How to build back your small business better after setbacks

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SPONSORED | Get the funding you need to set your small retail business on the road to recovery and pay it back as you trade with StandardBankZA's Shari'ah-compliant Merchant Capital Cash Advance.

05 January 2022 - 18:00Business unusual for small enterprises on the road to recovery. Picture: SUPPLIED/STANDARD BANK

Do I have skills that could take my business into new directions and what new skills do I need in this new normal?Am I using technology optimally?It is important to understand the basics of business management, including accounting, finance, management, marketing, planning, sales and production. There are many good business-management short courses on the market that are worth the time and money.

Many small businesses would like to invest in new ways of working, producing and selling, but the cost of creating a digital presence may be holding them back. While a business struggling to make ends meet might be reluctant to invest in new technology or other innovations for business growth, postponing such changes might not be best for the survival of the business.

As the funding needs are taken care of, business owners can then turn their attention to the many other important aspects of running a business, such as satisfying their customers, attracting and retaining the right employees, connecting with suppliers and distributors, keeping a close eye on their competitors, and assessing where and how markets are changing.

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StandardBankZA Thanks you for the great review that we had the other day. You made it easier for me to understand MichaelWeldon_ $43k earned🙌

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