The Money Show

Fire your customer

There comes a point in every growing business that you reshape, restructure and reposition your business!

Bruce and Pavlo chatted last night about if there is ever a time when you need to fire a client. Listen to the full show here.

Foresight and action can turn the potential sales you book in 2018 a certainty in 2019

You’re winding down towards the end of 2018, and preparing to lock and load the early sales for 2019. If you’re not in this space, your first sales will only flow into your business towards the middle of next year. That could be a death knell for your business. Get selling, don’t stop, and keep your business momentum moving. But, even as you prepare for success, you need to prepare for disappointment in 2019. Many of those early sales you’re gearing up for...won’t happen. OnThe Money Show with Bruce Whitfield, Pavlo Phitidis discusses how you can prepare for disappointment, and mitigate the effects of your early 2019 failed sales:

Growing Revenues through Indirect Sales Channels

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:

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.

How to break a bad deal and not break your business

Britain broke market access with BREXIT, and Trump broke the Iran deal with just a tweet, but neither seemed to consider much of what comes next! How do you break a bad deal, without breaking your business? On The Money Show with Bruce Whitfield, Pavlo Phitidis outlined an exit plan for business owners, to use when a good deal goes bad:

How to build (when everyone is scaling back)

I seldom go to shopping centres but was at one of the bigger Joburg centres last weekend. It was heaving – filled with consumers dressed to the nines but they were all empty handed. They are not spending!

How to Build your Business & Capitalise on a Seemingly Negative Business Environment

The reality of a recession is sinking in, and it seems the echo chamber of negativity is overwhelming. South Africa’s business confidence ranking has fallen dramatically over the past 6 months. The Purchasing Managers Index (PMI) has also fallen, from 51.5 to 43.5, and the ease of doing business ratio fell from 74 to 82 over the last year. And yet, within this seemingly negative business environment, businesses within the SMME realm are growing. Through our work at Aurik, we’re witnessing consistent growth within businesses that have annual revenues of between R15million to R150million per year. On The Money Show with Bruce Whitfield, Ray White and Pavlo Phitidis outlined how to build your business, and reshape it, during a recession:

How to build your business through delegation

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 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 works out the way your business needs it to. Spotting, and dealing with, nightmare partnerships before they ruin your business is vital. When you find a partnership that works well, hang on to it tightly.  On The Money Show with Bruce Whitfield, Pavlo Phitidis outlined what could go wrong in your joint venture, and what to watch out for:

How to determine what your business is worth?

Last night Pavlo spoke about valuing your business. He'd attended an event with 250 entrepreneurs and when he asked who was building a business that will be sold, only five people put their hands up. Remember that 94.6% of businesses started, don't get sold.

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:

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

How to Protect Your Margins & Grow Your Business in a Cost Inflationary Environment

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:

How to set your pricing

So how do you know when the price of your product is right? Pavlo spoke about what you need to consider when pricing your product and provides a number of strategies that may be appropriate. Listen to the full show here.

How to start a business (or your career) from nothing

My recent meetings with people across the country have revealed that we have so much human potential, and yet such low morale. Fatigued by empty promises from government and business, people – especially the poor – are exhausted by their efforts to make ends meet. The toughest question posed to me was: “How can I start a business, or a career, if I come from nothing, and have nothing?” This week, onThe Money Show with Bruce Whitfield, I set out to answer that question, by adopting an entrepreneurial approach.

How to write the right kind of business plan

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:

Identifying and Preventing Burnout when You’re a Business Owner

Burnout creeps up on you like the Dementors of Harry Potter fame. You may not see it at first, but it slowly takes over and, when it hits, it can devastate your body, mind, life, and business. Burnout can destroy even the strongest businesses and the best business owners. On this week’s The Money Show with Bruce Whitfield, Pavlo Phitidis discusses ways you can identify, prevent, and manage burnout as a business owner: