4 tips for small businesses to stay relevant

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Let’s be honest. Comfort zones are the best places to reside. You don’t need to move into second gear. You do things the same way and still get an acceptable result. So why do you have to change anyway?

However, for any small business  aspiring to graduate into a home-grown McDonalds at some point, with a bit of luck, this mentality could be the difference between thriving and dying.

 Whether they want or not, businesses have no choice but to re-invent themselves to meet changing needs and wants of customers, says Ravi Govender, Head of Small Enterprise, Business Banking at Standard Bank.

 “Reality dictates that business today is a rapidly changing, competitive place where the only constant is change. It is therefore essential that entrepreneurs make the time to function both ‘on’ and ‘in’ their businesses.”

“Taking your business to the next level depends on carrying out strength and weakness exercises, and examining your business critically. Concentrate on what change could mean and address potential weaknesses so that they too become strengths,” he adds.

Govender has the following tips for small businesses willing to change and stay relevant:

1)    Understand the trends that could have the largest negative impact on your business in the next five to seven years. Then, ask yourself about your business and its future.

2)    Look outside the business to identify where your new opportunities will come. Remember that opportunities always occur when change takes place.

3)    Stay up-to-date with sources that should be consulted

4)    Look at your business with a critical eye; evaluate how it operates, and how things could be improved to maintain your competitive edge.

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