SMALL BUSINESS

PUTTING A BUSINESS PLAN

INTO ACTION

RETHABILE NNYANE, Director at House of Nnyane, walks us through the steps to becoming a successful small business owner

Being a woman in any field is not easy and comes with many challenges, but establishing yourself as a valuable player in a male-dominated industry, and going up against the big boys, is a whole different ball game; not one for the fainthearted.

In order to get taken seriously in any room that you walk into, you need to start by taking yourself seriously. Never think of yourself and your business as two separate entities – the habits, traits and characteristics of your personal life are bound to spill over into the business aspect. If you are generally a hardworking person, who has no problem with getting their hands dirty to get the job done, consequently on the business side of things you’ll always be willing to go the extra mile, start small, accept any job and work your way up. It is important to always have a “can do” attitude in business, be teachable and open to learning; it’s the only way you’re guaranteed growth and success.

WHAT’S YOUR PLAN?

Growth should be at the core of everything you do; if you are not thinking growth then you are not thinking long term, which is a sure way to fail. A long-term plan is essential in that it helps you map out everything you intend to do and the phases in which you plan to tackle each stage. It also highlights your ambitions for the business, which provokes growth. With a clear and solid plan in place, the direction you’re taking is clear, and if it changes along the way you can always go back and amend your initial plan. This is a lot easier to do when you have a reference that you’re working from, which in this case would be your initial plan.

Growth should not be limited to the growth of the business; it should be all-encompassing: from your employees and business partners to the day-to-day dealings of your business and ensuring that it is profitable.

FIND THE RIGHT PEOPLE

Now that you have a plan in place, the real work begins. However, not much can be achieved without the right people by your side. For your business to grow, you need to work with like-minded people whose goals and values are similar to yours. It goes without saying that experience and qualifications are important when hiring people, but character and integrity precede any kind of accolade. During the hiring process, particularly in interviews, listen attentively and assess their character, don’t get carried away and blinded by a good-looking CV. Do your due diligence, call their references, make sure that everything checks out. Don’t be afraid to let go of some people along the way when they no longer share the same ideals; you will fire as many as you hire, it’s part of the process. Be authoritative and firm in your decisions, while ensuring that you think through every decision. In growing a business, you need a combination of leadership styles: a bit of dictatorship on the hand and a bit of democratic leadership on the other. You want to be fair, yet assertive and still respectful, to be in charge but not too far removed from the people on the ground. It really is a matter of finding the perfect balance and finding what works for you.

KEEP EDUCATING YOURSELF

Education is important. You have to jump through hoops to get taken seriously as a woman in business even with the right qualifications, so study, understand your craft and be knowledgeable in the service you’re providing. Do your research, find a course you’re passionate about that is in line with the business you’re in or going into,

fi gure out what your niche is; what is it that makes you different? Never stop learning, if you can, and fi nd a mentor, someone who will show you the ropes and groom you. Remain humble, you can never know too much.

WHAT CAN MAKE OR BREAK YOUR BUSINESS?

Two things make a business: fi nances and reputation. Mess up one and the whole ship sinks. Finances are an integral part of the business; you want your business to be profi table otherwise you’re just pouring from an empty cup. Keep your expenses low, but never compromise on quality; this is where good negotiation skills come in handy. Build a cash reserve for your business with your own cash fl ow as opposed to acquiring loans for rainy days. Ownership of depreciating assets should be kept at a minimum. Maintenance of assets such as vehicles is costly; rather look into leasing for the duration in which you’re going to need the asset. Most importantly, reinvest your profi ts into the business – the aim is to grow, and a business’ success and growth is measured by its profi tability and expansion. Ask any businessperson and they will tell you that your reputation precedes you. This is why it is extremely important to provide good and quality service. Never make the mistake of compromising on quality or on offering quality products. Cutting costs is a good way of increasing profi tability, but it should never be at the detriment of the business. Your clients’ satisfaction should be your main priority – happy clients not only return, but they also give good references and recommendations, which is an economical way to grow your business. Word of mouth should never be taken for granted, people are more likely to believe a referral from someone who has experienced a service or product, as opposed to traditional advertising and marketing. It is understandable, and expected, that not everyone is interested in being or cut out to be a businessperson, but if this is a path you’d like to take, don’t let anything stand in your way. You create your own faith by your actions, so go out there and break down all those barriers to turning your dreams into reality.

RETHABILE NNYANE

Questions? rethabile@houseofnnyane.co.za