The Ebb and Flow of Business

Nov 10, 2020

Over the years, as both a legal professional, as well as an entrepreneur, I have both seen and experienced the ebb and flow of business. In South Africa, life has not been easy for many people.   It, therefore, follows – what lessons can we share about how to survive an ebb and get back […]

Over the years, as both a legal professional, as well as an entrepreneur, I have both seen and experienced the ebb and flow of business. In South Africa, life has not been easy for many people.

 

It, therefore, follows – what lessons can we share about how to survive an ebb and get back into the flow. Foremost, I believe, building a resilient and successful business is a journey – not a destination.

 

Be consistent

Ensure that strategies are clear and implemented with consistent effort input. Keep your team motivated and connected. It is all about positive and healthy relationships.

 

Focus on cash flow – cash is king

Very important to identify any clients that are not paying their bills on time. Deal with the collection swiftly (if possible without having to involve an attorney) and then place the underlaying cause through an exercise of customer care and debt mediation.  It is crucial to ensure that you have the correct type of legal support in this process. You would need to distinguish between clients from which you must collect using the legal process and which ones you would alienate and achieve the opposite. The balance is very delicate and requires a mindful approach.

 

Keep an eye on expenses

Ensure that you have a budget in place and ensure that you negotiate key contracts mutually beneficially. Ensure that the shoe fits the foot – in other words, ensure that your binding contracts like lease agreements and supplier contracts are in place and are negotiated with the view of engaging mutually reasonably.

 

Focus on your Clients and Key Stakeholders – always

Truly being customer and network-centric is often the difference between good and great companies that withstand the ebb and flow. So, customer care and constructively dealing with complaints should be at the centre of all growth strategies. Again ensuring that contracts, systems and processes align to deliver on the promises to clients are vital.

 

In a nutshell, it is essential not to be swayed by the ebb and flow. To be robust, consistent and to ensure that whatever you promise you to deliver. Promises must be followed through on authentically.

author avatar
Nicolene
Share via:

You might
also like…

Pushing Boundaries or Breaking Bonds?

Pushing Boundaries or Breaking Bonds?

In South Africa, many businesses are family-owned and operated, with ownership often passing from one generation to the next along the male line. Traditionally, this means that many women support their fathers, brothers, and spouses in the business. Although this sounds familiar or even “as things should be” situation, managing a family business involves navigating complex personal and professional relationships. Be that as it may, family businesses are more than that – they are central to the reality of many families. It is not just another business; it goes to the very core of financial prosperity and home dynamics.

It is indeed a complex situation, but let’s add another layer of complexity, one that we rarely hear ventilated until we are in a courtroom. What happens when a woman is the leader instead of a man? Perhaps, let me put it bluntly, it is when a woman employs her husband, partner, father, or brother.

The issues this brings is a shared responsibility to address, it refers to how we raise our children and support our friends and families that find themselves in the grips of this reality. If we get this right, this will not only benefit the women at the helm but also strengthen the family business sector and the family unit as a whole.

When the Earth moves around You, but nothing seems to be Working Out!

When the Earth moves around You, but nothing seems to be Working Out!

We all face difficult times in business, which can be likened to surviving a tsunami. These trying times may result from external factors such as economic circumstances or internal changes where employees are not performing as they once did. During such periods, the legal and structural framework of a business is put to the test. Leaders, especially those in small organisations, feel the challenges more acutely and are tested in their capacity to handle them. Here are a few lessons i have learnt.