Advice from the experts on how to future-proof your business

Hirsch’s Home Store executive director Margaret Hirsch and Action Coach’s Marlene Powell have a mission in their weekly entrepreneurs’ workshops.

This week Robyn Hey from RH Attorneys and Mark Sham from Suits and Sneakers spoke on ways to focus on how to ‘future proof’ small businesses.

Hey, a successful lawyer who runs her own practice, spoke about the legalities with regards to small business protection and the steps that should be taken before considering liquidation, “Liquidation should be your last resort,” she said.

Hirsch said she had seen many companies that just needed a good marketing strategy, close down because they gave up.

“You need to plan correctly. Bring in a business coach and formulate a proper business plan – this will take your business to the next level,” Hirsch added.

“I get so many business owners coming to me for advice as they are considering closing their business and liquidating. My advice is DON’T DO IT. There are many ways to save your business, you just have to be creative and think of new ways to reinvent yourself.”

Margaret said it was important to make sure the public can trust you and that you are the face of your company.

“People will buy from people they trust and like.” Entrepreneur, writer and speaker Mark Sham from Suits and Sneakers gave advice on how to prepare your business for the future and where to start.

“People will complain about working for a boss but when you ask them what they want to do, they never know. It is important to firstly know what you are passionate about and structure a business around that and how you can make money from it while providing value to the outside world. If you get this balance right you will be happy and make money. This is true with all successful companies,” said Mark.

Powell highlighted a few points that business owners are getting wrong, “A lot of business owners are trying to do too much on their own. Take a step back and ask yourself – why am I in business? Is it to create a better quality of life for you and your family? To have more time off? Then hire staff that are trained and are passionate enough to run some of the aspects for you,” she said.

The most successful entrepreneurs were those who have gained previous skills and experience from working for someone else.

“It just helps you with how to actually run your business as you have an example of how a business runs,” she said.