Good business grows with change

2015-09-16 06:00

ENTREPRENEURSHIP involves more than just a great idea. a Successful entrepreneur requires tenacity and flexibility.

Running a business in any environment is difficult enough, but when things change fast and fundamentally, entrepreneurs need to keep the engine running, even upgrading.

This is according to Christo Botes, executive director of Business Partners Limited, who says adapting in an ever-changing world according to evolving needs is possible. Botes provides insight in the five things that business owners who manage to adapt do really well in their businesses:

Work on you businesses, not in it

Business owners can see the wider trends affecting their enterprise only if they can stand back and get an entire overview.

This can only be done if the entrepreneur adopts the role of the general manager and not to any other function fulfilled usually by people who work within the organisation.

Run your business responsibly

A business is in the best position to adapt to changing circumstances if it is making enough money to fund transitions and changes. The most adaptable entrepreneurs never lose sight of the importance of cash flow and profitability. Impulsive decisions that lead to the chasing of turnover to the detriment of profitability are made often.

Encourage staff participation

In the workshop, it is the staff members who grapple with the difficulties of production. On the shop floor, it is the staff members who watch and listen to the customers as they interact with the business’s service and products.

Adaptable entrepreneurs ensure that all the ideas that are sparked by these situations are fed back to the management.

Scan and listen

Even local businesses can be affected by changes that happen on the other side of the world. The most adaptable business owners are those who take an interest in the world beyond their immediate business, community and target market.

Work according to a plan

For inexperienced business people, the constant need to change may seem to do away with the need for structured business plans.

The volatility of the business world is all the more reason to work according to a plan

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