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BUSINESS NEWS - Industry leaders such as Elon Musk,  Pam Golding and the founding team at Yoco are successful entrepreneurs whose businesses have achieved outstanding results across leadership, financial performance and people management. 

There are three similarities their organisations have in common, regardless of industry or geography. If your business possesses at least two of the following qualities, you are on the fast track to success and alongside the biggest moguls of our time.

1. Strong focus on customers

Create a customer-centric approach by shifting your organisation’s processes and products to the needs of your customers. Your manifesto may say you put the customer first, but do you deliver high-quality products and services? Are your employees going the extra mile for your customers? These are the questions any business owner has to answer - truthfully. Show appreciation for your customers by supplying them with good service, as well as thanking them for their support. Do this through giveaways, sales for frequent customers, rewards programs and thank-you emails.

2. Strong focus on employees

Your employees are critical assets in creating business success. It is essential to provide learning and development opportunities that can benefit your employees, as well as your business directive. For some SME owners, applying for a small business loan is one of many methods used to further employee development by gearing them up for learning opportunities or skills development programs that could benefit your business. Align rewards and recognition to support your business strategy and raise employee engagement to drive productivity. By setting clear performance goals, you are creating an environment where employees can thrive at their jobs.

3. Strong focus on flexibility 

Being flexible in business means to adapt to changes that are for the good of the company. Be flexible in your sales strategy, your customer base and your operational approach. In keeping with the sentiment of possessing a flexible operating model, moving your business to the digital realm is good for the environment and appealing to an online market. While it may be easier to start your business without the initial cost of going digital, you can save a ton of time and effort down the line should you apply for business loans that could further your organisational needs in this regard. Your workplace flexibility could retain and engage your employees by reaching organisational goals and improving productivity. The key to a flexible work environment is to open the floor up for commentary from your staff. Align your thinking by choosing what is best for your business and not just meeting individual needs.

For more tips on running a small business or securing business funding, visit: https://www.lulalend.co.za/

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