4 ways entrepreneurs can invest in themselves
Running a small or new business in South Africa asks a lot of business owners. They are expected to master a multitude of roles ranging from sales director to financial director, and even HR officer.
Luncedo Mtwentwe AGA(SA), host of SAICA Biz Impact Podcast. Image supplied
Ask any of the estimated 2.7 million SMMEs in the country how it’s going and the majority will tell you that they face hurdles on a daily basis.
Simply keeping head above water is a challenge for many of these enterprises who are competing for customers at a time that consumers are hard-pressed for cash.
The slow economy simply isn’t creating enough jobs and is straining the budgets of households across the country.
There is, of course, the possibility that renewed vitality will be injected into the economy following the May 2024 elections.
However, the harsh reality for business owners is that they are solely responsible for the sustained growth and success of their business.
And, in my experience, the investment that offers the best returns is to sharpen your business skills so that you become a successful businessperson.
The good news is that you don’t necessarily need to enrol in a business school to learn the critical skills that will help your business grow.
That is not the only path, as my suggested below will show:
- Build a peer group
Running a small business can be a very lonely journey, but it doesn’t have to be.
One of the best ways to grow your confidence, learn new strategies and tactics and expand your network is to hang out with like-minded business owners.
When you mingle with other entrepreneurs, your conversations and interactions feed off each other creating new energy and ideas that would otherwise not have happened.
Like-minded people operating in the same market as you will have real-world insights into strategies that work and those that don’t. That kind of inside knowledge is invaluable.
So, my advice is to either set up or look for a peer group of fellow entrepreneurs. Whether formal or informal, these groups create a platform for sharing challenges, exchanging ideas, and offering mutual support.
While one can’t beat in-person meetings, you can reach a much wider group through online platforms like LinkedIn that make it easy to reach people with similar interests.
- Find a mentor
Mentorship is a powerful tool for professional growth that, I feel, doesn’t get the attention it deserves.
Experienced mentors are often a rich source of information and inspiration when they share their experiences, offer guidance and industry connections. You might be able to find a suitable mentor if you’ve created or joined a peer group, or you could be introduced to one by a group member.
If you don’t have a peer group to tap into, then I suggest signing up to professional or industry associations that would give you access to the expertise that you need.
One last tactic could be to approach a larger industry player who has an enterprise and supplier development programme you could join in order to get expert assistance.
Tapping into an experienced mentor’s knowledge could help you avoid obstacles they’ve already overcome, making your journey to success that little bit easier.
- Online resources
There’s no shortage of online courses and material to help build specific business skills. Some courses offer free learning while others let you learn at no cost but pay to get the certification.
Not all learning has to be formal either. Take, for example, the SAICA Biz Impact Podcast, which is a free tool offering SMES and entrepreneurs practical advice and insights from industry experts.
In fact, podcasts are now one of the go-to platforms for business advice. Studies are showing that the number of professionals turning to podcasts for education and inspiration is on the rise, with 43% of decision-makers reporting accessing podcasts for business-related content.
Comparably, this puts podcasts in the same league as webinars, social media and newsletters as a credible source of business content as well as an easy-to-access tool for tips and advice.
- Attend conferences and workshops
The final suggestion for building your business skills is to attend conferences and workshops to learn from industry experts and network with other entrepreneurs.
These events can be highly informative, but also a great way to meet potential clients and establish new contacts. They can be time-consuming if you’re out of the office for a day or two, but the exposure and networking opportunities can easily make that investment of time worth your while.
Whichever route you choose, it’s important to have the right mindset of continually investing in your skills so that your business can grow. It also helps to view this as a journey of learning and discovery on which you need to take one step at a time.
Mastering the skills to run and grow your business is a life-long quest. I encourage you to make the most of it by committing to continuously building your skills. The rewards are well worth it!
About Luncedo Mtwentwe
Luncedo Mtwentwe AGA(SA), host of SAICA Biz Impact Podcast
