Connect with us

Business Survival

Why Tough Times Can Take Your Business To The Next Level

According to Brian Timperley, managing director and co-founder of Turrito Networks, innumerable business case studies have demonstrated that tough times – if approached in a positive and forward-thinking manner – can prove to be the trigger that transforms a business and takes it to the next level of growth, sustainability and profitability.

Published

on

tough-business-times-advice

business-advice-for-growing-a-business

The current economic stagnation is triggering a response that sadly ignores the many possible opportunities that lie within such a volatile business ecosystem.

But, according to Brian Timperley, managing director and co-founder of Turrito Networks,  innumerable business case studies have demonstrated that tough times – if approached in a positive and forward-thinking manner – can prove to be the trigger that transforms a business and takes it to the next level of growth, sustainability and profitability.

Change Your Lens

In order to harness the prevailing market fragility instead of hiding from it, business leaders should first and foremost change the lens through which they view the current environment.

For example, instead of viewing these years of slow growth as ‘bad times’, it’s more helpful to perceive them as ‘focus times’ that can test the business and reveal where the strengths and weaknesses lie.

Related: Planning Your Communication For Tough Days

This small but important paradigm shift can help business leaders avoid the knee-jerk reactions that often characterise strategies during times of instability. Often, for instance, there is a tendency to cut marketing budgets and to stop investing in new technology and expertise.

Yet countless studies have shown that in difficult times, marketing should become even more important, and technology can be integral to cutting costs and increasing productivity and outputs.

The key here is to take a positive approach and view hardship as a blessing of sorts, as opposed to a curse that leads to defensive, knee-jerk tactics.

Act Quickly

business-advice

For businesses that have been dallying over whether to make certain changes and adjustments, tough economic times can act as the catalyst that finally propels them to act.

When things are going well and the cash is flowing, businesses have little incentive to make operational or strategic changes, or to examine where hidden and unexplored opportunities may lie. When the market slows, this is arguably an ideal time to try new things and to test new products, strategies and even people.

The results will show quickly, because in a stressed business ecosystem, there is little room for poor products and services. The winners will win quickly, so to speak, and the failures will fail fast. There is little room for cushioning and inefficiencies.

This makes it the perfect time to experiment and to pursue those ideas that have been parked on the back of happy profitability.

Reverse Your Thinking

In recent years and particularly in the IT and tech sectors, nimble startups have illustrated the immense value of looking at problems in the reverse. Essentially, this means taking a business problem and trying to solve it in the exact opposite way that logic dictates. Take Uber, for example.

The natural approach to solving the problem of moving more people around more efficiently would be to purchase and operate more vehicles on the road. Their solution was, in fact, the reverse of this. They chose to not own any vehicles, and to instead create software that connects autonomous drivers with people in close proximity. In difficult times, businesses across all sectors and of every size can undoubtedly benefit from this way of thinking.

Related: 5 Leadership Secrets Stolen From Famous People

What is the current business approach to the core problem, and what if we were to do the exact opposite? Many case studies have shown us that going against the grain in a hard business environment can lead to enormous success.

On the flip side, continuing on with business as usual, and ignoring market changes, can quickly lead to large-scale failure. This was the enduring lesson that companies such as Kodak and Nokia have taught us – fallen empires that failed to ask the right questions.

Seek Real Value (Not Low Cost)

When faced with a slowing market and falling profits, most SMEs immediately look to cut costs and negotiate ‘better’ prices with their suppliers and service providers. Often, however, this fixation on cost can be damaging to the business in the short and long term.

In difficult times, the focus should be on soliciting greater value from existing suppliers and systems, not simply slashing costs. Nowhere is this more evident than with current technology.

For SMEs, a slowing market provides the impetus to look for new and more agile technology solutions – such as cloud services and pay-as-you-go infrastructure. So instead of having fixed technology costs and the burden of fixed infrastructure, new tech and Software as a Service (SaaS), for example, can empower small and medium sized businesses to become more nimble and to devote resources to expertise and consulting (instead of cumbersome and expensive hardware and systems).

Ultimately, it all comes down to the glass half full or the glass half empty question – but for businesses for which the glass is half full, there are numerous tools and strategies available (many of them tech-based) that can translate tough times into the best times.

Brian Timperley is the managing director and co-founder of Turrito Networks, a business he started in 2010 alongside his business partner, Louis Jardim. In his role at Turrito Networks, Brian is responsible for identifying, developing and directing business strategy as well as cultivating the company's reputation in the market, with both customers and suppliers. Aside from ensuring the financial health of the organisation, his role includes developing the management team and staff and driving innovation that results in increased revenue and profitable growth. In just over six years Turrito Networks has grown into a multi-million rand business, delivering connectivity and cloud services to over 100 corporates, education and financial institutions as well as over 50 municipalities throughout South Africa and into Africa. Brian holds a NDip Information Technology from the Durban University of Technology.

Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Business Survival

8 Reasons Why Failure And Focus Are Essential To Business Success

There are two Fs that define the long-term and sustainable success of your business – Failure and Focus.

Nicholas Bell

Published

on

business-focus-and-failure

There is an event that runs globally across countries such as the United States, Spain, France, Brazil and Israel. It is a conference that is aimed at the entrepreneur, the investor, the developer and the designer. It also caters exclusively for failure – FailCon asks the entrepreneur, specifically within the technology space, to embrace failure. However, this focus on failure isn’t about leaping blindly into the ball pit of collapsed dreams and wallowing in its sorrow as you shout ‘Bazinga!’. It’s about being comfortable with the idea that failure can happen and using it to drive your business focus and long-term success. These eight steps define exactly how…

1. Not big, iterative

Giving someone advice to fail big isn’t practical. It isn’t the kind of attitude that investors will be drawn to either. Instead, embracing failure is about being open to the fact that it may very well happen to you and some of your ideas. It isn’t necessarily going to be a gigantic failure on a scale of company-wide collapse. It could just be that you had an idea, and it wasn’t a very good idea so it failed.

Related: Beauty Of Failure: The Art Of Embracing Rejection

2. Focus on your agenda

If you’re not focused on your end game and business agenda, don’t expect your staff to be. This level of focus is critical as it gives people direction. They then understand exactly where the business is going, what it hopes to achieve, and the role that they play in taking it there.

If you don’t have this level of focus, your staff don’t have anything to latch onto.

3. Learn

learningThis is where your ability to fail is of value. You need to test your assumptions and ideas and then use their failures to learn more about how they could potentially succeed in the future. You have to learn from your mistakes. Don’t drown in self-doubt, take the mistakes and move them towards enhancing your business.

4. Success isn’t easy

Look, if being a hugely successful entrepreneur was easy, everybody would do it. You need to keep the focus and intensity you brought on your first day all the way through to today. Create short term goals and objectives that give you endless purpose and a sense of achievement and use their success to drive you onwards towards your final destination.

Related: Flourishing Through Failure And Finding Fortune

5. Build in plenty of goalposts

Justify every decision and long-term goal through relentless measurement to ensure they are the right decisions. The last thing you want is to hit your goal in 10 years and discover that it wasn’t the right one, your business hasn’t gone anywhere and you’ve worked incredibly hard for nothing. The effectiveness of your time, decision making and execution is critical.

6. Define failure

What does failure mean to you? Understand how you define it and then use this as a barometer to define your idea of success. As long as you have clear objectives for both, you can assess your business, its effectiveness and your results. As mentioned in above, always set goals and objectives so you give your company and people a sense of purpose.

7. Your ideas aren’t always that good

Some of your ideas are not going to fly. They’re going to collapse with an embarrassed sigh. The lesson is that you should be constantly questioning yourself so when you are in a situation where your ideas don’t work, you can objectively examine why they failed and use these learnings to change and adapt.

There needs to be a healthy tension between learning through theory and practice. The latter is learning to win and to handle defeat in real time with real results.

Related: Your Business Failure is Your Fault

8. Get over it

It’s quite easy to wallow in your failure misery and lose years to personalised anguish. It’s harder to just get over it and move on. The thing is, it’s moving on that counts. Those who get up, dust themselves off and start again are those who end up thriving. The ability to compartmentalise and learn is invaluable as you take your business from your first idea through to a sustainable, epic enterprise.

Continue Reading

Business Survival

How To Embrace An Exponential Mindset For Your Business

In the age of exponential technologies, it’s a risk not to take a risk.

Mic Mann

Published

on

business-mindset

Think global and exponential

If you’re an entrepreneur trying to establish a successful business, it’ll be dead before it even takes off, if you don’t build it for the future. You have to think three to five years ahead, so when it launches, it’s still relevant.

Think like former Canadian pro ice hockey player Wayne Gretzky, who said: “I skate to where the puck is going to be, not where it has been.” And these days it’s easier for entrepreneurs to predict the future thanks to technology and data insights.

Consider what Singularity University co-founder Ray Kurzweil calls The Law of Accelerating Returns. He says the only thing that’s constant is change and that change itself is accelerating exponentially. As per Moore’s Law, information-enabled industries are doubling their performance and halving their price every 18 months, according to the price-performance ratio. The field of biotechnology has managed to surpass that.

