Strategies to help your small business not only survive, but thrive in 2021
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?
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.
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:
Source : https://cdn.pixabay.com/photo/2020/09/17/03/19/woman-5577878_960_720.jpg
'It's a priority problem!' Nic Haralambous shares his tried-and-tested time-organising tips to increase your income in 2021.Read More
It’s heart-breaking; the results of a study by Finfind and the Department of Small Business Development.Read More
The Money Show’s Bruce Whitfield interviews Katlego Maphai, CEO at Yoco, SA’s largest independent mobile point-of-sale provider.Read More
'Ideas are currency, but execution is wealth.' Pavlo Phitidis has advice on how to monetize and also protect your idea.Read More
Time is the most precious commodity in the world. Business owners must learn to 'manufacture' time to thrive says Pavlo Phitidis.Read More
Absa’s working capital management solutions help businesses successfully manage their cashflows and working capital.Read More
Mike Abel (author of "Willing & Abel: Lessons from a decade in crisis") on how to build a business when the economy is shot.Read More
Pavlo Phitidis tells more about a strategy that he has been using for years and how to apply this in a business.Read More
Income or equity – what is the difference?Read More