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Growing a Business

How to plan for 2024

Control what you CAN – whilst hedging your bets against what you can’t!

By Andy Hofmeyr – ActionCOACH Business Coach

We’re heading towards the end of the first quarter of 2024 and can be forgiven for feeling like it’s all ‘more of the same’. Ongoing corruption, economic volatility and a never-ending loadshedding schedule, coupled with uncertainty around this year’s national elections and the usual knock-on effects. Add to this the continuing geopolitical tensions that further drive costs and exacerbate uncertainties.

Strategies for SME success in 2024: the top 3 trends to watch

Last year came with its fair share of opportunities and challenges for the SME sector. A lagging economy, rising interest rates and cost of living coupled with high unemployment held many small businesses back from reaching their full potential. On the upside, many businesses who were able to innovate their way through tough times emerged more resilient and ready to take on the challenges of the new year. Now, as 2024 begins to gain momentum, SMEs need to leverage the latest industry trends to build sustainable, robust ventures that are built to last.

New year, new connections: how to expand your business network in 2024

Becoming a successful entrepreneur involves hard work, determination and grit. However, as many of the world’s most renowned entrepreneurs have attested, a generous amount of good luck often also plays a role in getting to the top. Sometimes, that spell of ‘luck’ relies on being in the right place, at the right time – and more importantly, talking to the right people.

Surrounding yourself with the right people can open many doors of opportunity for you and your business. A network could become the source of valuable connections for future employees, new sales opportunities, useful resources and inside information on common challenges such as how to apply for business financing.

How to win by thinking like a doctor

Article written by Mike Anderson (NSBC Founder & CEO)

Have you ever had a doctor try to sell you on a medical procedure before examining you? Of course not. Doctors ask questions and listen carefully to diagnose the problem first. Poor and average salespeople, on the other hand, jump into pitching their solution before the prospect talks about their pain points.

So, let’s take a look at eight powerful tips adopted by the world’s top rainmakers:

5 strategies to help your business maximise profits

Why profitability is important in business  

The basis of establishing a successful business is ensuring a positive bank balance, with a healthy amount of cash available for running expenses. There are, however, a number of factors that can impact the amount of cash on hand, and entrepreneurs would be well advised to have a few tricks up their sleeve when it comes to maximising profits.     

Latest SME Confidence Index reveals sector’s determination to push through adversity

Article written by David Morobe (Executive General Manager for Impact Investing at Business Partners Limited)

Tough socioeconomic conditions in South Africa heading into 2023 were indicators that the previous year would be an exceptionally difficult one for small businesses. Now, as we kickstart the new year, the impact of loadshedding and low growth economic trajectory on small and medium enterprises’ (SME) confidence is apparent.

SME confidence that their businesses will grow in the next 12 months went down by 5 percentage points in Q2 of 2023 from the previous quarter and by 4 percentage points year-on-year. Fears that clients will pay within stipulated time remained stable at 65 percent – down by 1 percentage point both year-on-year and quarter-on-quarter.

How to create credibility in your small business

Do your customers, employees and potential investors believe and trust your small business? If you answered yes, then you have a credible business but if you are not sure, then it is time to work on your credibility in your company. With the advent of the internet and everyone able to build a website or social media page, it has become crucial to develop your credibility so that people will be keener to do business with you. Let’s look at how to create credibility in your small business.

How a Day 1 Culture can propel growth for small and medium businesses

Article written by Ben Schreiner and Samira Gilani (Amazon Web Services - South Africa)

In today's fast-paced business landscape, it is crucial to stay innovative and find ways to differentiate from competitors. Imagine a world where every move you make resonates with your customers, where your success is built on understanding their needs, desires, and pain points. This isn’t a farfetched dream—it's the customer-obsessed approach that can transform your business. In fact, think about when and why your business was founded. It was likely because there was an unmet need in the market that your company was created to solve. Customers needs are constantly changing, and at an even faster rate with a new generation of consumers, entrepreneurs and founders that grew up on smart phones, social media, and the cloud, who are quickly becoming a larger share of the market and starting businesses of their own.

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