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Strategies to help your small business not only survive, but thrive in 2021

21 January 2021 8:54 PM
Tags:
Entrepreneurship
The Money Show
Department of Small Business Development
Bruce Whitfield
Pavlo Phitidis
small business
Aurik Business Accelerator
Lockdown
COVID-19
business strategies
Covid economy

Entrepreneur Pavlo Phitidis has tips for business owners looking for a plan of action to tackle current uncertainty.

Lockdown 2020 cut a deadly swathe through small businesses of all types.

How can those that managed to survive ensure that they will thrive going forward in the Covid economy?

RELATED: Lockdown destroyed 42.7% of small business in South Africa – study

Entrepreneur Pavlo Phitidis (founder of Aurik Business Accelerator) discusses the importance of action plans on The Money Show.

For a true entrepreneur, problems are simply puzzles to be solved declares Phitidis.

RELATED: 'The businesses growing fastest during the pandemic are those that simplified'

He recaps the five biggest challenges faced by business owners during the varying stages of lockdown in 2020:

- access to funding

- finding new clients

- managing costs

- motivating staff

- uncertainty in the market

Many business owners are look for a plan of action/strategy to tackle widespread uncertainty.

Keep in mind that this general anxiety is universal at the moment, he says.

If you can get into a path of action there are some big benefits you can enjoy.

Pavlo Phitidis, Founder - Aurik Business Accelerator

What lies ahead is an extended period of uncertainty and bumpiness around Covid.

Pavlo Phitidis, Founder - Aurik Business Accelerator

Listen to the interview at the end to get Phitidis' detailed advice on the strategies to follow.

Here are the main points:

- manage your time (Now's the time to understand the difference between spending time and investing time.)

- lead from the front (If you don't lead, who will your team look to?)

- when you act it empowers you (Over time, it's similar to compound interest.)

- understand the principle of energy agility (Orientate your team around a mindset.)

Hope is not a strategy, but a good business owner will prepare for the worst and expect the best.

Pavlo Phitidis, Founder - Aurik Business Accelerator

If you don't care about your business, nobody else will cautions Phitidis.

Listen to the discussion in detail:


This article first appeared on 702 : Strategies to help your small business not only survive, but thrive in 2021




21 January 2021 8:54 PM
Tags:
Entrepreneurship
The Money Show
Department of Small Business Development
Bruce Whitfield
Pavlo Phitidis
small business
Aurik Business Accelerator
Lockdown
COVID-19
business strategies
Covid economy

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