How to get your new business going?
JOBURG – Andile Hote advises that entrepreneurs must keep up with the market.
A solid plan and knowing absolutely where you going are the most fundamental aspects required to build a business.
This is according to the head of new business Andile Hote from Mercantile Bank who recently shared insights with Business Tech.
Here are the five tips to get your business going:
Manage your cash flow from day one
Good cash flow control is crucial from the first day of trade in the business and is one of the factors which could limit the growth if not managed effectively. As new business strives for new work and order it is also easy to fall into the trap of overtrading.
This can place a strain on the working capital a business has available and can be awfully hard to recover.
Get the right people
Add the right people to your team who will help you drive force behind creating and growing your new business. As your business grows you will need to delegate the responsibility or particular areas of specialists.
This could be from hiring an accountant to help manage your finances or a shop assistant to help customers. Find the right mentor or adviser to share your share your challenges and ideas with.
Keep up with your market
Conduct a continuous research in order to keep up as business conditions change over time. It is easier to make decisions based on out-of-date information if you don’t conduct research continuously. Without a market, a new business will find itself stuck in the starting blocks.
Put the right systems in place
The right infrastructure and systems can be a key contributor to efficiency and an investment in this will pay off in both short and long term plan. More effective operations will allow you to benefit from your business.
Be ready for growth
You need to be ready to welcome change as it grows. Satisfaction can be a major threat to a growing business. Must revisit and update your business plan regularly and it will help you to remain aware of the changing market conditions.
An entrepreneur need to be fully committed to his/her strategies even if it takes them out of comfort zone. This may involve making hard decisions. But if you are not prepared to make them, you may risk putting your business at a dangerous competitive disadvantage.
Source: businesstech.co.za
