Asset of Value - Aurik Business Accelerator

Breakfast Business Growth & Acceleration Event

Why do only 27% of businesses succeed in moving from one generation to the next? And whats even scarier, is that only 7,2% get successfully transferred to the third generation!

Avoiding being on the wrong side of these statistics even though the odds are against you!

Come join us and get insights into what goes wrong, why it goes wrong and most importantly, what can be done to prevent succession going wrong. Starting off with a breakfast, good coffee, followed by a talk and discussion and ending with networking with fellow entrepreneurs and business owners, you should not miss it. 

Hosted by 702 in Johannesburg, apply here to register.

Hosted by Cape Talk in Cape Town, apply here to register.

Attendance is free thanks to the sponsorship of Nedbank.

 

Building a business to survive and thrive in a Junk Status economy

By Pavlo Phitidis

The recent downgrade of South Africa’s credit rating to Junk Status will have a dramatic effect on our economy changing our socio-economic environment and introducing new challenges to business survival. This week, on The Money Show with Arabile Gumede we considered what this downgrade means for growing businesses, and looked at ways you can adapt to not just survive these circumstances, but thrive beyond it:

Building and Implementing a Succession Plan for Family Businesses

By Pavlo Phitidis

Building a family business, and passing it down as both a legacy and an asset, is seldom achieved. A mere 30% of family businesses passed on to the next generation survive, and only 12% making it to the second generation. A tiny 3% survive to the third. This week, on The Money Show with Bruce Whitfield, we outlined the ways succession plans go wrong, and how you can ensure your family business enjoys not only longevity, but long-term success too:

Building successful and sustainable innovative technology businesses

Aurik CEO and co-founder Pavlo Phitidis was the keynote speaker at the Innovation Bridge event in Midrand recently. With his constant exposure to the changing face of business, Pavlo shared some of his insights on how businesses around the world are adapting their thinking and finding new ways to use technology to reap the rewards of their vision. How can South Africans benefit in a similar way?

Create more time in your business to focus on growth

By Pavlo Phitidis

Time is our most precious resource, but it seems like we never have enough of it. The second entrepreneur Aurik ever gave guidance to, was a bakery business owned by a 54-year old man, who had initiated the company at 27. It was highly successful, but he’d not been able to focus on its strategic growth because all his time was tied up in operations. Fourteen years after we rebuilt the business with him, it now creates more than a Billion Rands’ worth of business.

Creating media to generate inbound leads to grow your business

By Pavlo Phitidis

Your business has an interesting story to tell, no matter the nature of it, or the services and products you offer to customers. But telling that story, and using media to generate leads that bring customers to you, requires some decision-making. There are two strategies you’ll use for attracting customers: an outbound strategy, whereby you hunt for customers to sell to; and an inbound strategy, which generates leads that bring customers to you.

Effective goal setting builds relentless growth momentum

By Pavlo Phitidis

Building a business has very little to do with taking over the world. Instead, it has everything to do with adhering to a clear plan that enables you to build towards the future.

Fighting qualities that build great businesses

By Pavlo Phitidis

For entrepreneurs, adopting the art of fighting is imperative, because building a business is a fight. Recently, I’ve watched as more and more people, and business owners, step up and start fighting for the future they want. Professional fighters know, however, that the act of fighting isn’t a raw spark of rage. To win, fighters must have courage, strategy, tenacity and an insatiable will to succeed. It is the same for entrepreneurs, who need to care about every aspect of their company, be creative at every turn, and remain courageous throughout their business journey. 

On this week’s The Money Show with Bruce Whitfield, Ray White stepped in for Bruce, and we dug into the fighting qualities that build a business:

Grow your ideas with business innovation

South Africa is lagging behind when it comes to innovation, according to a recent World Bank report. But why is innovation so necessary for business?We need to empower more people to participate in the economy, and innovation is necessary to create opportunities and stimulate growth. There is also a close correlation between levels of innovation and new venture start-ups. The more a country supports new venture creation and small business the greater the rate of diffusion of innovations in that country. Innovation can also be leveraged to improve business processes to save on costs or increase the value that's being provided to clients, and innovation can also be applied to augment client user experiences or even to better manage business risks.

What’s the problem?

First of all on a human or psychological level, South African business confidence levels are at it lowest levels in over 30 years.The rate of innovation in South African businesses are being curtailed for a number of reasons.Innovation can take years to develop and comes at a tremendous cost and risk. In a depressed economy we have an environment where people are reticent because they are uncertain about the medium- to long-term prospects and this stalls the process. What follows is low investment levels, where people favour deals with established businesses with proven track records who are already earning a revenue. Then there is also a crisis in education in South Africa that’s resulting in a dearth of skills, which was evidenced in a 2016 World Economic Forum survey measuring maths and science education that placed South Africa last.

But it’s not all bad news. Our current environment is actually good for business innovation although our economy is in a bad state, there are problems in big business and government and different kinds of social pressures. All these issues create a fertile environment that encourages people to innovate so they can do things better and create opportunities. And there are also environmental issues like the drought in Cape Town being played out all over the world, driving the need to find alternative water and energy solutions.

What can be done?

