered.
Not only will a mentor enable you as a business owner to focus on your objectives more effectively, but it can also boost morale.
When selecting an appropriately experienced business mentor, seek one with experience in the skills you may lack and ensure the terms of the mentorship – time, costs and outcomes – are as clear as possible so that the match works effectively.
Establish a successful online presence
Having a successful online presence and strategy is becoming increasingly important for SMEs as growing numbers of consumers make use of online tools to find suppliers and solutions for their needs.
The swelling numbers of online users and the growing popularity of online mediums such as a company’s website, Twitter, Facebook and LinkedIn have created many opportunities for you to interact directly with both your current and potential new customers.
These tools have also dramatically changed the way brands interact with their target audience.
So, it is key for your business to utilise these platforms effectively so that you can maximise exposure and boost awareness of your enterprise. A constant stream of engaging content will ensure that your business maintains a favourable online presence.
- Fin24
* Share your experience of setting up a business or simply ask a question. Our business panel can put you on the right path.
