Ten steps to grow a business in uncertain times

Growing businesses in South Africa can seize opportunities to help them to expand, even during the difficult times caused by the global pandemic.
Some of the most successful emerging entrepreneurs in the country recently attended an online webinar hosted by the Eskom Development Foundation.
The workshop featured experts in the fields of marketing, technology and financial management.
In turn, they shared their own experiences on how to manage and expand enterprises in fields ranging from agri-processing to construction and maintenance services.
The participants were all finalists in the annual Business Investment Competition, organised by the Eskom Development Foundation, which is designed to capacitate growing businesses and assist them to become self-sustainable.
The experts highlighted 10 steps for businesses to survive and thrive in a challenging economic climate.
Plan for difficult periods during the good times.
Develop a financial crisis management strategy and think about how your business would react to unforeseen events such as a pandemic.

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“Plan for how you would bounce back from adversity,” said Nicolette Mashile, social entrepreneur and financial advisor.
Use all available opportunities to evaluate your core business model
Continue to ask why does my business exist? Who are my customers? What are their needs and requirements? “Be at your most aware when things are going well,” said Pavlo Phitides, entrepreneur and business strategist.
Understand the nature of your business
Recognise your core strengths and capabilities, and define your long-term objectives.
“Know when to say ‘no’ to opportunities that might distract you from your goals,” said Papama Mtwisha, designer and fashion director.
Go back to the roots of your business and remember the reasons why you started it in the first place
Rethink your strategies and simplify what you do.
“Don’t become everything to everyone, which means you become nothing to anybody,” said Pavlo Phitides.
Protect the reputation of your business at all costs through the quality of the product you deliver to clients, despite the limitations that might arise
“A reputational loss will, inevitably, lead to a financial loss,” said Nicolette Mashile.
The quality of your service determines the success of your business
“The best way to grow your business is through word-of-mouth marketing from satisfied customers to whom you have delivered value, again and again,” said Pavlo Phitides.
Embrace the benefits brought by technology
Access and use the tools that are often freely available, and explore the opportunities that these bring, especially in new and untapped markets.

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“Technology has democratised the landscape.
“There are no longer any restrictions and no physical boundaries,” said Gugu Mfuphi, broadcaster, journalist and analyst.
Do not underestimate the value of networking and collaborations
Interact on personal levels and continue to communicate with clients and suppliers.
“Remember that people do business with people,” added Vere Shaba, engineer and entrepreneur.
Continue to invest in your employees
They are your biggest assets.
Create incentive structures for employees and enable them to share your vision through effective communication.
“If you treat people like employees, they will behave like employees,” said Nicolette Mashile.
Success in business is not a linear process
Business does not always grow in a straight upward line.
There will be good times as well as challenging periods.
However, “If we can survive this, we can survive anything,” said Toby Shapshak, journalist and technology innovator.

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