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ADGE AFRICA’S BUSINESS TIPS: TIP NO 4: BE AGILE

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

ADGE AFRICA’S BUSINESS TIPS- TIP # 1

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.

Personal Strategic Planning

“Its hard to accomplish anything without a plan. Whether you’re coaching a football team, making thanksgiving dinner or running a small business, you need a strategic plan..”

Forbes Magazine

Join Dreams Factory for a Personal Strategic Planning Session in Harare n the 27th January, 2018.

10 Steps to Achieving Excellence in Anything

When I was a kid, people would constantly speak in admiration of those who were excellent in whatever they were doing. These could be students who achieved academic excellence, successful business people, top athletes, celebrities, and so on. Envy aside, no one ever spent any time to think about why or how they were excellent. It was seemingly natural for most to just accept that certain people were meant for excellence while others weren’t.

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Entrepreneurial Bootcamp series in Mozambique

The Micro, Small and Medium Enterprises (MSME) sector is crucial to Africa’s growth, currently contributing more than 45{6de6520bac878567fcd0b20f0dbb3c7620581fba1ef76900ed00d745ae853531} to employment and 33{6de6520bac878567fcd0b20f0dbb3c7620581fba1ef76900ed00d745ae853531} to GDP (source: ADB). However, SMME’s in Africa face growth, viability and sustainability challenges. Despite Mozambique’s commitment to growing and supporting their country’s SMMEs, these firms continue to face an extremely hostile business environment, including lack of skilled staff, burdensome regulations, tough local economic conditions, lack of finance and the high costs associated with expansion, marketing or employing staff.

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Why small businesses fail

Success in business is never automatic. It isn’t strictly based on luck – although a little never hurts. It depends primarily on the owner’s foresight and organization. Even then, of course, there are no guarantees.

Starting a small business is always risky, and the chance of success is slim. According to the U.S. Small Business Administration, over 50{6de6520bac878567fcd0b20f0dbb3c7620581fba1ef76900ed00d745ae853531} of small businesses fail in the first year and 95{6de6520bac878567fcd0b20f0dbb3c7620581fba1ef76900ed00d745ae853531} fail within the first five years.Read More

ABOUT ADGE Africa

Adge Africa is an African Business Incubation organisation specializing in accelerating the growth and increasing the success rate of start-up and early stage Small and Medium Enterprises.

The Adge Africa Business incubator programme helps develop and support current and new entrepreneurs to start-up businesses and equip them for survival, longevity and growth as sustainable businesses....

FIND US AT
  • 43 Niven Road, Douglasdale, Johannesburg 2191, RSA
  • +2782 818 5344
  • info@adgeafrica.com

Adge Africa t/a BUA Technocomms (Pty) Ltd
Company Registration Number: 2015/ 086191/ 07

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