Small business owners are innovative, hardworking and brave. They launch businesses and despite the odds, many of them succeed. However, a rather scary percentage fail. After almost twenty years of looking after small business accounts, we have identified five mistakes common to most small business owners...
Acknowledging the need for help is one thing but knowing what kind you need or where to find it is another. Do you hire a PA? Do you employ a bookkeeper? Do you employ a sales person? Or do you outsource to an agency or an accounting firm? First and foremost, though, comes the question: Can I afford it?
As much as the ownership and management of a South African business comes with great reward, it also comes with a long list of duties and responsibilities. Too many business owners are unaware of these responsibilities.
Managing your cash flow and forecasting not only helps you stay on top of things and stay in business, but it is also a vital part of business strategy. It should be your number one priority as a business owner.
We live in a technological age and everyone has embraced the cloud - right?
The role of an entrepreneur involves wearing many, many hats. Especially in the early days of launching a business there often just isn’t enough cash for you to hire help. You have to be the manager, accountant, salesman and HR department all in one.
Have you written a business plan? A marketing plan? Done a SWOT analysis? Have you put your vision and mission into words and pondered your strengths and weaknesses?
Picture this: You drain the last of the coffee in your mug and sit back with a satisfied sigh – you have just completed a gruelling project that required long nights and a lack of sleep. Just as you are about to send the work to your client, the power goes off. You are frustrated, but not panicked, you can go get some much needed shut eye and send the work in the morning. Unfortunately, when the power comes back on during the night, it causes an unexpected power surge which just happens to blow the socket your laptop is plugged into. Come morning, you find yourself staring at a fried hard-drive with a sense of complete despair. Your work is gone and you will have to start from scratch.
