Where to from here? Our wrap-up video in the SME.Africa series, aimed at helping SMEs during lockdown, looks at leadership and beyond.
Marnus Broodryk, CEO of SME.Africa, interviewed Sasfin CEO, Michael Sassoon and Elisheva Gilbert, Sasfin’s Group Marketing Manager, in the final video of our SME.Africa series.
Business isn’t about avoiding risk; it’s about managing risk
SME owners get into business to achieve a return on their investment. It’s therefore important to ensure you don’t end up in a position where you have too much cash that is not working for you because you’re fearful of using it. Every entrepreneur should assess their risk. The main risk to manage is liquidity. Focus on finding the right balance between having a little bit of cash and long-term debt to keep the business going.
Communicate, communicate, communicate
“The most important lesson we have learned is communication, communication, communication. I personally communicated more than ever before during the early days of the lockdown. Remember, a good leadership style today might not be the right leadership style tomorrow.”
People make the business
Whether you have one or more than 10 000 employees, a company doesn’t run itself. It’s the people, culture, purpose, mission and values that make a business work. Howard Schultz, the former CEO of Starbucks said, “without the people who buy, roast, deliver, serve and prepare the coffee, we wouldn’t have Starbucks.”
It’s more important than ever to be human
“This is not a financial crisis, it’s a human crisis, so be a human. In the past, success hinged on being the best in the world. Today, this has shifted to being the best for the world. The companies who will win in the future will have the most human brands. They’ll be the businesses leading with authenticity.”
Business Banking Invested in Every Moment
We understand that small businesses have different banking needs. B\\YOND supports your business with a consolidated platform that enables you to manage your money and keep your business working through these difficult times. Find out more: https://sasfin.com/bank/byond/