Tips to improve your business this year

BUSINESS owners are faced with new challenges and opportunities this year, all of which need to be incorporated into their planning.

Business Partners Limited executive director Gerrie van Biljon says business owners should use the first few weeks of the year to reflect on what worked in 2013 and what needs to be improved or changed.

Proactive planning, with clear timelines, will benefit the long-term development of a business.

“Business owners who avoid planning ahead may increase their exposure to risks.”

Here are Van Biljon’s five business tips owners of small and medium enterprises (SMEs) should consider:

Manage cash flow effectively

Regularly updating a budget and a cash flow statement will enable business owners to keep an eye on where money is spent, and allow them to cut back where applicable. Create and maintain valuable partnerships

A new year provides businesses with the opportunity to establish new partnerships and cement present valued partnerships.

Building relationships with the right individuals and businesses is key to the success of any business.

Attend networking events

For entrepreneurs, networking is crucial as it provides the opportunity to build business contacts and relationships.

Seek mentorship

Find a mentor who has experience in the skills you lack. Ensure that the terms of the mentorship (time, costs

and outcomes) are clear – to ensure that the match works effectively. Establish a successful online presence

Having a constant stream of engaging content will ensure that the business maintains a favourable online presence.

Van Biljon says the new year is a chance for businesses to better themselves and their offerings.

“Allocating time for each goal and a realistic date of conclusion will assist you in achieving your goals.”

Business Partners Limited is a specialist risk finance company supporting SMEs