Related: 5 Mindset Changes You Must Make When Going From Employee To Entrepreneur

There’s no time to slow down, your business has to constantly evolve, and you have to keep asking “what’s next”. Encourage experimentation and innovation in your company. Innovation focuses on incrementally improving your already existing products and services, while experimentation allows for fresh outlooks and breakthrough strategies that leapfrog old ways.

We should reprogramme our linear mindset into an exponential one. Don’t aim to grow your business by 10 per cent year-on-year, but rather 10 times. The first thing I learned at Singularity University is the potential of exponential growth. If you take 30 linear steps, you only move 30 places, but if you move 30 exponential steps your place doubles with each step and by the 30th step, you’ve moved over a billion places.

We’ve seen this happen with unicorns – not the magical creatures, but start-up companies that are valued at over $1 billion within their first year – like Slack (cloud-based team collaboration tools and services) and Square Inc. (a mobile payment company). It once took around 20 years for American companies to reach the billion-dollar valuation mark, now it may take less than a year.

In the early stages – until your third step – your progress may seem linear. Many exponentially-geared companies give up at this point – just as their growth rate is about to explode. Persevere!

A few decades ago it was unthinkable for an individual or start-up to disrupt entire industries. Start thinking globally, not locally. Use staff-on-demand and crowd souring to propel your business ahead of the competition. It’s unlikely that you have the world’s smartest minds working for you, however with the power of the crowd, you just might.

If you’re struggling to find a solution, turn the challenge into a game and offer prize money. You’ll have thousands of people attempting to solve your problem, but will only pay for the best solution. Kaggle is a platform for predictive modelling and analytics competitions. It lets statisticians and data miners compete to produce the best models for predicting and describing data. Mining company Gold Corp placed its geological data online and offered money to anyone who could locate gold at their Canadian mine. Four of the five winning entries struck gold. And in 2011 it took a team of gamers 10 days to solve an enzyme riddle that could hold the key to curing AIDS.

The six Ds of tech

As companies become information-enabled they should internalise what Singularity University co-founder Peter Diamandis calls the six-step growth cycle of digital technologies. These Six Ds of Tech Disruption are digitisation, deception, disruption, demonetisation, dematerialisation, and democratisation.

The first step is digitisation. Once something enters the digital realm it gains the potential for exponential growth. Think of the radio and CDs. You no longer need either, instead you can stream online, listen via YouTube or download music. After digitisation, growth appears slow, even deceptive. Sadly that’s when many companies opt out. Be patient!

Related: How To Build The Right Mindset For Start-up Success

No one imagined Kodak would disappear after a century. Kodak thought they were in the business of printing photographs, while they were in the business of memories. Think about the need your business solves. Kodak invented the digital camera, but was too scared to disrupt its own industry. It didn’t realise that people were no longer taking photographs in the same way, so their competitors disrupted the industry instead.

Today, the camera has become part of the smartphone and photographs are predominantly shared via social media. Instagram epitomises the next step in the equation: demonetisation. With time technology becomes cheaper and even free. Instead of printing photographs, many people instantly share them on a free smartphone app like Instagram.

Next comes dematerialisation. The radio, camera, video recorder, GPS, calculator and calendar are disappearing from the physical world as they’re being built into the smartphone. The wallet will dematerialise next with the advent of online transactions and cryptocurrencies.

Finally, democratisation happens when government, corporates and the wealthy no longer hold control and masses of people have access. Just think, the average South African with a smartphone has access to much more information than the president of the United States of America had 20 years ago.

In the age of exponential technologies, it’s a risk not to take a risk.

Continue Reading

Business Survival

Why, When You Fail, You Should ‘Fail Forward’

So, you’ve fallen on your face? Consider that you’re walking in the footsteps of some ‘famous failures,’ like Steve Jobs, Oprah Winfrey and Stephen King.

Published

on

Arianna Huffington

5 Inspiring stories to keep in mind

1000 times he failed

Teachers described him as “too stupid to learn anything.” He got fired from two jobs because he was “non-productive.”

Then he tried inventing something completely new. What’s even crazier is that he tried 1 000 times, unsuccessfully. When a reporter asked him how it felt to fail 1 000 times, the story goes, he replied, “I didn’t fail 1 000 times. “[The invention] was an invention with 1 000 steps.”

Through pure determination, Thomas Edison – initially a failure – made the world a brighter place to live in. If such good things come from success, then why do we choose to always look at the brighter days and completely disown the tough times?

