The BnB Biz

Thembu Royals Magazine - - Guerilla Marketing, Contd. -

The fol low­ing para­graphs record the pos­si­ble rea­sons why some BnBs fai led thus; Lack of busi­ness ski l ls, ex­per t ise, and knowl­edge. The per­cept ion that any­one can run a BnB be­cause i t is easy to do so is very dan­ger­ous, mis­placed and is a recipe for dis­as­ter be­cause ent repreneurs sat back and ig­nored or re­fused to ac­qui re busi­ness ski l ls that would equip them wi th the nec­es­sary knowl­edge to run a suc­cess­ful BnB. I t must be stated cat­e­gor ical ly that wi thout busi­ness ski l ls the chances that one wi l l run a suc­cess­ful BnB nor any busi­ness for that mat ter are very l imi ted i f any. As such ent repreneurs have a duty to in­vest in ac­qui r ing knowl­edge, knowl­edge and more knowl­edge on a cont in­u­ous ba­sis.

Un­der - capi tal izat ion. Wi thout ad­e­quate capi tal , one got l imi ted and pre­vented f rom do­ing cer tain pro­grams/ act ivi t ies which one would have done to grow one’s busi­ness. One of the pre- req­uisi tes to get fund­ing is that a busi­ness owner / Man­age­ment Team must have ad­e­quate ski l ls to run a busi­ness fai l ing which i f one has no such ad­e­quate busi­ness ski l ls po­tent ial in­vestors or fun­ders do not have conf idence that the busi­ness may be a suc­cess. This point l inks di rect ly wi th the above point on lack of busi­ness ski l ls. Fai lure to mar­ket the busi­ness. Mar­ket ing gives an op­por tuni ty to the busi­ness owner to con­nect to the publ ic out there, more speci f ical ly the po­tent ial cl ients. Wi th the ar r ival and devel­op­ment of the 3rd plat form wave, the av­enues that one could use to mar­ket one’s busi­ness are al­most unl imi ted.

Busi­ness Non- Act ivism or put di f fer­ent ly adopt ing a si t t ing duck ap­proach and hope for mi racles. Net­work­ing is es­sent ial for any ent repreneur be­cause an ent repreneur gets ex­posed to a range of is­sues which they would not have known had they de­cided to adopt a si t t ing duck ap­proach. Net­work­ing has also been broad­ened by the ar r ival of the 3rd plat form wave. The benef i ts of net­work­ing are a mat ter of publ ic knowl­edge and hence need not be em­pha­sized in this ar t icle. Fai lure to ‘ ser­vice’ the busi­ness. A busi­ness is l ike any other l iv­ing or­gan­ism. A busi­ness ‘ gets sick’ and re­qui res ‘ heal ing’ . In order to min­i­mize the r isk of hav­ing the busi­ness ‘ get t ing sick, ’ one must ‘ ser­vice’ one’s busi­ness. One does this by re­ju­ve­nat ing var ious pract ices, sys­tems, and st rate­gies that had be­come dul l and inef fect ive. There are Busi­ness Con­sul tants who per form a funct ion to ‘ ser­vice’ and ‘ heal ’ a busi­ness. Sev­eral other rea­sons came to l ight but for the pur­pose of this ar t icle, the fo­cus wi l l stop for these rea­sons set out above.

I t is for the rea­sons set out above that our com­pany [ Them­bu­land Royal Trea­sury Hold­ings Limi ted] de­cided to pro­duce a document that ad­vises BnB own­ers as to what must they do to turn thei r busi­nesses around in 30 days. In our next fea­ture, a de­tai led ex­posi t ion of a ser ies of turn- around st rate­gies and tact ics have been set out in a simpl i f ied for­mat for easy im­ple­men­tat ion.

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