By Pavlo Phitidis
A 159-year old icon of retail in South Africa closes shop on 01 August. Failing to evolve in a changing world means extinction. On this week’s The Money Show with Bruce Whitfield, we dissected the failure of Stuttafords and what types of lessons, or opportunities, can be discovered from the way this iconic retail giant fell:
Building your business into an asset of value may include expanding through franchise opportunities. This week, onThe Money Show with Bruce Whitfield, we examined the key elements of what you should consider when assessing franchise opportunities:
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:
Business accelerator programmes can be great catalysts for your growing business. Getting the right kind of help as a business owner sets you on a path towards growth and expansion. On this week’s The Money Show with Bruce Whitfield, Pavlo Phitidis updated us on the Nedbank Business Accelerators with 702 and Cape Talk:
What’s it like to be the significant other or the spouse of a business owner? People generally believe that when you are in a relationship with a business owner, your life will be easy, that it’s great to be involved with someone who is passionate about their work, and that you will both enjoy more money and flexibility in your lives. But this is far from the truth.
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.
Even for established businesses, it’s not easy to make sure that you will be ready for whatever might happen in the future. Your company needs to constantly evolve, and you might find yourself in uncharted waters. So you have found your place in the market but how do you keep it? Complacency is a killer. How do you keep your business on its toes to build for resilience and business growth?
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:
How did Liquid Movers quadruple their baseline turnover? The family-owned business joined the Aurik programme to grow its business and increase its market share in the pump service and technology industry. It made the successful transition from a small, family-owned business to an operation that is now recognised internationally for being at the forefront of specialised pump technologies. Thecompany was established in 1996 with a focus on the mining, chemical, fuel, process plant and food industries.Liquid Movers now supplies pumps, valves and related equipment to customers all over South Africa, African neighbours Botswana, Namibia and Zambia, and Kenya.
Business owners are bracing themselves for tough economic times with SA’s downgrade to junk status and a gradual economic decline, but what can we do to position ourselves to weather the economic storms ahead? We have a track record of helping businesses weather tough times and we have learnt a few things along the way. From goal-setting to adding new tools and getting to know your customer, we will help you put your business on the road to growth.
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.
The tender trap
After the launch of the BLSA, and the commitments made by big business to entrepreneurs, it sparked a train of thought about the intentions of big business in the tendering process.
It got me thinking that over the last year, many entrepreneurs have spoken to me about tenders and the tender procedures from public and private big business that were issued, but not implemented. Why is this? Could it be because of flexing budgets? After all, operational needs do change.