Going Digital to Increase Your Business Valuation
By Pavlo Phitidis
Very often, the bigger your company, the longer it takes for you to innovate. Agile small businesses can, propel their growth by adopting workable technologies, that lead them towards solving customer problems accurately, efficiently and cost-effectively. This leads towards freeing up time, money and effort within the business and ultimately, enables growth. Freed from the shackles of bureaucracy and slow systems, you can digitize elements of your business to accelerate growth and value.
How to manage personal and business change
Last night Pavlo and Bruce chatted about how to get better at dealing with change. Changes are happening at an alarming rate in SA. Business owners are now expected to make so many decisions and so fast. Often these decisions are not made since the environment is too demanding, the changes too sudden and there are too many variables all in play.
Entrepreneurs have to become “change fit” to outlast the road you have to run that will eventually build your business into the Asset that you want.
How do you manage both yourself and your business within an ever-changing environment?
1. Look for it
Be present and watch the levers of change. Ask what this means for you? Be sure to look at both positive and negative impacts. This allows you to think, plan, consider and have options when change comes.
2. Don’t be alone
Whatever it is, someone has been through it or knows someone who has. On your own, you get stuck in your head and it’s impossible to see things differently after a while.
3. Be future forward in thinking
Focus your energy towards the things that you can control rather than what was
4. Be chilled
You will make mistakes in dealing with change. You will say things that you regret. You will realise that in hindsight… Be chilled with the fact that you will make these mistakes and that retrospectively, there would have been better options that the ones you took.
5. Always be a big thinker
You have to anchor your thinking and actions into the future towards something.
6. Be positive
Acknowledge that this is simply a challenge and seek to find interesting, novel ways around it. The language you use matters enormously and the view you have of yourself matters equally.
1. Build a customer facing business
This is a business that solves a problem for a group of customers who have that same problem
2. Build a simple business
Don’t try be everything to everybody
This is a business that is designed to solve problem
3. Build a system driven business
Systems control the customer experience. If this is the experience the customer wants to solve their problem. Your business will be supported by your customers as and when you have to change. They will lend you a kind ear.
4. Involve your core team
A business is made up of functions. Good systems delivering the function means you will have people who can operate the systems and deliver the function. Team leaders allow then for a layer of supervision. These supervision or management levels form your core team.
Change means a response from these areas of the business. Get the problems and challenges solved at that level.
This enables ownership, ownership enables action, action enables a response to change.
5. Generate data
Allows you to remove emotion and think rationally
Listen to the full podcast here