Financial Data
Updated 29 Feb 2020

Essential lessons to learn early

You’ve started your business, and four years later the idea is still not matching reality. What do you fix?

Tracy Lee-Nicol, Entrepreneur, 08 July 2013  Share  0 comments  Print

All the answers to your unique business lifestage questions

Like many entrepreneurs, Nothando Baloyi, founder of Lady T Protection Services, had to learn how to break through the ceiling before she could double her turnover. Here are her top tips for enhancing a business:

1. Enhance your customers’ experience.

No matter your line of business, you’re going to have competitors who offer the same products or services.

To distinguish yourself you need to identify your unique selling proposition (USP). When clients are given a memorable experience, they become your sales team as they share their experience with other potential clients.

In my business we provide additional services that we don’t charge for, like transporting witnesses to hospital for follow-up visits, or clients needing roadside assistance.

2. Be willing to delegate.

As the owner of your business you’re always under pressure because of the many roles you fill. You end up being an employee in your business as opposed to working on it.

To change this, I appointed an experienced marketing director and an HR manager who also handles operations and payroll.

I pay her slightly more to handle the extra functions as the company grows. And our finance is outsourced. This frees up my time to focus on developing the business.

3. Invest in technology.

Consider which tasks you’re spending too much time on that could be automated instead.

This can make your business much more efficient and allow it to grow. I implemented the Pastel VIP Payroll system, which allows us to do proper salary and tax calculations quickly and correctly.

We’re also implementing a system that allows for proper invoicing. For cost efficiency, we’ve installed CCTV cameras instead of guards to monitor some of our clients’ properties and assets.

4. Empower and motivate your staff. Money is not the only way to motivate staff.

We promote from within. We offer training that will give staff the confidence to excel in their jobs, and we recognise employees who go the extra mile, rewarding them with a certificate and gift voucher. For some of our staff who work far from home, we pay for their accommodation.

5. Never underestimate the power of relationships and networking.

Always carry your business cards with you wherever you go. While forming new networks, maintain good relationships with your clients and allocate more time to clients who recognise your value-adds.

Vital Stats

  • Player: Nothando Baloyi
  • Company: Lady T Protection Services
  • Est: 2009
  • X-Factor: Getting the basics right laid a firm footing for growth.
  • Contact: +27 (0)11 024 2983

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About the author

Tracy Lee-Nicol, Entrepreneur

Tracy-Lee Nicol is the Editor of Entrepreneur's Franchise Zone and writes for Entrepreneur Media SA.

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