As owners of small or medium businesses, entrepreneurs have had to adapt and change things up to survive or even thrive in times of the Covid-19 pandemic and rising fuel prices.
Being able to adapt will allow entrepreneurs to grow their businesses regardless of the business environment.
Jenine Zachar, head of Enterprise and Direct Banking Propositions at Standard Bank SA, said: “There are certain measures for growth which business can put in place now to set them up for success in the future.”
Here’s a look at how entrepreneurs can grow their business:
Embrace the move to digital
Entrepreneurs are grabbing the opportunity of digitising by creating a digital presence for their business. After the Covid-19 pandemic, more consumers have been making online purchases, businesses can use a digital platform to sell products as well as draw in more customers.
As businesses move online and become more sophisticated digitally so do the criminals who target them. Don’t allow cybercrime to halt the growth of your business instead be cyberwise. Take measures such as using cybersecurity software and looking out for signs of cybercrime. If you think you are being scammed, contact your bank immediately.
Put a continuity plan in place
Businesses need to take advantage of short-term opportunities while still planning to transition over the long term. Having a business continuity plan in place will allow entrepreneurs to take those opportunities to grow your business.
Get a mentor
Entrepreneurs getting advice or guidance from a person outside of their business can be important in a time of crisis. Having a mentor offers entrepreneurs an independent sounding board and can guide new businesses with advice from their own experiences.
As an entrepreneur your focus should be on the client. Solving problems and creating solutions for clients should be one of the elements that form the basis of your business model.
Learn new things
Entrepreneurs need to do their research to keep up with any new industry trends, changes in customer behaviour and legislative changes.
Protect what you have
Business insurance is a way that entrepreneurs can guard against disruption, damages, losses or liability. It is important that entrepreneurs look into all of their business insurance options and select the option that best suits their business.
Build new relationships
Networking and relationship-building is an important business skill that all entrepreneurs need to have. Through this business skill, entrepreneurs can create new partnerships and create extra avenues of income for their business.
Entrepreneurs need to be flexible to embrace new opportunities such as partnering with another business and take on new challenges like Covid-19 in order to make the best decisions for their business.