The Iridium team is powered by an amazing group of women who add a wealth of wisdom. In celebrating Women’s Month we decided to ask each of them for a piece of advice for small business owners. In the team, we have sports lovers, corgi owners, beer drinkers, beach goers and foodies. In every unique answer we got, we were reminded of the diversity we hold together. Hearing the wisdom these women have to offer and having the opportunity to showcase the different members of our team was a huge privilege.
Have a passion/obsession/excitement for your business will give you the energy to grit through the bad and bring on the good.
Be flexible and be an early adapter when it is needed.
I would say they need to focus on maximizing the resources available to them and expand as they grow. The leaner the business the better!
It’s all about branding. If you get your business out there, get people noticing you, talking about you you can make a success of it.
All businesses start off small, It’s important to always remember why you started and where you want to go.
When registering your company, always keep all your company documentation in a safe place.
It’s important to focus on building a kickass team. Know that you can always learn something new from others, so be open to all ideas so you don’t miss out on great opportunities.
I would say to understand your finances. Not everyone is an accountant but you need to have an idea of where your money is being spent, and what’s coming in to make sure you are being profitable. Believe in your business. It’s always clear when someone is passionate about what they are doing/selling and believes in their product/service.
Familiarise yourself with some tax knowledge and make notes of key deadlines. This will ensure you’re not missing any compulsory submissions which could lead to nasty penalties down the line.
It is important to know every part of your business and to have a good relationship with everyone who works for you. Client relationships are very important but start with your team! Be willing to take chances to scale your business and don’t fall behind the rest of your competitors
Organisation is key! You can have the best business idea in the world and the best customers/staff but if you don’t have control over what is coming in and what is going out each month (be it money, staff, stock etc) then it is impossible to plan and really stunts the growth of your business and can lead to cash flow issues and debt!
1. Be true to your business. The reason you started a business was that there was something that people needed that was missing. Stay true to that passion and purpose that got you started.
2. Spend some time building a team that is on board with what you are doing.
Every little bit counts!
As part of the Iridium Circle, we have been inspired by a few clients who have started initiatives focused on the development of women entrepreneurs.
Girl Boss Hustle
Girl Boss Hustle is an initiative from Akro Capital to provide a support channel for female entrepreneurs, business owners and start-ups. This is specifically to address the unique challenges they face as they grow. The provide support through various channels such as coaching, mentoring, workshops and accelerators.
Future Females is a network/community that supports female intrapreneurs and entrepreneurs. They help with access to educational, supportive and collaborative resources. In their own words, “Future Females is a movement to inspire more female entrepreneurs, and better support their success. We provide a platform digitally, physically and emotionally where women can connect, inspire and collaborate with each other, and access the resources they need to succeed”
FixForward started an amazing Mothers in Need COVID-19 relief programme in partnership with The Zoe Project. The programme aimed to provide food shopping vouchers to financially vulnerable pregnant women and started off by donating the first R120,000 to support 50 women for 6 months. To date, they’ve been able to raise just under R700,000, which has allowed the programme to support 287 mothers for 6 months. Check out the link to learn more about the project.