4 Key Lessons to Learn This Entrepreneurship Month

Not only does November mark the penultimate month of 2020, but it also marks National Entrepreneurship Month. Business owners of all sizes and niches have had a rough ride this year so we encourage you to take a moment to reflect on the many challenges we’re sure you’ve conquered! We were inspired by this Forbes article about four key lessons to take away this month.

Sadly, the third quarter of this year saw a 27.4% increase in business liquidations due to the pandemic. However, South Africans are known to fight and innovate, finding new and creative ways to make an income. Despite the economic battles fought this year, the entrepreneurial spirit is more alive than ever in South Africa. If you’re a new or experienced business owner, these lessons may come in handy.

Ensure Your Customers Come Before Anything Else

Without your customers, what are you? You need them to bring in repeat business and for them to spread the word of their experiences with you in order to attract a wider circle of prospective buyers. With the pandemic came the massive migration of business to the online space thanks to social distancing regulations. This means face-to-face dealings with your customers basically became non-existent.

Even though you may be missing the more personal interactions with your customers, it’s important to not let distance become a blockade between your business and fantastic customer service. If anything, you have to work even harder to strengthen your relationships with your customers and attract new ones – make your online messaging and communications as personal and efficient as possible. And ask the important questions about their experiences with your products or services, and adapt constantly to ensure you are targeting the right people.

Clean Up Your Books

We wrote an article recently about the importance of automation in your business so that you don’t get left behind. Your books fall into this, especially since you’ve probably had to do a lot of re-shuffling with tightened budgets or cuts in certain aspects of your business.

As businesses worldwide respond to a disruptive economic rebound, it’s critical that you crunch some numbers. Use economic projections to plan your books and predict what your business will need in order to stay profitable in the new year. Spend enough time thoroughly analyzing your numbers to gauge how you can stretch your budget for as long as possible until things start looking a bit more stable.

Keep Track of Employee Morale

Your employees are the heart and soul of your business. Because of this, it’s vital they feel appreciated and supported. By taking care of them and providing them with opportunities to grow and learn, in the form of mentorship programs or something similar, you retain high-performing, passionate staff members who share your goals and visions for the success of your business. Mentorship programs encourage a stimulated and motivated team of employees, which will only contribute further to the long-term growth of your business.

Emphasize a Forward-Thinking Approach

Don’t wait for the 1st of January to write down your business resolutions. If you didn’t start brainstorming how to create an even better version of your business, like, yesterday, you’re already behind. Jot down your plans and ideas now and implement them as soon as possible in the new year. There is still a huge amount of uncertainty looming over 2021, so it’s important you are armed and prepared regardless of what it brings. Decide what your goals are and endeavour to crush them come January.

That being said, North Point Ballito is a growing community of forward-thinking business people who have probably already got their budgets lined up for next year, planned outlines of upcoming projects, and have made the necessary investments needed to achieve these things. If you’re one of the many businesses that have made the switch to digital, consider a space to hold stock or streamline your processes. Whatever your needs, North Point Ballito can accommodate you.