CityPress - - Tenders -

The Don­ald Trumps of the world might start big, but gen­er­ally speak­ing, in­di­vid­u­als launch­ing busi­nesses start small. Keep your over­heads down. Lack of cash flow is prob­a­bly the big­gest cause of fail­ure in small busi­nesses, and it’s a lot eas­ier to ex­pand than it is to cut back.

If you’re not care­ful, rent­ing an of­fice space, hir­ing your first em­ploy­ees, buy­ing the req­ui­site tech­nol­ogy and all the other start-up costs can be enough to bring a fledg­ling busi­ness to a screech­ing halt.

As the busi­ness pro­gresses, it tends to ac­cu­mu­late costly bag­gage. You will do well to re­view your cheque­book and cut un­nec­es­sary ex­penses. Max­imise your chances of prof­itabil­ity by tak­ing a min­i­mal­ist ap­proach to over­head costs.

5 Care­fully guard the keys to the court­house

We live in an in­cred­i­bly liti­gious time. Con­flicts can eas­ily re­sult in lit­i­ga­tion, which con­sumes a tremen­dous amount of time, en­ergy and money.

When you en­ter a part­ner­ship, you are giv­ing that part­ner a lot of power that they could, through lit­i­ga­tion or not, wield against you if things go awry, and the ef­fects can be dev­as­tat­ing.

You need to be very care­ful when it comes to se­lect­ing part­ners. It’s im­por­tant that their goals sup­port your goals. Also, care­fully as­sess their in­tegrity. Oth­er­wise, if they see an op­por­tu­nity to max­imise their prof­its at your ex­pense, they may well do that.

Fair-weather part­ners are easy to find. How­ever, you need to as­sess what a part­ner will be like when the go­ing gets rough.


Main­tain con­trol

Th­ese days, con­trol seems to have quite a neg­a­tive con­no­ta­tion. The truth is, many aspects of con­trol are pos­i­tive and im­por­tant at­tributes. Main­tain­ing proper con­trol means stay­ing true to your vi­sion and hon­our­ing your in­stincts on what is right for your busi­ness – af­ter all, you un­der­stand your busi­ness bet­ter than any­one.

No one ever said hav­ing a small busi­ness would be easy. Th­ese six points are es­sen­tial to hav­ing a pros­per­ous busi­ness while avoid­ing un­nec­es­sary chal­lenges. Th­ese points are not just cold, hard facts; there is an artistry to their im­ple­men­ta­tion.

To be suc­cess­ful in busi­ness means to prac­tise and de­velop that artistry over time. It starts with thought­ful re­flec­tion and re­search, then find the courage to wisely and art­fully take that first step and ev­ery step there­after, day af­ter day, month af­ter month, year af­ter year.

– En­tre­pre­neur.com


Start­ing your own busi­ness is of­ten the most dif­fi­cult part of the whole jour­ney

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.