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A Business Strategy to Turn a Dreadful Year into a Success

A Business Strategy to Turn a Dreadful Year into a Success

This year has been tough for everyone, and there are just 12 weeks left before world of business winds up for 2017. There is, however, still time to accelerate your sales efforts and grow your business before the year ends. On The Money Show with Bruce Whitfield, we outlined an effective business strategy that helps entrepreneurs fast-track their way to success, before the year ends:

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Software for your business

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.

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Play to your strengths – how the epic Mayweather-McGregor fight can take your business to the next level

Undefeated welterweight world champion Floyd Mayweather Jnr met mixed martial arts world champion Conor McGregor in Las Vegas for the bout titled “The Money Fight”. The fight surpassed the all-time pay-per-view record with 6 500 000 buys. Mayweather reportedly earned more than R4 billion from the fight and McGregor took home R1.3 billion. The winner stuck to his game while McGregor went into an area where his investment in time, training and practice were only 30% relevant.

Aurik’s CEO, Pavlo Phitidis says the fight between Floyd Mayweather and Conor McGregor has a number of lessons for small business owners. Let’s take a look at this exciting showdown and what we as entrepreneurs can take away from this.

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Part 1: Big business commitments to small business with the launch of the BLSA

I attended the launch of Business Leadership South Africa (BLSA) – which is headed by former Shell CEO Bonang Mohale – last week. It was an exciting event which gives a big business position on building our country.

 

The BLSA has a big, shiny building in Sandton in the heart of big business, but chose the Alexandra Recreation Centre on the East Bank for its launch. It was a poignant move because the message about the role of business in society could not have been better delivered than in that location and environment.

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Shining a light on the business blind spot

Shining a light on the business blind spot

Smart and successful businessmen have faith in their vision for their companies, but they need to be aware of their limitations and see themselves and their situations in the proper light. 

A failure to do this leads to the business blind spot, a place where we can’t see what is going on around us. It’s also a place where we see things not for what they are, but what we perceive them to be. It grows from a history of how things have always been done in the business and a narrow view of what the business needs going forward. On The Money Show with Bruce Whitfield this week, we discussed business blind spots, how they develop, what they cost your business and how to prevent them. 

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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:

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How to choose the right business partners

By Pavlo Phitidis

Spats between shareholders can signal the beginning of your business’ end, just as it seems to have been for Stuttafords. This week on The Money Show with Bruce Whitfield, we reflected upon the recent shareholder/board fights at Group 5 and shareholder fights between Cell C and their BEE shareholders CellSAf who within themselves are also reportedly fighting. I also had a week of it with 3 businesses that I met, all with shareholder and partner issues. We considered the best ways to ensure you find the right partners for your business, and what kind of opportunities present themselves in company conflict situations:

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Adapt to changing customer behaviour or die

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:

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How not taking action at the right time can lead your business to failure

By Pavlo Phitidis

Your appetite for action, or tendency towards inaction, will save or sink your business. This week, on The Money Show with Bruce Whitfield, we delved into how you can change the destiny of your business, and your future as a business owner, when faced with change:

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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 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:

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Grow your ideas with business innovation

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.

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Part 2: How to protect your growing business from big business theft

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.

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ANN7 sale should have entrepreneurs asking themselves what their business is worth

On Monday, 21 August, we spoke to Bruce Whitfield on The Money Show on Radio 702 and Cape Talk of that day’s R450 million sale of the Gupta media assets, ANN7 and The New Age, to Mzwanele “Jimmy” Manyi’s consortium, Lodidox.

 

The feature focused on the business valuation of media assets and made business owners aware of the importance of a correct business valuation in assessing their enterprise as an Asset of Value when they put it on sale.

 

The feature also highlighted the methods of business valuation, the risks involved for the buyer and why they should be aware of these factors.

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How to Turn a Struggling Business Around

By Pavlo Phitidis 

Turning a struggling business around isn’t easy, but it’s not impossible. Currently, many businesses are implementing turn-around strategies to revive ailing operations, or increase their attractiveness to customers. If you’re facing a dead-end in your growing business, on The Money Show with Bruce Whitfield, we considered ways you can turn your business around:

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Building or breaking your brand and company value through reputation

By Pavlo Phitidis

Over the past few weeks, we’ve been shocked by the news, as McKinsey, SAP, KPMG, Bell Pottinger and so many others, have hit the headlines with significant reputation-related crises. It only seems fitting then, that we chatted this week on The Money Show with Bruce Whitfield about building, or breaking, your brand, through reputation. As Warren Buffet’s 2014 memo to Berkshire management said: 

“We can afford to lose money, even a lot of it. But we can’t afford to lose reputation, even a shred of it.

Here are a few actions you can take to both build and avoid hurting your brand.

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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.

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Building a positive frame of mind and action in a negative environment

By Pavlo Phitidis

We live in unstable times, and a brief look at the news headlines is almost always disheartening. Constant exposure to the news, along with a teetering economy, can make you feel deflated, frustrated, and ready to give up as a business owner. Worse still, whenever good news does seem to hit the headlines, it often ends up twisted or tainted. This week, on The Money Show with Bruce Whitfield, we discussed what to do when you’re feeling despondent, by examining seven traits of successful business owners.

