There are a number of different aspects to running a business, and it is always a good idea to anticipate rather than be caught short at a later stage. It is all very well to say my accountant/bookkeeper or lawyer can handle that side of things, but in reality a business owner should be able to read and understand the documents and financial info prepared by the professionals, or in smaller businesses, be able to draw up those documents themselves (with the bare minimum of help).
People under-estimate their weaknesses and this is where they come short when faced with unfamiliar territory in their own business. A “people-person” may find themselves out of their comfort zone having to present restraint of trades to their staff members. Yes, you want a happy working environment, because that is how best you (the people-person) thrive, but when you look at the long term threat of loosing a valued staff member along with a large percentage of your clientele when that same staff member opens in competition down the road, you realize that having your ducks in a row up front is crucial to your survival. Another example is a financial personality type – happy to watch the bottom line, and careful with expenses, but possibly loosing out by not taking those advertising opportunities because the cost seemed high at the time.
I believe it is a good idea as a potential business owner to draw up a list of your strengths and weaknesses. Be hard on yourself and make that list realistic. Once this is done, you are in a position to assess where you need assistance and guidance. Don’t be afraid to get that assistance or training to stop up any gaps in your abilities. Training is never wasted! To this end we have acquired an excellent Business Ownership training course, in conjunction with KZN Training Centre.
We are running these “How to Run Your Own Business” courses on a countrywide basis. The course is short, to the point and highly relevant. It covers a variety of issues business owners are faced with on a daily basis: drawing up a business plan, acquiring finance, sales and marketing, tax and vat, legal issues, cashflows, financials statement and bookkeeping as well as HR and staff issues.
For further information on a course being run in your area, contact: Michele Wright 031 209 3121broker20@aldes.co.za
Source: Aldes Business Brokers