You can’t innovate on your own. Walter Isaacson, author ofThe Innovators, described how the Internet was developed from a military instrument to become the platform it is today. This couldn’t have been done without collaboration between big business and small business, government, academic institutions and social activists. [If you are a business owner, finding the right people to collaborate with is crucial].

Taking an idea to the next level

  1. If you have an innovative idea and would like to develop it, start by identifying who you want your ultimate customer to be.

  2. Then find two or three businesses or people who will typically represent that customer,  involve them in the development process and ask how they will work with you.

  3. What attracts funding is a gap in the market. [Think about how you will commercialise your product and] Come with an investment mindset from day one.

  4. Once you get your prototype built, you need to think about how you are going to manufacture and distribute it widely. The plan around how you commercialise something is important.  [If you don’t have capital yourself]

  5. You will need to find suppliers and manufacturing people and investors to come on board so you can continue the development process. They will all be asking how it will translate into a return for them and will want to see how the product will be commercialised so they know how they will get their returns.

Finding the right partner to grow your idea is crucial. Aurik Business Accelerator partners growing businesses with insights into collaboration, investment and commercialising to take your idea into the market and turn your business into an Asset of Value.



How changing the way you look at customers creates the opportunity to build a scalable business

By Pavlo Phitidis

Ultimately, the way you look at the world is the way that the world will turn out to be for you. Just as perspective drives experience, how you define your customer will drive the growth of your business. It’s an incredibly difficult, but highly critical, task that many business owners get wrong – they focus on their product and service, rather than solving their customers’ problems. Defining your customer correctly is critical, if you want to build a scalable business. On this week’s The Money Show with Bruce Whitfield, we outlined the five things you must get right:

HOW DO YOU MEASURE AN ASSET OF VALUE - A QUICK PODCAST EPISODE 1

By Pavlo Phitidis

Time stretched, on-the-go and always doing too many things at once can make us forget why we, as business owners do what we do. Here is a series of podcasts that will remind us that we should all, definitively, single-mindedly be building our businesses into an Asset of Value. What is it, how do we measure it, how do we build a business into an Asset of Value and more is consolidated into a series of 8 episodes.

Episode two: if you can't measure it, you can manage it. The three levers that you can build to measure and maximise your Asset of Value?

How are you building your business? Why do you do what you do? Build it into an Asset of Value and start today. Should you need some help, direction or certainty, Aurik will help you get it done in 24 months.

How to avoid a horror story when buying software for your business

Technology is both a driver and frustration for every person and business. Every business no matter what business you are in is now a technology business. On a lighter scale, it's about emails and software programs that support your team.

In a competitive environment you need to use tech to give you an advantage and set yourself apart. You cannot avoid the use of technology. Regardless of the type of business environment you work in you must embrace and engage with technology correctly.

How to get the right employees to build your business into an Asset of Value

By Pavlo Phitidis

Tough economic times mean that unemployment is rife. But, as a growing business owner, you’ve noticed that it seems near impossible to find the right kind of people for your company. Unfortunately, the most skilled and best people often cling to the safety net of their current jobs. As the owner of a developing business, finding the right people, at the right time, to join your company and help it grow towards being an asset of value, is critical.

This week, on The Money Show with Bruce Whitfield, we talked about the right way to hire the right people for your business:

Insights from Amazon's acquisition of Whole Foods to build our own businesses

By Pavlo Phitidis  

Online digital retailer, Amazon spent $13. 7 billion to buy 401 brick-and-mortar Wholefoods grocery stores! Why? Has Amazon lost faith in its business model because it doesn’t make any money? Or, is there a bigger plan at play? What can we take out of this to build our own business better, faster and smarter! This week, on The Money Show with Bruce Whitfield, on Radio 702 and Cape Talk interrogated and diagnosed the take-outs that we can apply to grow our business faster and smarter.

Pitching your business successfully to any audience

By Pavlo Phitidis

Any business owner, anytime and always has learnt that you have to constantly be pitching your business. Whether it’s to possible investors, customers or collaborators, you and your team will pitch your business every day, and to multiple audiences. Getting your pitch right, throughout all levels of your business, is vital. A poor pitch erodes credibility, trust and faith.

Selecting & securing profitable customers

By Pavlo Phitidis

Knowing how to focus your sales efforts on the most profitable customers can accelerate the growth of your business exponentially. It is a critical exercise because, with limited resources on hand, you need to focus your efforts, to maximise your impact and build your business’ momentum. On this week’s The Money Show with Bruce Whitfield, we outlined a useful technique for positioning your business:

The Asset of Value Strategy Series

Welcome to the Asset of Value Series. As part of the Nedbank Business Accelerator Campaign with 702 this year, our CEO Pavlo Phitidis, had the opportunity of producing a podcast series to help successful, established entrepreneurs get to the next level. We do this by giving business owners like yourself the opportunity to share your stories and insights, and in turn, we work with you as the business owner to drive key changes necessary to accelerate your business. In the Asset of value series, we explore your journey to building your business into an Asset of Value. 

The Four Serial Killers of Every Business

By Pavlo Phitidis 

It may seem a somewhat macabre analogy, but the four serial killers that threaten your business are, most often, not knocking on your window at midnight. Instead, they come from within your business. Serial killers have a particular attitude and behave in a certain way. We considered these four serial killers on The Money Show with Bruce Whitfield:

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