Johannesburg - As the year winds down for small business to achieve new levels of success it is important for them to be proactive and start now to implement 2020 strategies and start the new year on the front foot.
This was the advice of Lynette Ntuli, founding director and chief executive of Innate Investment Solutions.
She was speaking at Connecting YOU by Intuit QuickBooks, an event for decision makers, entrepreneurs, business owners and potential business owners at Hyde Park, Sandton.
The event was designed to help put local small businesses on the map by offering educational, captivating and interactive talks from high profile speakers, industry leaders and tech partners - Google and Bridgement.
A ccording to the National Development Plan, small and medium enterprises would generate 90% of the 11 million new jobs aimed for by 2030.
Ntuli said that small business owners did not have control over the macroeconomic challenges in South Africa but there were strategies that could be implemented to set companies up for success.
“With this in mind, small business owners should take note that developing and implementing their strategies for 2020 sooner than later will give them a competitive edge. They should consider starting now instead of waiting until January,” said Ntuli.
So, how do small businesses play their part despite all the challenges they face?
Kayur Desai, Head of Sales and Marketing for Emerging Markets at Intuit
Kayur Desai, Head of Sales and Marketing for Emerging Markets at Intuit said: “It starts with implementing effective strategies to set their companies up for success”.
Desai said that Intuit recently sat down with 15 small business owners. “Two themes that came across were that entrepreneurs are in need of support from the government, and that entrepreneurs have a strong spirit despite all the challenges they face.
“There are a lot of headwinds, but there’s grittiness, a passion, where entrepreneurs know that even though they are in the trenches, they are confident they are going to grow their businesses not only to be more profitable, but to create more jobs, to lower the unemployment rate and improve the economy,” Desai said at the event.
Desai offered four tips for entrepreneurs to help them build effective strategies. These are:
1. Find the most important unsolved problem for the customer and focus on this.
2. Spend time observing customers, be on their premises, and see what they do and how they use your product or service.
3. Once you know your customer’s problem, find a solution.
4. Work towards an ideal state for the customer. Once your customers are happy, it will promote word-of-mouth marketing for your business.
Ntuli concluded by saying that to assist in implementing an effective internal strategy, for business owners should have a clear strategy in place which will move small business owners from chasing the economy to becoming efficient centers of influence, insight and impact.
"So, entrepreneurs, start planning your strategies now if you want to start the year on the right foot. If you start in January, you will be two months behind,” she said.