Ask any of the estimated 2.7 million SMMEs in the country how it’s going and the majority will tell you that they face hurdles on a daily basis. Not only are they expected to master a multitude of roles, they must also keep their head above water at a time when customers are hard-pressed for cash.
“There is, of course, the possibility that renewed vitality will be injected into the economy following the May 2024 elections. However, the harsh reality for business owners is that they are solely responsible for the sustained growth and success of their business,” says Luncedo Mtwentwe, owner of accountancy and business advisory firm, Vantage Advisory, and the host of the SAICA Biz Impact Podcast.
A resourceful entrepreneur himself from a young age, Mtwentwe believes that the best investment entrepreneurs can make is to sharpen their business skills in order to succeed.
“Statistically small businesses are failing within the first three years, and I believe a lot of the problem is a skills issue. We can’t wait for external assistance to energise and mobilise the SME sector,” he says.
As the host of the Biz Impact podcast, he hears first hand from various SMEs and industry players on how entrepreneurs can take things into their own hands and upskill themselves. And in ways that don’t cost loads of time and money.
“The good news is that you don’t necessarily need to enrol in a business school to learn the critical skills that will help your business grow.”
4 Simple ways Entrepreneurs can Boost their Business Skills:
Build a peer group
Running a small business can be a very lonely journey, but it doesn’t have to be.
One of the best ways to grow your confidence, learn new strategies and tactics and expand your network is to hang out with like-minded business owners.
When you mingle with other entrepreneurs, your conversations and interactions feed off each other, creating new energy and ideas that would otherwise not have happened. Like-minded people operating in the same market as you will have real-world insights into strategies that work and those that don’t. That kind of inside knowledge is invaluable.
So, my advice is to either set up or look for a peer group of fellow entrepreneurs. Whether formal or informal, these groups create a platform for sharing challenges, exchanging ideas, and offering mutual support.
While one can’t beat in-person meetings, you can reach a much wider group through online platforms like LinkedIn that make it easy to reach people with similar interests.
Find a mentor
Mentorship is a powerful tool for professional growth that, I feel, doesn’t get the attention it deserves.
Experienced mentors are often a rich source of information and inspiration when they share their experiences, offer guidance and industry connections. You might be able to find a suitable mentor if you’ve created or joined a peer group, or you could be introduced to one by a group member.
If you don’t have a peer group to tap into, then I suggest signing up to professional or industry associations that would give you access to the expertise that you need. One last tactic could be to approach a larger industry player who has an enterprise and supplier development programme you could join in order to get expert assistance.
Tapping into an experienced mentor’s knowledge could help you to avoid obstacles that they’ve already overcome, making your journey to success that little bit easier.
Online resources
There’s no shortage of online courses and material to help build specific business skills. Some courses offer free learning while others let you learn at no cost, but pay to get the certification.
Not all learning has to be formal either. Podcasts, webinars, social media and newsletters all serve as easy-to-access sources of business-related content, and tools for tips and advice.
Attend conferences and workshops
The final suggestion on building your business skills is to attend conferences and workshops to learn from industry experts and network with other entrepreneurs.
These events can be highly informative, but also a great way to meet potential clients and establish new contacts. They can be time-consuming if you’re out of the office for a day or two, but the exposure and networking opportunities can easily make that investment of time worth your while.
Whichever route you choose, it’s important to have the right mindset of continually investing in your skills so that your business can grow. It also helps to view this as a journey of learning and discovery on which you need to take one step at a time.
“Mastering the skills to run and grow your business is a life-long quest. I encourage you to make the most of it by committing to continuously building your skills. The rewards are well worth it!”
Q&A with Luncedo Mtwentwe
Q. How did you start your journey in the business and entrepreneurial world?
“My entrepreneurial journey began in varsity, where I sold previous question papers to help my colleagues prepare for tests and exams — these were not easily accessible (and completely legal, I promise :)). Later, while doing my articles, I ran a waterless car wash and started a cleaning company offering apartment cleaning services.
In 2020, during the COVID-19 pandemic, I noticed a gap in the accounting sector. Many people were laid off and struggled with registering for UIF benefits. I seized this opportunity, creating a PowerPoint presentation explaining the UIF claiming system and shared it on WhatsApp. This sparked significant interest, leading to numerous requests for assistance. Word-of-mouth rapidly spread my services, allowing me to hire my first employee to manage the growing demand.”
Q. What are the main challenges you’ve faced as an entrepreneur and businessman?
“The biggest challenges have been finding people with the right attitude, skills and talent to drive Vantage Advisory’s strategy. Many young people in South Africa unknowingly lack the patience to learn, upskill and grow within a business. This is why some establishments look beyond borders to find individuals who possess a deep passion for learning. It’s also a compelling reason to invest in training our youth and implementing upskilling programs.”
Q. What advice would you give to SMEs?
“Prepare in advance by establishing solid systems and processes, and build a strong foundation before your business expands. It’s also crucial to have a partner who shares your vision, ensuring you both understand the business’s direction and can share responsibilities.”
