Not long ago I had the pleasure of consulting a typical Micro business. I was approached as it become very difficult for the business owner to get new clients. The owner worked nearly 7 days on and in the business, but without any success. To grow a business in today’s challenging 4IR economy, one needs to be flexible, have good planning, and organizational skills. Regardless of the industry your business is in, you can be highly successful in the 4IR if you live by some very simple ideologies.
Know what you do and what you don’t do
Instead of trying to be all things to all people, focus on specialising.
Maintain your company’s mission
Create a digital strategic direction for your business.
Build solid business processes
Create detailed business processes and practices, and stick to them.
Understand the risks and rewards
The key to being successful in the 4IR is taking calculated risks to help your business grow.
People work for people and not for companies
Loyalty comes when employees believe that the organisation and its leadership team care about them personally and professionally, which has a very real and direct positive effect on your company growth.
Never lose focus on quality
In our current challenging economy, it is easy to think about cutting corners. However, customers/clients will recognise a quality decrease and go elsewhere.
Passion is contagious
As a business owner you need to show enthusiasm for your service or product, as well as your customers.
Focus on your customers/clients
Many businesses forget that providing great customer service is important.
Constantly look at ways of improving your customer service, processes, upgrade your skills, and become more efficient at what you do, which ultimately drives greater profitability.
Become more competitive
Competition is everything and differentiation is the key to successful selling. Ensure you have the competitive advantage.
Know how to promote your business in the 4IR
Consumers are incredible discerning about their money, as a result they generally buy products that they have either sampled or have been referred to them. Marketing is the key to success during challenging times.
Grow, but grow prudently and not too fast. Trying to grow too fast can kill a business quickly.
All of the above tips to grow a successful business in the 4IR are important, however the main key is consistency. Operating your own business is challenging. Success requires focus, discipline and perseverance. However, business success/growth will not come over night, it requires a long-term focus and that you remain consistent in challenging environments. Due to that it is important to plan and set your goals in the long term.