When you think about entrepreneurship in South Africa, many would think of flashy cars, a four-hour workweek, or time freedom. While some of these may be true, business owners who have built businesses with over R1 million in turnover will know that much of this is not true. Here are 5 tips to take your business from R1 million to the next level:
Always keep learning.
Reaching the million mark is a great accomplishment, but now you need to aim even higher. While some of your strategies and methods may have worked up until now, they may not work anymore or may not be the best option. It is vital for you as the entrepreneur to keep growing. Whether you have 5 or 50 employees, you are the leader and need to steer the ship. You, therefore, need to know how best to steer and keep upskilling.
Invest in your Expansion
While it may be tempting to head for the car dealership after your first 12 months of good sales, many recommend reinvesting in your business to take it to the next level. By purchasing more equipment or investing in a new marketing plan; you could take your business forward. Invest in yourself and in the expansion of your business.
Success Over Instant Profits
Distinguish yourself from the competition by building a company that has a positive impact on the environment and helps the community’s well-being. Businesses that are socially responsible and environmentally sustainable outperform their competitors. According to a 2014 study of 500 companies, firms that implement sustainability programs have an 18 percent higher return on investment than those that do not. And as the new generation of consumers begin to emerge, both local and international trends are showing that shoppers are much more eco conscious. Identify and implement eco-friendly practices and reap the rewards of tomorrow.
Plan Your Funding Strategy
Fundraising need a strategy, which necessitates careful consideration and preparation. All expansion needs funding, so understanding business funding is crucial. Learn how business loans work, the difference between secured and unsecured loans, and where to find business loans in South Africa.
Budget
When you spend too much, are unable to collect from debtors, or are not profitable, you will have cash-flow challenges. No matter the size of your business, these are critical issues that can quickly cripple you. Be meticulous in your budgeting and planning practices to ensure you know what is going on.
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