The BOFE is being held from 12 to 15 September at the Coca Cola Dome in Johannesburg. Attendees will have the chance to learn from one of South Africa’s leading authorities on entrepreneurship and human behaviour, Brian Walsh, founder of The Real Entrepreneur.
Walsh will be conducting a free workshop at the expo. His top tip for entrepreneurs is to focus on profit and not income. He says, “One of the biggest mistakes most entrepreneurs make is they focus on income instead of profit.
“Everyone wants to increase turnover but studies have shown the more you earn the more you spend.
“We are addicted to spending instead of saving, so you need to become addicted to profit and focus on it every day.”
5 Steps to profitability
Walsh’s roadmap to staying focussed on profit includes:
- Know your numbers
- Measure for profit not for breaking even
- Study everything you can about wealth and financial success
- Spend your profits on savings and cushion accounts
- Cut costs wherever you can.