The BnB Biz
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.