• Home
  • Blog & News
  • What is your business building approach to 2019: Chose one of 3 strategies
Start 2019 by acting on one of these three strategies

What is your business building approach to 2019: Chose one of 3 strategies

2018 has been an exhausting year. Taking time off is important, so long as you don’t break the momentum of your business. Start the new year with an invigorated perspective, clarity, and confidence, and spend some of your holiday defining your 2019 business strategy. It starts with making the right decisions for your business. On The Money Show with Bruce Whitfield, Pavlo Phitidis shows you how:

Four major 2019 trends

Four major trends will have a significant effect on your 2019 business strategy and growth:

  • An election year: South Africa will hold national elections in 2019 and, while this may dominate the headlines, voter enthusiasm is waning.
  • Power cuts: The return of load shedding cannot be ignored. The impact of regular power cuts on South African businesses is dire.
  • Uncertainty breeds desperation: Uncertain circumstances affect the day-to-day activities of people. People often respond to desperate circumstances by obfuscating facts, fudging the numbers, or downright lying.
  • Cyber risks: The cyber risks related to running a business are growing. Even the biggest institutions are battling to combat and stave off cyber-attacks and hacking incidents.

It’s decision time

You cannot change the business environment you’re working in, but you can use your holiday time to make firm choices, and take decisive action. Here are the three options you face:

Are you in?

Ambivalence around your business’ future will only lead to stagnation. Once you’ve committed to being in for 2019, then growth is your choice:

  • Focus on your business growth, and free up your time by simplifying and systematising as much as you possibly can.
  • Slim down your operations to focus only on your core business, and invest in suitable technologies to offset the effects of power disruptions and other uncertain circumstances.
  • Invest in the right kind of people and don’t be tempted to just fill a vacancy because it needs filling - the cost of hiring the wrong person is so much higher than you’d expect. Check those references, and thoroughly research your applicants.
  • A tight economic environment means that your customers need cost-effective, efficient solutions to their problems. Centre your 2019 business strategy around ensuring you solve your customers’ unique problems in a specialised way.
  • Build, maintain, and grow a solid, continuous sales system.

Are you out?

If you decide you’re out for 2019, you’re going to plan to sell your business. If you’re out, then craft your business strategy as an exit strategy. Prepare to sell your business by:

  • Running the numbers and figuring out your business valuation: If you’re not happy with the numbers, then build a 2019 business strategy that’ll get your business to the point where you feel confident enough to sell it. Determine the value you want, and build towards it. There are three important levers linked to your business valuation. Optimising your business with those three levers in mind will enable you to build your Asset of Value towards your ideal selling price.
  • Understand your ideal buyer: A year before you hit your business valuation target, start looking to find the ideal buyer for your business. You’ll need to choose from three different types of buyer situations:
    • A private buyer, who wants to purchase your business and continue growing it;
    • A no-mans-land buyer situation, where your business is too big for a small buyer to purchase, but it’s too small to be of interest to a large company or,
    • A listed entity or large company, where you’ll need to learn more about their acquisition strategy, and how to make your business attractive enough for them to want to acquire it.

Are you doing nothing?

Choosing to do nothing in 2019 could lead you to lose out on market share though, as your competitors move ahead with their business strategy. If your 2019 business strategy is to just let things tick over, then don’t use it as an excuse to sit still. Commit to learning something new, expanding your skill sets and abilities. It could lead you in an entirely new direction.

Don’t let complacency set in after a tough year. Make the right decisions for your business, so you can continue to build an Asset of Value. At Aurik, we help you make the right choices for your business.

Tags: The Money Show, Business Strategy

Creating wealth through your business
Business Growth Wealth Creation

Creating wealth through your business

Wealth describes an abundance of a desirable thing. It could be friendship, love, money, access to a foodstuff and so on....

Read more

Developing an effective marketing strategy
Business Growth Marketing strategy

Developing an effective marketing strategy

If you can’t and don’t get potential customers to know that you exist, they don’t care and you die. They don’t care because...

Read more

Build resilience into your business to take control of your future
Business Growth Strategic Planning

Build resilience into your business to take control of your future

We often hear about being resilient to thrive and survive in business today. Why does this matter and what does it mean?

Read more

Escaping the project revenue trap and why you should do it
Building your Business

Escaping the project revenue trap and why you should do it

Recently, at an Asset of Value event in Johannesburg, South Africa, a room bristling with 58 business owners that collectively...

Read more

What is your business building approach to 2019: Chose one of 3 strategies
The Money Show Business Strategy

What is your business building approach to 2019: Chose one of 3 strategies

2018 has been an exhausting year. Taking time off is important, so long as you don’t break the momentum of your business....

