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5 Key Business Success Factors
Most businesses fail in the first five years for a myriad of reasons that range from bad planning and lack of strategy to poor cash flow management or low sales.
Businesses that survive the precarious first five years often share the same key success factors and have perfected key business processes that have an impact on their customers, employees and revenue.
A business process is defined as an activity or set of activities that accomplish a specific organisational goal. Depending on your business, some of the key activities may include:
Developing vision and strategy
Developing and managing products and services
Marketing and selling products and services
Delivering services
Managing customer service
For business owners looking to grow below are the top 5 success factors of business.
What is SEDA Business Funding?
The Small Enterprise Development Agency (SEDA) is an agency of the Department of Small Business Development that offers support to small businesses. SEDA business funding is a type of government small business funding available to help small businesses start up and grow more effectively.
SEDA provides all kinds of support for small businesses. They help aspiring entrepreneurs with an idea to start and grow their businesses. They also help existing businesses to improve their operations and become more profitable.
Every district municipality has its own SEDA branch to help support, develop, and promote small enterprises.
4 Steps To Implement Technology In Your Small Business
Any business wanting to implement new technology can follow a four-step process to make things run a lot more smoothly. These four important steps are:
Plan: Start with a plan. Know what you want to achieve from the new technology and how you will roll it out.
Design: This stage narrows down the specifics of the technology use and covers the details of how it will work in your business.
Implementation: Now, it’s time to put the plan into action and start using the new technology solution.
Support: Introducing new technology is hardly ever a seamless process. Your business will probably need to provide ongoing support and training to help everyone adjust to the new technology and understand how to use it.
👇👇👇 Don't Miss: New Business Incubators in South Africa 👇👇👇
New This Week (18 July 2022)
New Business Incubators In South Africa
Business incubators have always been an important part of South Africa’s entrepreneurship ecosystem and are now more vital than ever.
The COVID-19 pandemic delivered a particularly devastating blow to SMEs and threatened the survival of thousands of small businesses. Additionally, it made worse the challenges that local entrepreneurs face such as access to funding and market access and limited tech adoption.
Distressed businesses will need support if they are to survive and recover. These are services that our business incubators are equipped to provide such as business development support, training, digital skills and access to technology.
Below we look at where entrepreneurs can access the support and resources they need and shine the spotlight on new business incubators that have recently been launched.
[DOWNLOAD] Financial Statements Templates for Entrepreneurs
- A Business Plan for Startups- Income Statement Template- Cash Flow Forecast- Finding Your Breakeven Point- How Much to Charge for Your Services
Need a Business Loan? For a Free Quote for Business Funding, visit SME South Africa.
[FREE DOWNLOAD] Cost-Effective Digital Strategies for Growing Your Small Business
We are letting you IN on the strategies you can use to – Build brand loyalty, increase your brand awareness and GET THAT SALE!
Download the E-book to Learn:
How educating your customers on your products can lead to sales
What social media platforms you should be using for your business
Tactics for lead generation
PLUS 4 ways to grow your email list