Here are five more inspiring stories to keep in mind, should you ever feel that you’re the biggest failure.

The woman whose book got rejected 36 times

Arianna Huffington

Arianna Huffington

You’d think that once one book you’ve written becomes a bestseller, publishing another one would be a walk in the park. But it’s not that easy. At least not for Arianna Huffington.

Having produced that first bestseller, The Female Woman, when she was only 23,, Huffington tried to pitch her second book, but none of the 36 publishers she approached said yes. Still, she didn’t give up.

And that’s just one of a couple of failures from The Huffington Post’s co-founder. She has been dropped from hosting a BBC show, garnered 0.55 percent of the vote (when she ran for governor of California) and been unsuccessful when she called for then-President Bill Clinton’s resignation through her website.

But now The Huffington Post gets millions of visitors every month; she’s had a successful book career; and, if it helps, she’s very rich. Clearly, “failure is a stepping stone to success.”

Related: How Failing Fast was Nomanini’s Ticket to Creative Innovation

The woman who was “unfit for television”

Oprah Winfrey

Oprah Winfrey

Oprah Winfrey is worth more than $3 billion. But it hasn’t always been like that. And, considering that a Baltimore TV producer called her “unfit for television” right before he fired her, it’s telling that the main source of Oprah’s success was a TV show that ran for more than 20 seasons.

Oprah also tried to get into the movie business with the movie Beloved. It lost to Bride of Chucky in terms of revenue and consequently lost the $80 million invested in it. Oprah has said this failure sent her into a state of depression.

But then, in 2013, she got back onto the horse (speaking cinematically) with The Butler.

See? Even when you make it, you’re still at risk of failure. Henry Ford, William Crapo Durant and Walt Disney (among so many others) all went bankrupt after they’d already made it big. But each one sprang back in his own way.

The man who was fired from the company he’d founded

Steve Jobs

Steve Jobs

Not all of Apple’s products have received mass acclaim. More specifically, not all of the Apple products launched by Steve Jobs have been successful.

One such failuret was the Lisa computer. This was supposed to be a desktop computer targeted at personal business users. For a purchase price of $10,000 (about $24,000 today) consumers could buy the first desktop that would allow them to use a mouse to work with a 5MHz processor and up to 1MB RAM. The Lisa sounded like a magnificent idea, at least at the time.

However, the pricey computer sold poorly, and then-CEO John Scully, someone Jobs had chosen for that position a few years earlier (there are so many lessons in this story), helped remove Jobs from the Macintosh division in 1985.

So Jobs left Apple. Then he founded NeXT, and failed again, but sold the software division of NeXT to Apple in 1997. Then he returned and became CEO in 2000, and this time he was determined to make Apple something special. He succeeded.

Related: Why Balls to the Walls Could Mean Failing Fast

The man who almost gave up after 30 rejections

Stephen King

Stephen King

Stephen King was just selling short stories and teaching English when he had the idea to write Carrie. However, despite the $2,500 advance he received for the novel, he decided to give up on the book after 30 rejections.

But his wife wasn’t going to let him do that. She urged him on, and he finally agreed to submit the manuscript again.

Carrie is one of King’s bestsellers and went on to become two film adaptations, one of which won the lead actress Sissy Spacek an Oscar.

The man who quit – just before striking gold

gold-mine-panning

Talk about hitting a gold mine

One last story comes from Napoleon Hill’s book, Think and Grow Rich. In it, the author writes of an interview with a millionaire named R.U. Darby who in turn described an uncle of his who, having heard of the riches that came from finding gold, set out to do just that. After weeks of commitment, this miner finally spotted a vein of shining ore. He raised the money for the necessary machinery and went ahead and he started shipping the gold. However, before long, he’d lost the vein of the gold ore.

Related: How Tebogo Ditshego Transformed a Failing Business and Tripled his Revenue

He tried to find it again and was unsuccessful. Then his workers quit and sold the machinery to a junk man. The junk man called in an engineer to inspect why the project had failed, and it was determined that the vein was just 3 feet (three) away from where the Darbys had left off.

The lesson? Before you stop trying, try again. If not for yourself, then for other people. What would the world be like without Thomas Edison’s invention? How about Alexander Graham Bell? Use failure as a step to elevate you because it’s by learning to accept failure that we can see great success.

This article was originally posted here on Entrepreneur.com.

Continue Reading
Advertisement

SPOTLIGHT

Advertisement

Recent Posts

Follow Us

Entrepreneur-Newsletters
*
We respect your privacy. 
* indicates required.
Advertisement

Trending