South Africa’s economy relies on the success of small, medium and micro enterprises (SMMEs) as these businesses provide jobs to millions of South Africans and are key drivers of economic growth and innovation. It is thus imperative for SMMEs to get the necessary support, tools, and resources they need to thrive.
Because SMMEs are often willing to go the extra mile for their customers, do all they can for broader society and the communities which they serve, and are often born out of necessity, these businesses are under a lot of pressure as they may not have everything they need to set their businesses up for success in the long run. This might be due to a number of factors such as lack of funding, misinformation, and limited access to the technology and solutions that will serve them and their customers.
Fortunately, there are many solutions and resources available to set your small business up for success – and it doesn’t have to cost an arm and a leg. All you need to do is ensure that your business is in sync with the needs of customers and the broader economic landscape, that you have a finger on the pulse of trends and innovations, and that you take small but meaningful steps that will serve you and your business well now, and for years to come.
Here are some steps you can take to ensure the success of your small business
- Treat every customer like they are your best customer. Whether someone has R5 or R5000 to spend with your business, they need to know that they matter. This builds loyalty and relationships.
- Never negate on saving. Any amount of money that you put into a savings account monthly adds up, and can be used to invest in better technology to run your business, for example.
- Invest in electronic payment solutions. Accepting credit, debit and prepaid cards helps your business grow while saving you money and resources.
- Keep track. Ensure that you always have a handle on the financial status of your business by accurately documenting and tracking your expenses, losses, and profit.
- Be creative. What is it that compelled you to start your business? What is it that sets you apart from your competitors? Focus on the things you do well, and do them even better. Look out for free resources, apps and products from your bank or other service providers that are aimed at helping small business owners.
While starting and growing your own small business is not easy, you must prepare yourself for the probability that it is going to take time for it to become a success. It is going to take patience, hard work, sacrifice and dedication to build the business of your dreams, but with the right attitude and a solid plan, you will go a long way.