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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?

Personal Mastery

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.

 

Business Mastery

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

The entrepreneurial approach to solving #FeesMustFall

This week, Pavlo and Bruce looked to entrepreneurs to ask them to come up with solutions to the university funding crisis.

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The relationships you form with customers

Last night Pavlo spoke about how most businesses start off the back of relationships and how these first relationships are crucial to your generating cash flow. 

 

Often, to make this happen, you:

1. Make big accommodations in price, quality, service to cherish and look after the relationship;

2. You build it personally, close and familiar;

3. You do things that don’t make business sense to keep the relationship happy

 

This is fine if you are happy building a small, very small business.

It’s okay if:

1. You building a job;

2. It’s a very small business that is good enough for you;

3. You don’t need the money;

 

But, it’s not okay the moment you try to grow to the next level because:

1. Growth means that you can’t do everything. That relationship will need to be managed by the business rather than you and that means a staff membe4r

2. If you don’t get this right, you will grow the business to the limits of your time

 

Getting it right is hard because:

1. People don’t like change

2. Personal relationships are often abusive and to the benefit of the customer – they don’t want to change that

3. The “deal” will most likely have to change because growth requires standardization in deals and agreements

4. You fear it not working

5. You struggle to trust the person responsible in your company to manage it

 

How do you do it:

1. Identify the activities that you perform in managing that relationship

2. Put them into a sequence

3. Be sure that these activities are trainable and teachable

4. Be sure that these activities are scalable

5. Find a system operator to perform these activities 

 

Listen to the full podcast here.

 

 

 

Morphing your passion and purpose to grow your business to the next level

Last night Bruce & Pavlo spoke about the two critical ingredients at every point of the business development life cycle - passion and purpose.

All businesses grow through a lifecycle of development.

They start, establish, build, grow, accelerate, hit prime and either glide or reinvent, mature and then plop down dead!

Every entrepreneur needs passion and purpose behind their actions…

Passion is the petrol and purpose the destination (which should always be an Asset of Value). 

Both of these will change as you traverse the levels in the business lifecycle.

At the start – passion is a product/service, purpose is to get your first customer.

When you're established – passion is about the customer and the purpose is to understand the problem.

When you're building – passion is about building commercial systems and the purpose is to scale your ability to deliver

When you're growing – passion is about people; purpose is about releasing your time from operations

And when you accelerate – passion is about innovation; purpose must be to have it be customer led

Listen to the full show here.

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Marketing generates, Sales Converts

Sales and marketing are two very different activities and should never be confused or combined. Getting customers to know about you is one of the single toughest things for entrepreneurs to get right. This is why you need marketing. Effective marketing should generate new business leads.

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Building a brand through a branch network

This week Pavlo Phitidis talks about building your brand by building a branch network. Listen to the full podcast here.

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How to become agile

Last night on The Money Show Pavlo spoke about how tough every day in South Africa is at the moment.  If feels like being in a boxing ring.

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Digitising your business

Digitisation is converting information into a digital format – but why is it important?

Listen to the show here. But why is digitisation important for small business?

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