Household indebtedness in South Africa is currently at crisis levels. At least three-quarters of South African households admit to being under significant financial pressure. Only 23% of South Africans have any money left at the end of the month – with the other 77% left flat broke at the end of the month, with no hope of saving any money. Read More
Money struggles can have a negative effect on more than just a person’s job performance level. Someone who is concerned over their financial situation is more likely to take out a loan or even a hardship withdrawal against their retirement savings. This seriously hurts their ability to save long term and adds to the stress they feel, which can further diminish their production at work.Read More
You’ve heard the saying that money doesn’t grow on trees. But what if it did? What would you say if I told you that you could raise a tree that grew cash money instead of leaves? Of course I don’t mean this in the literal sense, but growing a tree is a lot like starting a successful Internet business that when done right can create a huge flow of cash. What do I mean?Read More
Don’t burn out. Learn 3 surprising ways to work smarter (and not harder) as an entrepreneur. The first tip guaranteed be your favourite.
If you think that giving up a realistic work-life balance is an inevitable consequence of deciding to run your own business, think again:
While it’s true that being an entrepreneur requires dedication and tenacity, just as conventional employees can find ways to work smarter rather than harder, so can business owners.Read More
People are using the word “agile” more and more during these years. What does it mean exactly?
Agility is the ability to act quickly and with economy of effort in accurate response to change and also to initiate change for business advantage, says Paul Allen.
But if we translate this sentence into an ordinary language, agility represents the ability to respond fast to unexpected situations, and to keep your mind open to new things. Moreover, it would practically mean that all entrepreneurs should be agile in order for their business to succeed.
How do you become an agile entrepreneur?Read More
If you really want to be successful in your business there are two essential traits that you must embody: Consistency and Persistence.
The problem with overnight successes that we see on TV and read about in the newspapers, is that they are so rare! That’s why we hear about them. And truth be told, it’s never normally overnight. So many celebrities and people of note have quoted that it often took them 10 or 20 years to become an “overnight” success.
Don’t kid yourself.Read More
ADGE AFRICA’S BUSINESS TIPS
KEEP LEARNING, KEEP GROWING
The entrepreneurial journey is not easy, and the environment is constantly changing, how can entrepreneurs adapt?
“Learn faster than the world changes.
In a world that never stops changing,
You can never stop learning and growing.”
TIP # 1
ENSURE BUSINESS PROFITABILITY
Sounds rather obvious doesn’t it? But it’s amazing how many businesses are not profitable or become unprofitable. Uncertain market conditions, demand-supply imbalances and a number of economic and non-economic factors pose a challenge to the profitability of a business.
It is very important for all business owners to constantly study their numbers. An awareness of revenue and running costs is key. A business only remains viable if you are making a profit.
Two things every business owner should focus on:
- Constantly work on increasing sales revenue; and,
- Constantly find ways to reduce costs.
Most importantly, the customer is KING! Know your customer, study their purchasing history and request regular feedback.
The late Jim Rohn, one of my favourite business mentors whose rags-to-riches story inspired millions, once said that success is a “numbers game,” and nowhere is this truer than in generating a profit.
Finally!! Adopt a “for profit” mind-set and accept the fact that you need to make a profit to survive.
This is easier said than done, but it can be achieved if you’re open to examining your beliefs about money, wealth and profit and committed to changing your point of view.
We live in an age of overwhelming information. The world is full of people supplying it and others who are seeking it. People everywhere are desperate for solutions and fresh insight. Those people who are able to provide them with the strongest, freshest, most relevant, and even most radical ideas, practically hold the keys to success. The individuals with this level of influence are the thought leaders.Read More