Small businesses should 'implement 2020 strategies now'

File: It was vital for leaders to be aligned with their team and for them to share a compelling purpose.

File: It was vital for leaders to be aligned with their team and for them to share a compelling purpose.

Pixabay

JOHANNESBURG - Entrepreneurs have been advised to start planning their strategies now if they want to start 2020 on the right foot.

Founding director and chief executive officer of Innate Investment Solutions, Lynette Ntuli, said 2020 was around the corner which means there were approximately four weeks left to map out exactly what needed to be done in the new year to achieve new levels of success.

Ntuli was a speaker at Connecting YOU by Intuit QuickBooks, an event for decision-makers, entrepreneurs, business owners and potential business owners who want to become disruptors in their industries.

"As small business owners, we don’t have control over the macroeconomic challenges in South Africa, but there are strategies that can be implemented to set companies up for success," said Ntuli.

"With this in mind, small business owners should take note that developing and implementing their strategies for 2020 sooner than later will give them a competitive edge. They should consider starting now instead of waiting until January."

"You need to walk the talk and not just talk the talk. As a leader, one must participate and take ownership."

She said the space between the c-suite and the shop floor was too wide and cascading strategy into the operational environment was often not clearly mapped out or accompanied by change in management, communication or practices.

Ntuli said it was vital for leaders to be aligned with their team and for them to share a compelling purpose. The strategy should be supported by an agile operating model which accommodates new choices and allows for the execution of priorities.

Effective structures that were aligned with the business operating model would position people to create strategic efficiencies. The strategy should be mobilised through regular interaction, excitement and feedback from the team.

"With these points in mind, it is essential to note that if strategy were easy, everyone would get it right. If we continue as entrepreneurs to work towards the vision and the mission of our businesses, especially in a world overwhelmed by information, the strategy will assist us to work towards a state of knowledge, purpose and clarity."

"Having a clear strategy in place will move small business owners from chasing the economy to becoming efficient centres of influence, insight and impact," said Ntuli.

Source
IRESS