Tips to help your small business succeed

Business coach and SME investor Pavlo Phitidis said the success of a business was dependent on it knowing its customers, solving problems using its products or services, and constantly learning.

FILE: The webinar focused on how SMMEs could build their businesses into assets that generated wealth.  Picture: 123rf.com

Author: Tebogo Mokwena

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SMMEs must realise that it is not enough to only have good products, decent pricing and satisfactory customer services, because their competitors can often offer the same services. Business coach and SME investor Pavlo Phitidis told a recent SMME Business Forum webinar that the success of a business was dependent on it knowing its customers, solving problems using its products or services, and constantly learning.

The webinar focused on how SMMEs could build their businesses into assets that generated wealth. Phitidis said that there were several factors that ensured a business thrived. These included positioning, creating systems that worked and having a solid team that contributed to a company’s success. “If your business has a good product, your competitors will also have a good product because if they don’t, they won’t survive. If you say your price sets you apart, then your competitors can also have a good price,” he said.

“What is important is how you position your business in a competitive market, how you create a system that can make it happen, how you get the right team on board in order to grow the business and what you need to do to lock in the value of the business.” Phitidis, who is the co-founder and CEO of Aurik, a company that works with medium-sized businesses based in Southern Africa, Germany, the United Kingdom and the United States, said that enterprises should focus on two strategies.

They should either scale their businesses so they could be profitable enough to be sold or grow and dominate a sector locally or internationally. “We should be looking at the decade beginning in 2020 by saying that the first two years of that decade were tough, but in the next eight years (the business owner) will choose to build, grow and dominate the business, and how to do that,” he advised.

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