Thought Leadership

Financial Prosperity & Business Sustainability

February 2023

with ESD Development Specialist & Business Coach and Mentor, Sullivan Mphahlele – CEO Namedi Consulting

Running a sustainable business is a continuous process of monitoring and evaluation. It requires constant reflection on the failures and successes that determine how to alter ones short, medium, and long-term goals with the desired outcome of realising the initial vision. In an economic environment with finite resources, one must be able to reassess the goals and reorganise the company model to adjust to the latest market trends. Global warming is destabilising economic infrastructure. With the crisis only worsening, global markets will be negatively affected by environmental changes. As an expert in his field of work, we called upon entrepreneurial business coach and mentor Sullivan Mphahlele to define the elements that are key to financial prosperity and business sustainability.

Planning is the first step if one wishes to achieve goals with intent rather than by default. Every business is born from a vision that is used to define the set of goals and direction of the company. Setting goals is extremely important, but they will be impossible to achieve without a strategic plan.

It is impossible to perform or be good at everything. The truth of life as Sullivan sees it is that "you do not know what you do not know." It is then crucial that we identify personal and professional strengths and weaknesses. By putting pen to paper, a steadfast entrepreneur will be able to prioritise their goals based on what is controllable and uncontrollable. Entrepreneurs need to adopt a new mindset that will transform them into multi-faceted beings. They should try to avoid the prevalent thoughts that cause them to worry about things they cannot change or influence. This will however not eliminate the potential of failure. As opposed to worrying, one should prioritise interventions and sought out low-hanging fruit that will have a favourable impact on the company.

Another crucial element in the process is mastering the art of delegation and outsourcing. It is simple yet least favoured solution among South African entrepreneurs, owing to their reluctance to part with money and their failure to understand the bigger picture and the advantages that paying a lawyer and an accountant will have on long-term sustainability. By identifying the weak points and defining what not to do, an entrepreneur can delegate or outsource the tasks to the relevant person. Not only does it save valuable time and money, but it also improves business relations. Sullivan shares a priceless gift with Siyakhula's beneficiaries and valued readers. It encourages new ways to successfully run your business in 2023 and change the mindset of South Africans and how we function.

When you begin tapping into your success, ask yourself the following questions: "will my company be sustainable in the future and be able to compete with the fast-paced business world? If not, what steps must I take to change that now, before it is too late?"

Sullivan offers valuable guideline tips that will help entrepreneurs to expand their businesses as well as become successful and financially stable in 2023 and beyond:

  • Entrepreneurs should ensure that their small businesses are built around a large framework and function at the same level as large corporates do. This will make the process easier when expanding.
  • The economy has swiftly transformed into a game of numbers, favouring quantity over quality. Therefore, entrepreneurs need to become more agile to remain relevant.
  • To survive and grow, entrepreneurs must become innovative and quick to adapt to change.
  • They should consider how their businesses will be affected by environmental issues, societal woes and the economic infrastructure in which the business runs.
  • It is especially important to know the rules of the game; the laws that govern small business and the sector regulations must be abided by.

Once an entrepreneur transforms into a multi-faceted being, it enables them to experience every aspect and appreciate all the elements of their business. People hardly hear these words being spoken but when an entrepreneur articulates that he or she can feel the business wrapped around them like a warm cloak, taste it on their lips, smell it when they breathe, and hear its whispers in the depths of their soul, then that company is on its way to success. Sadly, entrepreneurs often overlook the value of the small accomplishments in life. They become so focused on larger goals that they overlook the smaller victories. A small act of kindness such as assisting a young boy with the stationery he needs before being allowed into the classroom, is one of life's smaller accomplishments, which matter the most. "Paying it forward" for the benefit of another person is a reward in and of itself, these are the steppingstones that lead to life's milestones. Every stone one lands on is an accomplishment that should be recognised, even if it's only with a pat on the back.

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