Small Business Focus

How to ensure your small business survives the current situation in South Africa

What can you do to capitalise on a falling rand?

Pavlo Phitids, Aurik Business Accelerator

Start looking at what fixed costs in your business you can move to variable costs.

Pavlo Phitids, Aurik Business Accelerator

Identify your customers that are going to take strain. Can you understand what new problems they’re facing? That’s the seed of new innovation.

Pavlo Phitids, Aurik Business Accelerator

Things have changed dramatically in South Africa over the last week given the S&P ratings downgrade and resultant collapse in the rand.

Big businesses have massive reserves.

Government has taxes.

Life will be different for the poor and marginalised.

Small businesses have to respond and adapt.

Arabile Gumede (in for Bruce Whitfield on The Money Show) interviewed Aurik Business Accelerator’s Pavlo Phitidis.

Phitidis discussed attitudes, tactics and strategies to survive the downgrade.

He gave advice on defining new problems and responding with products and services that solve them.

Listen to the interview in the audio below (and/or scroll down for more quotes from it).

Prices are going to go up… fuel prices are going to go up… inflation and interest rates are going to go up…

Pavlo Phitids, Aurik Business Accelerator

You can choose to be a victim, or you can choose to be a victor!

Pavlo Phitids, Aurik Business Accelerator

It’s hard for big businesses to solve problems when they appear rapidly. Smaller businesses can chop and change very quickly. Opportunities are going to emerge…

Pavlo Phitids, Aurik Business Accelerator

Look at your product; can you add more value to it?

Pavlo Phitids, Aurik Business Accelerator

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Article brought to us by Old Mutual.

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