Businesses, including small businesses, make mistakes all the time. Some of these mistakes are petty and the person who makes them in the small business apologises, feels bad and the business owner moves on. Other mistakes are more serious and can lead to disastrous consequences, even closure. Just think about it for a moment, if your cash flow dries up, especially in this economy, and you can’t get funds to resuscitate your business, the mistake you made in managing your cash will have the potential to put you out of business. Continue reading “Do you celebrate mistakes in your small business or whip yourself because of them?”
After running her Thai restaurant in Johannesburg for the past seven years, a Filipino restaurant co-owner has decided to close down the restaurant. The main reason, and we are seeing it a lot these days, is that at the end of her lease the landlord has informed that it will increase.
But there is another reason. After working seven years in a partnership owned Thai restaurant and another seven years in a restaurant with her husband, the co-owner says she has seen time fly by. Her daughter is already in Grade 8 and she has lost many years not spending enough time with her. Continue reading “A small business owner reveals her survival strategy in this economy”
When we admire successful small businesses we often think about the innovation or new idea that led to the business being started. But what really lies behind the success?
Consider how well some small businesses are doing that began with basic ideas. There is Midas, the car accessories and spare parts business with branches now all over South Africa. Cash Converters, founded in Australia 34 years ago, has 62 outlets in South Africa and plans to open more. The Sandwich Baron has tasted success in the country begun on an idea that almost anyone could have come up with.