Steps to consider when turning your business into a franchise
New business owners often aggressively pursue market share and profits at all costs, without having a proper business strategy in place to sustain growth. Commenting on a recent episode of the ‘Think Big – Building Business Champions’ series, Ravi Govender, Head of Small Enterprises at Standard Bank, advises on the steps to be followed when […]
Pricing your product correctly is key to competitiveness
When considering all the reasons you became an entrepreneur, you simply can’t get away from the fact that your primary aim was to make money. Making money, however, depends on being able to accurately calculate the correct price for your product or service on the open market. Although this may seem simple, the reality is […]
Outsourcing for small business – one size does not fit all
An expression often heard in businesses, especially those facing challenges, is that in order to regain financial health, the enterprise will need to re-focus on its ‘core business’. Many SME owners who find themselves having to cope with a dozen different tasks a day, probably relate to this, grin ruefully and wish that they could […]
Mix it up – make the ‘Four Ps’ work for your business
Once the initial adrenaline rush of establishing a business has passed, most entrepreneurs begin worrying about the bread and butter issues required for making their businesses sustainable. Usually, this involves building a company reputation that ensures a place in what could be a crowded, highly-competitive sector. What this boils down to, says Ravi Govender, Head […]
Investing in the right skills is crucial for growing small businesses
Entrepreneurs in South Africa are constantly faced with the challenge of attracting and retaining people with the vital skills and experience required to grow a business. “When a business grows and starts facing a range of challenges, the entrepreneur relies more on staff for the support, expertise and dedication needed to keep the business on […]
Franchising: a natural fit for any female entrepreneur
For up and coming female entrepreneurs striving to make their mark in the highly competitive business world, franchising is an enticing prospect. Due to its supportive nature, which provides the basic tools to make the business a success, the industry has notably demonstrated remarkable growth amongst female ownership in recent years, proving that franchising is […]
Fast-track business success – invest in an existing enterprise
Always wanted to be your own boss, but daunted by the prospect of starting a business from scratch? Finding an existing business in which you can invest your passion for independence could be the most viable option. What is important, however, says Ravi Govender, Head of Small Enterprises at Standard Bank, is that you consider […]
Building a growing franchise means always planning for the future
Change is the only constant in business and franchising. The ability to meet the challenges posed by change and keeping a franchise growing requires all franchisees to acquire planning and goal setting skills. Fortunately, franchisees are able to lean on the expertise available from franchisors and also obtain information and assistance from their financial advisor […]
Balance business costs with income and prosper …even in tough times
Business owners who achieve success understand that staying prosperous in challenging times is a delicate balancing act. Those who pay attention to the basics are the most likely to survive, and even increase their market share when times are tough. So says Ravi Govender, Head of Small Enterprises at Standard Bank, who points out that […]
Better time management leads to improved business results
When running a franchise you expect the business to operate perfectly so that all opportunities of making profit are exploited. However, as we all know, achieving perfection means splitting your efforts over many activities, which often requires time. “Running a successful franchise really means being someone who knows when to delegate, structuring your working day […]