Not too long ago financial advisers were unregulated but because standards were lacking in the industry they eventually had to write financial adviser exams and be registered. Too many customers were advised on investments that were not in their best interests. In these times with the increase in the number of small businesses and entrepreneurial ventures, the number of small business advisers has grown. Continue reading “Who do you trust when it comes to small business advice?”
Do you need to change the value proposition you are offering your customers?
When I was fishing on the commercial boats years ago your personal value proposition was simple. Either you caught a lot of fish or you didn’t get invited back. What’s the use of having someone take up space on the commercial fishing boats and not catching fish to produce income for the skipper and boat owner.
In changing times like these when prospective customers are feeling the financial pinch or in serious financial trouble, it’s important to look at your “value proposition” to see whether you are offering your prospective customers the best value they can find. Continue reading “Do you need to change the value proposition you are offering your customers?”
Is direct marketing effective for the small start-up?
I’ve spent a lot of time in the traffic and at almost every four-way stop people thrust pamphlets at your side window. Are these pamphlets effective? They’ve slipped ones through the top of my window for storage facilities, vehicle repairs and maintenance, beauty products, gyms and even for retirement accommodation. Continue reading “Is direct marketing effective for the small start-up?”
One thing an entrepreneur values most
I was talking to a successful entrepreneur the other day and asked him what he valued most in entrepreneurial business leaders. His answer surprised me. All the business consultants, advisers and the coterie of small business gurus believe that they can read the mind of the entrepreneur but when you actually sit face-to-face with entrepreneurs, you know, the things they value of different to what you hear. Continue reading “One thing an entrepreneur values most”
How valuable is your small business in these changing times?
I rang up a retail owner the other day to find out if he had some specialist supplies that I wish to order. He told me that he had closed down his retail business in Benmore, Johannesburg, in the winter. This business had been trading for the past 50 years. Initially his retail arm was situated in downtown Johannesburg but about 15 years ago he moved out and relocated on the environs of Sandton. Now, it was gone for good. Continue reading “How valuable is your small business in these changing times?”
If you had to screen a new product idea, what is the one criteria you would use?
A pop-up store was set up in a shopping centre in Cresta, Johannesburg, some time back to find out if a range of UK-made clothing would work in South Africa. There were other pop-up stores in major centres such as Cape Town and Durban. I’ve never heard a word about the results of the pop-up store success or otherwise since. But demand must have been lower than expected because the store was never established in Johannesburg. Continue reading “If you had to screen a new product idea, what is the one criteria you would use?”
A lesson about risk from a successful entrepreneur
The other day I was talking to a successful entrepreneur that I’ve known for some time and I asked him what was the biggest lesson he had learnt as a business person. He immediately came out with this answer: don’t take too much risk. About two years ago before he started the business that he is presently running, he imported a container load of product. Everything was working out well until the local currency dropped overnight. He had not taken any forward cover and his loss was astronomical. Continue reading “A lesson about risk from a successful entrepreneur”
Picking the eyes out of a failed business
One publisher was so fed up with the collapse last year of the Post Office services that he has vowed never to use them again. For his subscribers he set up a door-to-door delivery service and deliveries via POSTNET.
The complete breakdown of the postal service showed how quickly a going concern can die because of poor management. It’s ironic that the executive managers were patting themselves on their backs over and over about how “sustainable” the business was when they completely lacked a plan to deal with changing circumstances. Continue reading “Picking the eyes out of a failed business”
Information is a commodity, specialised knowledge is valuable
One of the small businesses I was trying to get up and running some years back gave me a lot of headaches. A big challenge was getting the distribution right. Without distribution channels, the business could not get off the ground. Another issue was trying to attract a specialised staff person but with the small business not having any track record.
These are the kind of issues that the person who is starting something from scratch often confronts. Other issues could involve product prototyping and estimating market demand. These are not easy to issues to solve especially when you are a small business person operating on a shoestring budget with your resources only being yourself and meagre savings. Continue reading “Information is a commodity, specialised knowledge is valuable”
What are the criteria for an under-the-radar business? Does it matter to you?
I have come across quite a few under-the-radar businesses. You might ask, what are under-the-radar businesses? First up, it’s got nothing, absolutely nothing, to the legality of operation. An under-the-radar business is completely legitimate, complies absolutely with the rule of law and pays its taxes. So that’s it – it’s a completely, absolutely legitimate business. There is absolutely nothing, but nothing, untoward about an under-the-radar business.
Now let’s get into it. But I don’t want to go into examples because I don’t want to break under-the-radar businesses cover. The first thing about an under-the-radar business is that it is out of the prying eyes of competition. It’s not like a main street, retail business looking for foot traffic and word-of-mouth. So yes, it is a business that does not require a heavy cost in marketing and promotion. It’s usually a business that has built itself up with a number of key customers that rely on its products and services. Continue reading “What are the criteria for an under-the-radar business? Does it matter to you?”
