Build a thriving business in a time of change
A business must be adaptable to constant change, make the most of new technology.
If you run your own business, the saying ‘if you snooze, you lose’ is often appropriate. You either learn to adapt to changes in the commercial environment or you risk being forgotten and left behind. There was a time when cellphones and laptops were clunky toys that only the wealthy could afford – less than 40 years later, you can manage your small business from your smartphone.
These days, AI assistants have been integrated into our daily lives. Our phones are the first things that we check in the morning. As an entrepreneur, you need sustainable solutions so that your business can adapt to new technologies without losing your brand identity.
Load-shedding-proof your business
It’s likely that load-shedding and power outages will remain a factor until South Africa can overcome its electricity generation, transmission and grid maintenance challenges. Many businesses are investing in solar power installations as the most sustainable alternative. With solar panels, batteries to store power and an inverter to deliver alternating current to your electronics, you can reduce your electricity bill and maintain a continuous power supply when the grid is down, or the sun isn’t shining. Avo Solar can help you make solar conversion easy, with packages that take care of everything – including assessing your electricity needs, planning your system components, arranging financing, and recommending reputable, qualified solar specialists to supply and install your system.
How to compete with international brands
Amazon and Temu are giant online retailers that became major players in SA in 2024. As a local business, can you compete with global giants? Perhaps – if you work out what makes your business unique and focus on that. Your attention to detail and personalised service can make you stand out. Make your brand accessible and build a community with your customers. Work consistently to make the quality of your products and customer service superior to that of large global retailers selling mass-produced items.
Change is inevitable, but failure is not
However, you don’t have to compete with these companies. In some cases, you can use them to your advantage. Amazon, for instance, will allow you to reach a larger target market and tap into its resources. You have access to a similar expansion of your market footprint if you partner with South African retail platforms like Avo SuperShop and Takealot. You can register to sell your products on several marketplaces while still running your business the way you want to – you’re just adding extra platforms on which to showcase your products.
Competing with social media algorithms
If your e-commerce store doesn’t have a social media account yet, set 1 up as soon as possible. Or even better, explore a variety of social media platforms and sign up to any that are popular in your target market. Social media is an effective way to connect with your customers and give them the personal interactions that they often miss in online stores.
If your engagement levels on social media are not as high as you’d like, remember that the most popular accounts post valuable content consistently. Focusing on content that engages and evokes a sense of community among your followers will be more effective than trying to second-guess algorithms that can change constantly.
When you’re trying to sell a product, highlight its benefits with fact-based educational posts that people can share with their friends.
Be prepared for an unexpected crisis
As we learnt in 2020, when disaster strikes, you need to act quickly. You may have to change the way you work, or the products that you sell, to keep your business afloat when there’s a catastrophic change in business conditions. You should develop a contingency plan for various crisis scenarios and update it regularly, so that you can respond quickly and effectively with a clear action plan if disaster strikes.
Change is inevitable, but failure is not. Embracing change is crucial to your business’s evolution. If you need help financing your business growth, or guidance on better crisis-management planning, contact us. Our business experts are ready to guide you.
