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Small Business Focus

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

5 November 2020 7:39 PM

Time is the most precious commodity in the world. Business owners must learn to 'manufacture' time to thrive says Pavlo Phitidis.

When Pavlo Phitidis asked a business presentation audience about the one thing they wanted most of all, it was not something in the line of a bigger turnover, but more time.

Time for what?

"Time to think, to do things the way I want to, instead of being pulled in a hundred directions" was the answer.

© marcinmaslowski/123rf.com

Bruce Whitfield interviews the small business guru on The Money Show.

Time is without a doubt the most precious commodity in the world! Once it's spent you can never get it back.

Pavlo Phitidis, Founder - Aurik Business Accelerator

What if there was a formula to manufacture more time in a business?

Phitidis cites the example of Koos Bekker who took time off (or time out) from Naspers... and came back with Tencent (which it still has a share in).

Phitidis discusses the consequences when a business owner has no time.

The first is that you cannot think and take a step back, plan... if you don't get that right, you stay where you are...

Pavlo Phitidis, Founder - Aurik Business Accelerator

I sometimes sit with business owners that are 30 years into the game and their everyday life is still the same as five years before that... 15 years before that...

Pavlo Phitidis, Founder - Aurik Business Accelerator

The other big challenges with not having time include an inevitable burnout and the erosion of the ability to lead effectively.

And that turns the passion for a business into simply a slog.

If you get wrapped up in all the day to day operational activities involved in marketing, in sales, in operations, in people management, administration, money management, eventually over time you get burnt out.

Pavlo Phitidis, Founder - Aurik Business Accelerator

When you get tired you get expedient... It's not just about the impact on family, friends... Within the business itself it seeds a cancer that erodes that business.

Pavlo Phitidis, Founder - Aurik Business Accelerator

Dealing with people (customers, suppliers, employees) is the biggest time stealer, particularly when it comes to the five main cogs of business: marketing, sales, operations, procurement and administration.

The answer is to simplify the business, says Phitidis.

RELATED: What small businesses can do to survive coronavirus

One of the results of the Covid pandemic is that companies panicked and said yes to everything.

He points out that serving a very diverse group of requirements creates complexity and leads to mistakes.

The businesses that are growing fastest today are those that turned around and said 'The crisis has come. What the crisis will do is open up market opportunities because it changes the status quo of how all customers and clients have behaved in the pre-Covid environment'.

Pavlo Phitidis, Founder - Aurik Business Accelerator

'Within that we're going to learn to dominate and narrow a group of clients who we can deeply understand... and ensure that all our interactions... are simplified.'

Pavlo Phitidis, Founder - Aurik Business Accelerator

Listen to the in-depth discussion on The Money Show:




5 November 2020 7:39 PM

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