Running a small or start-up business in South Africa places a lot of demands on business owners. They are expected to master a multitude of roles, from sales manager to finance manager and even HR manager.
Luncedo Mtwentwe AGA(SA), host of the SAICA Biz Impact podcast. Image provided
Ask any of the country’s estimated 2.7 million SMEs how they are doing and most will tell you they face obstacles on a daily basis.
For many of these companies, competing for customers at a time when customers are struggling to come up with cash, simply staying afloat is a challenge.
The sluggish economy simply isn’t creating enough jobs and is putting pressure on household budgets across the country.
Of course, there is the possibility that renewed vitality will be injected into the economy after the elections in May 2024.
However, the harsh reality for business owners is that they are solely responsible for the sustained growth and success of their business.
And in my experience, the investment that offers the best returns is sharpening your business skills to become a successful entrepreneur.
The good news is that you don’t necessarily need to enroll in business school to learn the critical skills that will help your business grow.
That is not the only way, as my suggestion below will demonstrate:
- Build a peer group
Running a small business can be a lonely endeavor, but it doesn’t have to be.
One of the best ways to increase your confidence, learn new strategies and tactics, and expand your network is to spend time with like-minded business owners.
When you connect with other entrepreneurs, your conversations and interactions feed off of each other, creating new energy and ideas that might not have happened otherwise.
Like-minded people who trade in the same market as you will have practical knowledge about which strategies work and which don’t. That kind of insider knowledge is invaluable.
So, my advice is to create or find a group of fellow entrepreneurs. Whether formal or informal, these groups create a platform to share challenges, exchange ideas and offer mutual support.
While nothing beats meeting in person, you can reach a much wider group through online platforms like LinkedIn, which make it easy to connect with people with similar interests.
- Find a mentor
Mentoring is a powerful tool for professional growth that, in my opinion, does not receive the attention it deserves.
Experienced mentors are often a valuable source of information and inspiration as they share their experiences, offer guidance and industry contacts. You may find a suitable mentor if you have created or joined a peer group, or if a member of the group introduces you to one.
If you don’t have a peer group to draw on, I suggest joining professional or industry associations that will give you access to the expertise you need.
A final tactic might be to approach a larger industry player that has a business and supplier development program that you can join for expert assistance.
Taking advantage of the knowledge of an experienced mentor could help you avoid obstacles that he or she has already overcome, making your path to success a little easier.
- Online Resources
There is no shortage of online courses and materials to help develop specific business skills. Some courses offer free learning, while others allow you to learn for free, but you must pay to get certified.
Not all learning has to be formal. Take for example the SAICA Biz Impact Podcast, a free tool that offers SMEs and entrepreneurs practical advice and insights from industry experts.
In fact, podcasts are now one of the preferred platforms for obtaining business advice. Research shows that the number of professionals turning to podcasts for information and inspiration is on the rise – 43% of decision-makers say they turn to podcasts for business-related content.
In comparison, this puts podcasts on the same level as webinars, social media, and newsletters as a credible source of business content, as well as an easily accessible tool for tips and advice.
- Attend conferences and workshops
The final tip for developing your entrepreneurial skills is to attend conferences and workshops to learn from industry experts and network with other entrepreneurs.
These events can be very informative, but also a great way to meet potential clients and make new contacts. They can be time-consuming if you’re not in the office for a day or two, but the exposure and networking opportunities can make that time investment worthwhile.
Whatever route you choose, it’s important to have the right mindset to continually invest in your skills so your business can grow. It also helps to view this as a journey of learning and discovery that you need to take step by step.
Mastering the skills needed to run and grow your business is a lifelong pursuit. I encourage you to make the most of it by committing to continually developing your skills. The rewards are worth it!
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