Find your place in the ecosystem so that you can thrive

Each of these elements makes up your business ecosystem. How you deal with and manage these elements directly influences the potential success of your business. It is important that you keep in touch with new developments and changes that will impact your ecosystem because this will drive the way you interact with your ecosystem and the position your company holds in the hierarchy of the ecosystem.

For example, there are thousands of new businesses emerging in the South African Small Business Ecosystem. This means that consumers are spoiled for choice when it comes to choosing a business to fulfil its particular needs. You need to position your business a provider of choice by offering better products and services at competitive prices. The only way to do this effectively is with in-depth research into your competitors, your target market and even your business.

Don’t miss out on the opportunity to interact with others in your ecosystem

The unfortunate reality for most businesses that fail to understand their ecosystem is that they eventually become a part of the 80% of businesses that fail within the first five years of operation.

The reason for this is that even though new businesses bring competition, new products and exciting services to their industry, they lack understanding of the ecosystem. These businesses fail to network and often miss out on valuable opportunities to interact with other entrepreneurs that can be of benefit to the businesses growth.

This could be as simple as finding suppliers that offer better quality products at more affordable prices. Or, it could be that you’re missing out on the opportunity to include new technological developments that can streamline your processes and improve your bottom line.

The most effective way to engage with your ecosystem

One of the most effective ways to get a better understanding of the ecosystem that you operate in is to attend events and network with other businesses. By doing this, you’ll gain a better understanding of the challenges they face and can learn from their mistakes. You’ll also gain an understanding of process that work.

This is why an event like the Small Business Expo is so important. It is devoted to the development of small and medium sized enterprises. This is the perfect platform for you to become a key player in your ecosystem. You’ll get the opportunity to interact with prominent business leaders that can motivate you, introduce you to exciting new opportunities and most importantly, stimulate your businesses growth.

By Aiden Sookdin, Chief Communicator, BizWrite