For small business owners, the myth of a phoenix rising from the ashes must seem like child’s play in comparison to rebuilding a business and starting from scratch. Starting over is never easy, and it’s especially challenging during times of uncertainty and change.
But there are ways that SMEs can find their feet and rebuild their businesses to be more relevant and resilient.
There’s a lot that can be learnt from Henry Ford, who founded the Detroit Motor Company in 1898. It turned out to be a technical and commercial flop and had dissolved by January 1901. Ford nonetheless persisted — refining his product — and by December that same year he had established what would go on to become the Ford Motor Company.
The rest, as they say, is history. By 1927, Ford had built more than 15m vehicles. In 2020 the company sold more than 4.2m vehicles alone.
Some may not realise that Thomas Edison — the inventor of the light bulb (among other innovations) — was one of Henry Ford’s contemporaries and one of his initial backers. Edison also had his fair share of setbacks, but his dogged persistence allowed him to rebound on numerous occasions. He filed more than 400 patents during his lifetime.
Standard Bank enterprise direct propositions head Deenash Pillay says: “Small business owners and entrepreneurs are constantly faced with the prospect of failure, and it’s why they need to invest time in developing business plans that accommodate almost all eventualities. The Covid-19 pandemic, however, is one of those occurrences that few could have predicted, and the effects have been debilitating for many.
“But a good idea never dies. When the circumstances require, all that may be required is some adjustment and determination. Now is the time when SA’s entrepreneurs need all the support they can find to get back on their feet — particularly when they play such a vital role in answering the country’s unemployment crisis.”
Rebuilding is therefore not only possible, but essential.
Now is the time to assess what Covid-19 has changed temporarily, what has been altered permanently, and what it takes to rebuild capabilities and relationships with customers and collaborators.
Join business growth expert Pavlo Phitidis and a panel of turnaround experts in the third episode of the four-part Standard Bank SME Summit online series, presented in partnership with Business Day. They’ll take you through scenarios to inspire and help build the muscle needed to take advantage of existing business opportunities to restart your business engine, and ensure it’s fuelled for an exciting drive.
WEBINAR: Rebuild Your Business To Thrive Amid Change
Date: July 21
By supporting entrepreneurs and small business owners with business banking products like the MyMoBiz account, and the SimplyBlu platform for taking businesses online, Standard Bank is providing the necessary platform for SMEs to manage their money with ease, while focusing on the changes they need to implement to rebuild their businesses.