Small business in South Africa is an important element in the economy of the country. Having all the necessary qualifications is a plus but making a real contribution to the business is where the money lies. Therefore beefing up on your business education is an important aspect when wanting your business to grow. Creating opportunities that you otherwise wouldn't have the knowledge or capacity to apply and make a difference in how you do business.
You might have all the experience in a certain field but lacking in other areas , you will not have the all rounder understanding of what is required to run the business efficiently. Being an expert on one or a few things is not enough to get yourself and your business to the level you would want it to be. In the article below, Cash Miller delves in to what makes a small business work, or fail. Use the link to view various articles on business education on CBN's website as well as other relating topics.
Take Time For Your Business Education
Cash Miller
Many small businesses today were begun or continued because of an opportunity. Businesses are often inherited or started without really being thought out. Some businesses become hugely successful while others will fail miserably and some will just putter along in mediocrity. Often the reason for each of these situations is due to education.
In the case of the wildly successful business that person has an education. But we're not talking about some formal Ivy League school they might have attended. No these people are educated in running a business and in particular their business. Say the business is inherited then where did they get their education? Often it is because they've worked for that business for many years. The family member in charge of the business taught them the ropes. And they probably attended a college of some sort to give them a more formal education in addition to their on the job training.
Often small businesses are begun by people that have worked for another company doing exactly the same thing. They are trained by a company that now has become their competition. They know their business inside and out as a result. They've been able to observe the things that work and do not work. To fill in their knowledge gaps they then take classes in what they haven't learned on the job. They learn things like accounting, financial analysis, and marketing. They learn about whatever is missing in their education.
Of course education might not be the only reason for failure but it is the most likely. If you decide to open a small business do you know the answers to the questions you will face? Do you know the answer to such questions as how to pick the best location for your business? How to do proper bookkeeping? What insurance do you need? How to comply with OSHA? How do you prepare financial statements? And many more such questions. Businesses fail because the people that start them don't realize what they are getting into.
Finally we have businesses that putter along. Often this is intentional. Some people just want the freedom of being their own boss. They don't have big business ambitions and that is fine for them. But others would like to grow their business. These are usually the people that can use formal training. Often they know enough to operate their business but they lack that extra education needed to get over the hump. They might not know how to market their business. Or they might not know how to negotiate with their suppliers effectively. It can be any number of things that they are not sure how to do or they don't do well enough. They know how to stay in business but not how to grow their business.
Education in business is a continual experience. Just because you've managed to get your small business up and running doesn't mean you are off the hook. You need to learn all that you can about running it. Yes sometimes it seems as if we are too busy running it to be able to take the time to learn more. But you must make the time anyway. Sometimes your education should be of the formal variety such as a college course or seminar. And sometimes your education will be of the less formal type. Such as reading trade journals and researching websites for information.
Even though not everything you learn will be of use to you there are things that will be. You need to always keep the idea of furthering your education at the forefront of your thinking. It's always better to know too much rather than not enough.
