Building a branch network for your business is still relevant and appropriate, despite the exponential growth opportunities offered through online platforms. But, expanding your business through physical branches can only achieve so much. Ideally, a click and brick strategy, that combines both physical and online expansion, is best for enabling and supporting business growth. On The Money Show with Bruce Whitfield, Pavlo Phitidis explained the all-important aspects of building a branch network for your business:
A constantly changing business environment demands that business owners develop new skills to ensure business growth. Recently, the Industrial Development Corporation provided a long explanation was provided as to how SME investment due diligences are performed. Due to the risky nature of SME investing and the unavailability of collateral, extremely detailed due diligence process is undertaken to minimize and manage risk.
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 be. Despite the pundits, headlines, and uncertainty, you can grow your business during a recession. The headlines may tell a negative story, but my current experience serves as a reminder that every situation, no matter how negative, presents opportunities for your business. The news will tell you that foreign investment in South Africa is faltering, but we’re currently helping a South African small business negotiate a lucrative partnership with a foreign company. Take your eyes off the headlines and stop waiting for change to happen - choose your business growth rate and build your business towards it. On The Money Show with Bruce Whitfield, Pavlo Phitidis told us how to build for a 35% business growth rate, no matter what happens in the world around you:
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?
We’re in the midst of the 4th industrial revolution, with many new technologies quickly entering the business environment. Technology is evolving more quickly than most of us realise. These technologies, including the Internet of Things (IOT), Artificial Intelligence (AI), robotics, and Virtual and Augmented Reality (VR & AR), are becoming increasingly accessible and affordable, effectively reshaping industries as they evolve. With each new technology that enters the market, new industries are also being built. The value chains governing these industries are shaping up fast, and positioning for success in them will determine your future success…or failure.
Effectively growing your business revenue needs a lot more than just a regular sales effort. Developing and implementing sales channels is a key strategy to get to the next level, and build your business into an Asset of Value. But, before you begin utilising specific sales channels, consider how effective they will be for building your business. You must first understand where, why, and how, your customers want to buy your products and services. On The Money Show with Bruce Whitfield, Pavlo Phitidis showcased different types of sales channels, and how you can use them to grow your revenue:
Your business journey most often begins with just you. Along the way, however, as you figure out how to build your business, you’ll discover that delegation is essential. At first, you may delegate or outsource tasks out of desperation, because you have too much to do. The art of delegation, however, is a key component for building your business. On The Money Show with Bruce Whitfield, Pavlo Phitidis sets out five important facets of how to build your business through delegation:
How to get the right headspace to survive and thrive in tech-driven opportunities and change in your business
Increasingly, technology plays a deeper and more pervasive role in business, and in our lives. Importantly, technology that enables business growth is now more accessible than ever before. You’ll leave your business extremely vulnerable to competitors if you don’t capitalise on the opportunities that technology creates, and don’t get the right team on board. On The Money Show with Bruce Whitfield, Pavlo Phitidis outlined 8 actions you must take to ensure that technology enables your business growth:
Everyone is beginning to feel the pressure of an increase in VAT, petrol levy, and other price increases. Rising costs will start to eat away at your business margins. How can you protect these, as you grow your business? Customers won’t tolerate price increases, suppliers are going to pass on their increases to you, and your team will expect an annual salary increase too. Where to next, business owners? On The Money Show with Bruce Whitfield, Pavlo Phitidis outlines where you can cut back:
I’ve recently read through oodles of business plans, with a sample of ten showing me that: 4 were applying for growth funding; 2 were applying for innovation funding; 2 were looking to fund operations; 1 was looking to fund their business through a share acquisition strategy, and 1 was looking for acquisition funding.
But what makes a business plan truly effective, and just how important are they? For funders and interested stakeholders, business plans are important for evaluating a business’ investment potential. But, unless a business plan has right kind of components; is implemented in the right kind of way, that’s customized to be relevant to its purpose and is – always – a working document, it’s useless. Your business plan should be an introductory document, that invites potential funders and investors into a conversation with you, whether that be a casual meetup or a more formal meeting. It’s an important document, so don’t rely on templates or external specialists to write it for you. The reality of a business plan is that it won’t roll out in real life, but it will serve as a working guideline. On this week’sThe Money Show with Bruce Whitfield, we considered what goes into writing the right kind of business plan:
American Kevin VanDam is one of the top-ranking bass fishermen in the world with two Major League Fishing Cups, four Bassmaster Classic titles, seven Toyota Tundra Angler of the Year titles and eight Angler of the Year titles under his belt. His winnings amount to millions of dollars and he is the beneficiary of major sponsorship deals. In this blog, we take a look at the secret of his success.
Ask any business owner what they’d like for their business, and they’ll say “Growth”. But managing business growth isn’t just about increasing your profit margins or growing your turnover. As Pavlo Phitidis outlined on The Money Show with Bruce Whitfield, managing business growth should be about more than just adding new branches, purchasing new assets, or expanding your footprint. Managing business growth in a sustainable way means building and investing in your capacity to grow, before you grow. The true essence of growth does not lie in the numbers - your business is much like a body: it must learn skills, build muscle, and grow, before it can carry a bigger weight. Similarly, your business is much like a professional athlete, in that – to run faster, better, and further, every part of their training schedule, physique, and nutrition, must be well-maintained to enable success. Every organ within an athlete’s body must be in happy, healthy, and work in unison to enable them to achieve their goals. It’s the same within your business. The potential killers of business growth reside within these all-important variables:
You’re not alone. It’s becoming more and more difficult to generate leads, turn those into customers, and grow your revenue. What is your Customer Acquisition Cost? It’s the amount of money you need to spend to generate a lead, and then turn that into a customer for your business. In the online world, it’s become even more difficult (and expensive!) to get noticed, get ahead, and get customers. On The Money Show with Bruce Whitfield, Pavlo Phitidis outlines your plan to hunt and fish online, so you can grow your customer base:
Keeping water flowing through the kilometres of underground pipes keeps all players in water infrastructure awake at night, every night.
On The Money Show With Bruce Whitfield, Pavlo Phitidis shares what he learnt about small business growth, scale, competition, funding, and fame, while attending GrowCo in New Orleans:
Finding the right small business financing solution for your growing business is critical. Is going into debt the right option for you? Debt exposes your business to risk, but not taking the leap and financing a growth project for your business could be just as risky. On this week’s The Money Show with Bruce Whitfield, Pavlo Phitidis talks us through when it’s appropriate to borrow money to stimulate your growing business:
2017 has been a rough year, for everyone. At every level, corruption has put paid to so much, and the dismal economic growth has left us all feeling angry and frustrated. Yet somehow, small businesses in South Africa have mostly grown. Rather than pulling a Hulk smash, or simply setting your ‘Out of Office’ message on, channel the anger and frustrated energy you’re feeling into something good, that’ll pay off next year. You should have started your strategic planning for 2018 by now but, if you haven’t yet begun, we outlined a way for you pour that energy into something positive, on this week’sThe Money Show with Bruce Whitfield. Set your business up for a good year in 2018, with a strategic plan that responds to your experience of 2017. Here’s your checklist:
Year-end fatigue is setting in - 2018 has been a tough year emotionally, economically, and physically. But that’s not much different to previous years. The opportunity to