Have you ever wondered why some people succeed while others don’t? You might see two individuals who share many things, including their DNA. They came from the same family, ate the same food, attended the same schools, and sometimes even went to the same universities. Yet, one thrives while the other doesn’t.
In business, the same scenario plays out. Companies in the same industry, with access to the same opportunities, often experience vastly different outcomes. Out of 100 businesses, only about 10 will succeed. This is especially true in South Africa, where the failure rate for new businesses is alarmingly high. According to statistics, about 70% of small businesses fail within the first two years, with sectors like retail and hospitality being particularly vulnerable.
Good Habits
I’m always intrigued by what makes those successful businesses stand out. What do the owners of those thriving businesses do or know that others don’t? “Good habits formed in youth make all the difference,” said Aristotle. This timeless wisdom holds in business as well. Establishing good habits and practices can significantly impact a company’s success. These might include meticulous planning, continuous learning, effective networking, and an unwavering commitment to quality and customer service.
Understanding and adopting these success habits can be the key to turning potential into achievement. So, what good habits can you start forming today to ensure your business not only survives but thrives? To answer this burning question, we invited three panelists:
Lorna Mlonzi
A results-driven entrepreneur with demonstrated experience and a history of working in the telecommunications industry. She is skilled in business relationship management, new business development, and ICT solutions architecture. Lorna is a strong business development professional who graduated from Cape Peninsula University of Technology.
Siyabonga Mthembu
An entrepreneur, author, sales coach, vision board facilitator, and speaker. Siyabonga brings a wealth of knowledge in personal development and business growth strategies.
Mashudu Makwarela
Q: Lorna, please tell us a bit about yourself and what you do.
Lorna: I work in the telecommunications space, focusing on impacting marginalised communities by bringing them technology. Right now, I am bridging connectivity gaps by providing affordable Wi-Fi, offering uncapped access for as little as R5 per day to these previously disadvantaged communities, commonly known as townships. Additionally, we are exploring ways to help small businesses grow by leveraging connectivity solutions.
Q: Mashudu, for those who were not involved in our previous discussions, please tell us what you do.
Mashudu: I am the founder of MGT Accounting & Consulting, an accounting and audit firm based in Pretoria, but we operate throughout South Africa. The challenges brought by COVID-19 helped us quickly adapt to market changes and the evolving environment. Our work is purpose-driven, aiming to give business owners peace of mind. We ensure that their finances are handled correctly and that they remain compliant. This allows them to clearly understand their business’s financial health, enabling them to make informed plans based on accurate numbers. In a nutshell, we are your compliance people.
Q: Let me now take this opportunity to talk to you, Siya. Can you please introduce yourself?
Siyabonga: I am the author of three books, with my latest one, Rising From Unemployment: Unlocking The Path to Abundance, launching in September. I am also an entrepreneur.
Q: Mashudu, can you please share your two habits for a winning business?
Mashudu: Certainly! The first habit I want to highlight is being client-centric. Since our business deals with people, it’s crucial to invest time in understanding both existing and potential clients. This involves being proactive and updating clients about any changes in our industry, advising them on how these changes might impact their business. By doing this, we can tailor our services to better cater to their needs.
The second habit is maintaining strong ethical standards. In our industry, integrity is essential. It means being transparent, compliant, and honest. We cannot advise other businesses to comply with regulations if we ourselves are not adhering to them. Upholding strong ethical standards builds trust and credibility, which are fundamental to long-term success.
Q: Lorna, the topic for today is “8 Habits For Winning Businesses.” Can you share with us the two habits you selected to discuss today?
Lorna: From my perspective in the tech space, one of the key habits that has significantly helped me in business is making data-driven decisions. I have developed the habit of regularly collecting and analysing data insights. This practice allows us, as business owners, to understand customer behaviours, market trends, and operational efficiencies. By leveraging data, we can make more informed and strategic decisions.
The second habit is fostering a culture of continuous innovation and adaptability. It’s crucial to create an agile environment where your team can quickly respond to changes in the market or within the tech landscape. Technology evolves rapidly, so being innovative and adaptable encourages a mindset of ongoing improvement and flexibility. Adapting to technological changes also helps businesses automate many functions, enhancing overall efficiency.
Q: Siya, what habit for winning businesses would you like to share with us?
Siyabonga: The first habit is communication. As Nate Turner said, “Good communication is the bridge between confusion and clarity.” If there is confusion, it means communication is not clear. Many successful companies ensure that communication is effective, especially internally, before addressing their target market. They make sure their solutions are clearly communicated. For example, companies selling high-end products ensure they communicate value, class, and exclusivity.
The second habit, closely related to what Mashudu mentioned, is evaluation. Many businesses operate without regularly evaluating themselves. We need to be honest in our self-assessments and use a system like the 3-2-1 system. This involves:
- Three things you did well – Even if many things didn’t go as planned, recognising these three successes ensures you know what is working.
- Two things to improve – Identify two areas where you can make enhancements.
- One challenge – Set a specific challenge for yourself for the coming week.
By regularly evaluating and setting new goals, businesses can continually improve and stay on the path to success.
Q&A Summary
Host: I have decided to add the two remaining habits. One habit that has helped me in my business is something simple: having a list for everything. This practice helps me understand what needs to be achieved. Without a list, things can seem disorganised. At Papasha Media, we apply this habit rigorously, whether it’s for events, projects, or client management. Having a clear list keeps us focused and efficient.
The second habit is paying attention to detail. Many job postings mention this requirement, but its importance is often underestimated. Paying attention to detail means following instructions carefully, whether they are processes or procedures. Often, people skim through emails and miss crucial details, leading to mistakes or misunderstandings. It’s crucial to read instructions thoroughly to ensure clarity and accuracy in communication.