WORD FROM THE BUSINESS COACH
Small businesses, like any other, often find themselves operating in a competitive environment. ActionCOACH Business and Executive Coaching expert Greg Mason says being faced with competition is not the time to give up but to improve efficiencies within the business.
Mason points out on some of the common pitfalls small businesses need to avoid in order to run successful enterprises: Small businesses have a vision for their goal, but sometimes it’s not attainable. Mason says small-business owners must strive to set real-
He says that the reason 80% of start-up businesses do not survive the f irst 1000 days is because from the outset they surround themselves with the wrong solutions for the wrong market.
Anderson emphasises the importance for entrepreneurs to research the type of business they want to venture into, the market and best location to reach customers and establish a cus
“Many businesses don’t do this well. You need to benchmark the business. You can’t plan until you know how well the business is doing,” says Mason.
Mason says bad management of cash flow is a huge challenge, and small businesses will often find themselves without enough money in the bank to service suppliers, especially if some clients do not make payment on time.
“If big business is in that field, they [small businesses] will never win. Rather focus [on areas of the market] where you will make a huge impact for a lot of people and add huge amounts of value,” explains Mason.
Beyond the expos, 10% of NSBC members are found throughout Africa in countries like Nigeria, Ghana and Botswana.
“The reason we have that is because you’ll f ind a lot of our SMEs in South Africa will want to start doing business with SMEs throughout Africa, so intertrade among businesses in the SME sector in South Africa is becoming almost a way of t he f uture and small businesses,” explains Anderson.
The My Business Expos will be travelling across the country with Durban having one in June, Port Elizabeth in October and Cape Town in September, with a number of roadshows in-between to reach other areas. firstname.lastname@example.org