Entrepreneurs from around KZN recently attended the second Entrepreneurs Workshop of the year at Hirsch’s Umhlanga Branch. These popular events have entered into their second year now and are attended by new business owners and veteran entrepreneurs looking for advice and ideas on how to get their businesses to thrive in a tough economy. The subject under discussion at the March Workshop centred on finance and money mastery.
The talks are anchored by award winning business women Margaret Hirsch, Joint Chairperson of the Hirsch’s group, and Business Coach Marlene Powell who has, over the last twelve years, helped many local businesses to get to the next level. Guest speaker for the morning was financial whizz and the owner of Qhubeka Business Solutions, Nonhlanhla Mzimela, who has over the years successfully turned many businesses around.
Nonhlanhla said that the most important thing in any business was to be sure of your market, and have a strong business plan “people fail in the first two years because they don’t have an effective business plan. Everything you do needs to be planned for. Concentrate on the four P’s – Proper planning that allows your business to run smoothly. Choosing the right People and be comfortable with who is running your business. Make sure that the business is performing at the optimal level – and it will be doing so if you have the right people in place, and finally – your Pouch – the money you make that will help your business grow.” She said.
Marlene pointed out that businesses should aim to grow their business to the extent that one day, they would be saleable. “Aim for maximum utilization, and once you have made your money, manage it. Distribute it effectively. Get a wealth advisor to see if you’re going on an upward or downward slope. A good rule of thumb is to put a third of your annual profit into an investment, a third back into the business and keep a third for yourself.” Marlene advised.
Margaret gave the audience sound advice on investment. “Once wealth has been created, knowing how to invest wisely is key to the future success of a business. Strategic investments in property, for example, could see a business thriving in an unstable economy.” She said.
The next Workshop will centre on mastering time and will be held on Friday, April 3. 9.00 for 9.30 at Hirsch’s Umhlanga. Contact: email@example.com to book.