Attending the quarterly ABSA business forum at the Ritz hotel in Sea Point was today of great benefit for all who made the effort to get up early and fight the traffic to get there by 08:30. Not a normal day for most entrepreneurs.
The Keynote speakers came in the form of Fred and Mike from World Wide Creative and Nico Jacobs from ABSA. More detailed info on the event here. But I wanted to highlight just four points that Nico spoke about under the heading of threats to our business sustainability.
Imitation: When your product or service is copied or replicated in any form it reduces the value of the original. This applies to manufactured products and their Chinese versions to fly by night services who use other people’s notes and models.
- Substitution: When there is another product or service replaces the need for the one your currently provide. The old dial up modem is the best example I can think of.
- Hold up: Delays in you delivering your service or product at the specified price and time. This comes from demand levels or just poor serve from your suppliers or further up the chain.
- Slack: The silent killer of small business, theft, absenteeism, non engagement and waste or ineffective use of current resources
All these are cancers to your business and need to be managed on a regular basis. Keep your finger on these points and learn to manage then effectively to avoid becoming another statistic at Nico’s next talk.
Thanks to ABSA and World Wide Creative for a great session.
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