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Business trends from New York and London 2017

By Pavlo Phitidis

Take five days in New York, and five days in London, add in thirty-one meetings and, what do you get? You get my whirlwind trip that saw me meeting with some of the world’s most aggressive start-ups, to learn more about their businesses, funding approaches, and current trends.

On this week’s The Money Show with Bruce Whitfield, we talked about what I learnt:

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What is 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 one: what is an Asset of Value and why should any business owner worry about it?

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.

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:

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Three sales propositions to speed up deals in a tough economy

Three sales propositions to speed up deals in a tough economy

In today's tough economic environment it is taking longer and longer to close deals. To speed up this process, you need three...

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Start with the end in mind

Start with the end in mind

Plans don’t always work out – that’s life. Starting a business is no different, especially when you need to work closely...

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Negotiating the family business deal

Negotiating the family business deal

76% of family businesses don't survive through a second generation. It's a scary statistic and one that affects many private...

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Building a pricing strategy to grow your business

Building a pricing strategy to grow your business

“The pricing game is emotional”… this is how a tweet from a listener began, and he’s right. A challenge to your pricing feels...

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NEXT-LEVEL GROWTH: WHAT IT IS & HOW TO GET IT RIGHT

NEXT-LEVEL GROWTH: WHAT IT IS & HOW TO GET IT RIGHT

How often have you heard the terms "Next-level growth" or "Getting to the next level" bandied about? It's become more business...

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Our past determines our approach to the SA economy

Our past determines our approach to the SA economy

Carl Jung said “We are trapped by the images of our past”. Meaning that our past experiences affect our perception of reality....

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White Knights, Silver Bullets & False Prophets

White Knights, Silver Bullets & False Prophets

The exhaustion of running a business can make us vulnerable to the allure of a cure-all solution. But if it sounds too good...

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Help Pavlo to #NameTheBook
namethebook

Help Pavlo to #NameTheBook

Pavlo Phitidis has just completed a book about the ideas, thoughts and more valuably, his direct experience in building successful...

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How to build a retail empire very, very slowly

How to build a retail empire very, very slowly

Retail is notoriously difficult, but if you have a great product targeting consumers - you need to get it right. Pavlo Phitidis...

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Immigrating talent for a quick but enduring economic boom

Immigrating talent for a quick but enduring economic boom

If we can attract 100 000 STEM qualified immigrants, we can not only bridge the skills gap that is stagnating our growth,...

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EMIGRATION: Its cost and opportunity to a business owner
Business Growth

EMIGRATION: Its cost and opportunity to a business owner

Over the last month, I have had two same, but different meetings with two different business owners. They were the same because...

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Creating opportunities that didn’t exist before
Growing business value Business Growth

Creating opportunities that didn’t exist before

Creating economy is a key entrepreneurial skill. Its something that is entirely possible irrespective of the environment...

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Why waiting to act becomes the only act and how to ‘snap’ the bad habit
Asset of Value

Why waiting to act becomes the only act and how to ‘snap’ the bad habit

With the South African elections now come and gone, it feels like we have passed a milestone that we were all holding our...

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Winning mindsets turning thought into action and action into results
Building your Business Business Growth

Winning mindsets turning thought into action and action into results

The distinguishing feature between business owners who crack it and those who drift along, and fail… is mindset.

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How to structure the offer of a Management Buy Out
Business Succession Succession planning

How to structure the offer of a Management Buy Out

A hardworking, smart professional presented me with a scenario on an offer she had received to conclude a management buy-out. She...

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Position your business for success and maximum impact
Positioning your Business Business Growth

Position your business for success and maximum impact

Wing Chun Kung Fu, a style of martial arts, requires that you have a secure footing on the ground in all its defensive and...

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Building a business is like sailing a ship
Asset of Value Building your Business

Building a business is like sailing a ship

Analogies are very useful to simplify thinking and action. As a #businessowner, building a #business in a challenging environment...

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What’s your business worth?
Business Growth

What’s your business worth?

Firstly, this only matters for 5.4% of all #businessowners since 94.6% of all business started fail to sell. They close at...

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Creating wealth through your business
Business Growth Wealth Creation

Creating wealth through your business

Wealth describes an abundance of a desirable thing. It could be friendship, love, money, access to a foodstuff and so on....

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Developing an effective marketing strategy
Business Growth Marketing strategy

Developing an effective marketing strategy

If you can’t and don’t get potential customers to know that you exist, they don’t care and you die. They don’t care because...

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Build resilience into your business to take control of your future
Business Growth Strategic Planning

Build resilience into your business to take control of your future

We often hear about being resilient to thrive and survive in business today. Why does this matter and what does it mean?

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Escaping the project revenue trap and why you should do it
Building your Business

Escaping the project revenue trap and why you should do it

Recently, at an Asset of Value event in Johannesburg, South Africa, a room bristling with 58 business owners that collectively...

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What is your business building approach to 2019: Chose one of 3 strategies
The Money Show Business Strategy

What is your business building approach to 2019: Chose one of 3 strategies

2018 has been an exhausting year. Taking time off is important, so long as you don’t break the momentum of your business....

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How to Deal with Nightmare Partnerships, Collaborations & Joint Ventures
The Money Show

How to Deal with Nightmare Partnerships, Collaborations & Joint Ventures

Collaboration is a key element for building your business into a successful Asset of Value. But, not every joint venture...

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