Read more

How to Deal with Nightmare Partnerships, Collaborations & Joint Ventures
The Money Show

How to Deal with Nightmare Partnerships, Collaborations & Joint Ventures

Collaboration is a key element for building your business into a successful Asset of Value. But, not every joint venture...

Read more

Why Collaboration is a Critical Skill for Every Business Owner
The Money Show Building your Business

Why Collaboration is a Critical Skill for Every Business Owner

We’ve entered the age of collaboration. Despite current events, like BREXIT, that showcase the opposite, collaboration remains...

Read more

Foresight and action can turn the potential sales you book in 2018 a certainty in 2019
The Money Show Sales

Foresight and action can turn the potential sales you book in 2018 a certainty in 2019

You’re winding down towards the end of 2018, and preparing to lock and load the early sales for 2019. If you’re not in this...

Read more

Turn 2018’s Exhaustion into 2019’s Business Acceleration
The Money Show Business Growth

Turn 2018’s Exhaustion into 2019’s Business Acceleration

Year-end fatigue is setting in - 2018 has been a tough year emotionally, economically, and physically. But that’s not much...

Read more

Building a Branch Network for Your Business
The Money Show Asset of Value Business Growth

Building a Branch Network for Your Business

Building a branch network for your business is still relevant and appropriate, despite the exponential growth opportunities...

Read more

Growing Revenues through Indirect Sales Channels
The Money Show Business Growth Sales channels

Growing Revenues through Indirect Sales Channels

Effectively growing your business revenue needs a lot more than just a regular sales effort. Developing and implementing...

Read more

Entering, Surviving, and Thriving, in a New Industry Created by New Technologies
The Money Show Business Growth Strategic Planning

Entering, Surviving, and Thriving, in a New Industry Created by New Technologies

We’re in the midst of the 4th industrial revolution, with many new technologies quickly entering the business environment....

Read more

Business Funding: How to Self-Fund your Business through its Lifecycle
The Money Show Business funding

Business Funding: How to Self-Fund your Business through its Lifecycle

Business owners and entrepreneurs often express the difficulty of accessing business funding as a key challenge. And yet,...

Read more

Building a business with confidence amidst uncertainty
The Money Show Business Growth Business owner

Building a business with confidence amidst uncertainty

A constantly changing business environment demands that business owners develop new skills to ensure business growth. Recently,...

Read more

Choose your Business Growth Rate and Build your Business Towards It
The Money Show Business Growth

Choose your Business Growth Rate and Build your Business Towards It

We may be living in a negative economic cycle right now, but it’s up to you to decide what your business growth rate should...

Read more

How to Build your Business & Capitalise on a Seemingly Negative Business Environment
The Money Show Building your Business

How to Build your Business & Capitalise on a Seemingly Negative Business Environment

The reality of a recession is sinking in, and it seems the echo chamber of negativity is overwhelming. South Africa’s business...

Read more

How to build a resilient business in a technical recession
Building your Business

How to build a resilient business in a technical recession

Our economy is in the midst of a technical recession and business owners are wondering how to weather this economic storm....

Read more

Marketing for Business Growth: Keeping your Customer Acquisition Cost in check
The Money Show Business Growth

Marketing for Business Growth: Keeping your Customer Acquisition Cost in check

You’re not alone. It’s becoming more and more difficult to generate leads, turn those into customers, and grow your revenue....

Read more

Product businesses in the industrial sector need to build differently to survive and thrive
Building your Business Business Growth

Product businesses in the industrial sector need to build differently to survive and thrive

Keeping water flowing through the kilometres of underground pipes keeps all players in water infrastructure awake at night,...

Read more

How to Build Your Business by recruiting the Right People to do the Right Thing at the Right Time.
The Money Show Building your Business

How to Build Your Business by recruiting the Right People to do the Right Thing at the Right Time.

As a small business owner, your biggest investment will be your staff. How you hire, who you hire, and when you hire, will...

Read more

Turning the talk of your Business Strategy into the Walk of Execution and Results
The Money Show Business Strategy

Turning the talk of your Business Strategy into the Walk of Execution and Results

In recent meetings with frustrated business owners, Pavlo Phitidis picked up on a significant trend – a high level of complaints...

Read more

Why, When and How to Sell your Business.
The Money Show Selling your business

Why, When and How to Sell your Business.

Every business only has two destinations: it closes, or you successfully sell it. Globally, however, 94.6% of all businesses...

Read more

How to build your business through delegation
The Money Show Business Growth

How to build your business through delegation

Your business journey most often begins with just you. Along the way, however, as you figure out how to build your business,...

Read more

Managing Business Growth – The Killers of Business Growth
The Money Show Business Growth

Managing Business Growth – The Killers of Business Growth

Ask any business owner what they’d like for their business, and they’ll say “Growth”. But managing business growth isn’t...

Read more