Your business is your economy

When I looked at the typical “hassle map” of a business owner, it dawned on me that we tend to focus on the things that we cannot control or have little control over.

Here is a list of things we do have control over:

  • My attitude: Do I see the proverbial glass as half full or half empty? This is a purposeful choice I can make.
  • To keep my promises: delivering on my value proposition.
  • My business expenses: Do I have a 12-18 month cash flow forecast which will highlight times of sales abundance or shortfall?
  • Contracting with my suppliers (credit terms) and clients (payment terms if credit is granted).
  • Do I actively manage my creditworthiness and that of my business? A sterling credit record comes into play when the going gets tough, as will happen from time to time.
  • I appoint people to fulfil a specific role in my business. Are their responsibilities clearly defined and contracted? People sometimes do what you ask them to do – but they mostly do what you pay them to do.
  • Marketing of my business: I can decide which marketing mix works best for my business and how much I want to spend on promoting my business and product/service offer.
  • The sales process is 100% under my control. I can decide to whom I want to sell something and how much I am willing to spend on my sales capacity. I can calculate how many sales I need per year, month and day to meet my sales objectives.
  • Asking for referrals from satisfied clients.
  • Service delivery (pre- and post-sales) and meeting of client expectations.
  • My own and my staff’s professional conduct.

Here are a couple of things we have limited or no control over:

  • Government policies, legislation and requirements: It is best to comply with these.
  • Tax: Pay what is due and continue with your life!
  • Exchange rates: Take note and adjust your finances, costing and pricing as required.
  • Competitors: Keep close tabs on your competitors’s activities (use their website, advertising, PR and mystery shopping as sources of information).
  • Interest rate: Ensure the best possible credit rating for negotiating leverage with financiers.

In the end we should all “mind our business”, single-mindedly focus on our business targets and apply daily deliberate actions that will deliver results.

To support business owners with the important task of business planning, Sanlam gives you free access to the book Your Annual Business Game Plan for Success, which provides an easy and straightforward framework needed to draft a well-crafted game plan that will create the positive change and growth necessary for business success. Go to to download your free copy

Entering awards best promotional tool available to SA’s entrepreneurs

Entrepreneurs in South Africa often struggle to generate a credible reputation in a turbulent sea of competition, which often consists of large market players. Local entrepreneurs are also generally financially limited and unable to utilise traditional promotional tactics and national-scale advertising campaigns.

Through entering competitions and awards, entrepreneurs are often able to overcome these challenges as these platforms are not only cost-effective, but if successful, can have a significant effect on the brand reputation and bottom line of a new company.

This is according to Nimo Naidoo of the Sanlam/Business Partners Entrepreneur of the Year® awards, who believes that South African entrepreneurs need to utilise every available business resource and opportunity that presents itself.

“In our country’s rapidly growing and highly competitive SME market, entrepreneurs are already facing a wide variety of challenges, while having to compete with the big market players of their respective industries. Entrepreneurs also face financial restrictions in attempting to promote their business and diversify themselves in a usually over-crowded market space,” says Naidoo.

“The benefits gained, as a finalist in the Sanlam/Business Partners Entrepreneur of The Year ® competition, have been absolutely invaluable,” says Elian Wiener, the founder and MD of national strategic communications and PR agency, Epic Communications, and winner of the Emerging Entrepreneur of the Year 2011 and Innovator of the Year 2011 titles last year.

“My participation in the competition has been instrumental in fuelling new business growth for Epic Communications. As a direct result of the contacts made and the exposure gained from the competition, we have secured new business worth more than R1 million per year in revenue.”

These sentiments are echoed by Marc Sternberg, MD of independent ATM deployer Spark ATM Systems, who says he has recorded improved business performance since winning the 2011 Overall Entrepreneur of the Year® award. “The acknowledgement that winning the award gave us has undoubtedly allowed us to accelerate our continued growth path through various new and exciting business opportunities. Our growth rate has actually accelerated this year to over 60% year-on-year in our core areas of ATM deployment and transaction fee income.”

Naidoo firmly believes that industry awards, such as the Sanlam / Business Partners Entrepreneur of the Year® awards, are one of the easiest and most inexpensive ways for entrepreneurs to stand out from their competitors. “Entering competitions also allows entrepreneurs the opportunity to earn a credible corporate reputation or image, which can potentially be magnified by mass media exposure.

“Intangible assets, such as an excellent corporate reputation, can be used as a valuable promotional tool by entrepreneurs and, since it cannot be replicated by competitors, provides them with a sustainable competitive advantage over their competitors, which then translates into superior financial returns in the long run.”

The Sanlam / Business Partners Entrepreneur of the Year® competition is widely considered to be the pre-eminent competition of its kind in South Africa and has served as a springboard for past finalists and winners. Besides the chance to win prizes worth a total value of R1 345 000, which includes cash prizes of R200 000, finalists and winners are able to expand their networks and receive invaluable exposure for their businesses.

“The staggering rise in unemployment levels and a tightening squeeze in the formal employment market has resulted in job seekers and government turning their attention towards creating jobs in the SME and entrepreneurial sector of the economy.

“Government’s 2030 objectives state that 90% of all jobs created should be in the SME space and any platform established to recognise leading entrepreneurs, as well as educate prospective entrants to this sector are crucial in helping to reach this goal,” concludes Naidoo.