Think like a Conductor: Guiding Your Business to Harmony in Turbulent Times

The South African economy currently faces a challenging melody. A yet-to-be-confirmed technical recession, low business confidence, a volatile currency, with banks being accused of manipulating it, inflation at the upper-band of the range, a government that believes fiscal austerity can somehow drive economic growth and inflexible labour regulations create the kind of environment that requires Thanos-level commitment to keep afloat.

This is the battleground. The marketplace, and this marketplace is a complex and uncertain landscape for entrepreneurs. Yet, even amidst these dissonant notes, there exists the potential to orchestrate success for yourself.

Imagine navigating a bustling South African marketplace, the air thick with the anxieties of economic uncertainty. Just like the loud hail of the minibus taxis hooting through the traffic and load shed traffic lights in the mornings, founders and business people must find a way through the chaos. In this environment, just keeping the business going is an act of defiance.

Make no mistake then, you must be defiant to be an outlier.

Businesses, large and small are struggling to adapt to the ever-changing rhythm of the economy, their confidence waning like the rand in a global storm. This past year the trend of delisting from the dominant stock exchange, the JSE, has placed further strain on the tone and allure of the economy.

To global investors, it appears as if the economy is waning, policy uncertain and the cost of listing is no longer worth the opportunity to access traditional and institutional capital markets. While it must be said that the JSE has itself responded with its latest innovation private placement desk, rumours have it that there are now murmurs to reconsider that platform as a strategic MOAT. This is not atypical of large organisations, often not patient enough to work through the depth and severity of their startup within a corporation.

Modelling a hockey stick is a technical exercise. Leading through hockey is a character-shaping experience.

If the Goliaths are struggling, what more of the Davids?

The inflexible labour regulations framework of South Africa makes it disproportionately expensive to onboard full-time labour given the diminishing economic opportunities. These muted cymbals are the discordant trumpet in the band of business in South Africa. And while the music continues to play, the cost to dance is getting prohibitively high.

But wait! Within this cacophony, a determined conductor raises their baton, their gaze fixed on a vision of harmony. This conductor is you, the entrepreneur, undeterred by the challenges around you. You possess the power to transform this discordant scene into a masterpiece of resilience and innovation.

And frankly, the country is desperate for you to do this.

Recently, while sitting in conversation with partners of ours in Malaysia, I realised that the seas have always been and the music has always been out of tune. This is why the marketplace needs us, entrepreneurs to exploit those inefficiencies, and create and capture that value.

This is why we exist. This is why we create and others don’t.

But how can use this “conductor’s mindset” and tested business wisdom to help you orchestrate your business through the turbulence?

Here are some practical strategies:

● Define your “why”

When the economy feels like it’s spinning out of control, grounding yourself in your core purpose provides a steadying rhythm. Why did you start your business in the first place? What drives you to navigate this complex market? What problem are you passionate about solving? Which customers would be left poorer if your business didn’t exist?

This unwavering “why” will become your guiding star, leading you through even the darkest of economic storms.

Make a literal note of that “why”.

Write it down.

Repeat it.

Often.

Share with your staff and your suppliers.

This focus on “why” can help you navigate the worst economic times for your business.

● Assemble your orchestra

Surround yourself with a team of talented individuals who share your passion and values.

Now this is not easy and if done poorly can cost you more peace than cents. So, how do you do this? Seek out individuals whose skills and personalities complement yours. Seek out people who possess the resilience to weather a storm. Ask them if they have ever worked in a small business before. People who have only worked in large organisations and corporates often struggle with the scope-creep in the job roles of working in a small business, working for entrepreneurs or being part of a start-up.

Once you have the right people in the room, invest in their development and empower them to take ownership. Communicate what outcomes and results you want and then hold them accountable for those outcomes and results.

A strong team is the heart of a business, and an accountability culture is the soul of a successful team.

Poor accountability mechanisms, poor culture.

● Embrace the entrepreneurial rhythm

The life of an entrepreneur is not a predictable classical music waltz. Rather it is a spontaneous and dynamic jazz improvisation. You have to count on each of the jazz artists in the ensemble to react opportunely to the tune of fellow instrumentalists.

Simply, you don’t know what note is going to be played next and by whom. But you have to embrace these challenges and uncertainties as natural parts of the entrepreneurial journey. Having a plan but listening to the changes in the marketplace is the key. Learn to adapt your strategy and navigate the ever-changing economic landscape with agility and grace.

How do you do this?

First, don’t panic. Everything is happening at the right time and for the right reason.

Trust yourself. Trust your gut. Trust your process.

Second, have fun!

Business is a game. Strategy is a game. Challenges are part of the game. Never stop having fun.

● Continuously evolve and adapt

As the South African economy undergoes its transformation, your business must be prepared to adapt. Stay ahead of the curve by embracing innovation and constantly seeking new solutions.

Here is a cheat trick: keep a diary of the mistakes you’ve made and what they cost you. These mistakes can help you experiment and test new ways of doing things. Remember the truism, on balance the decisions you have made have been good, and that’s why you are still here.

Be willing to experiment and learn from your mistakes. It is through continuous adaptation that your business can thrive in the face of adversity.

● Build a legacy that endures

Look beyond the immediate difficulties and focus on the legacy you want to leave behind. How will your business contribute to a better South Africa? What impact will you have on the lives of others? By pursuing a purpose that transcends profit and loss, you will create a business that resonates with meaning and endures long after the economic storm has passed.

This has held me through the toughest storms: when the now seems difficult, remind myself what a decade from now will be. And keep my eye on that!

Remember, the challenges facing the South African economy are not insurmountable. By embracing the conductor’s mindset and applying the principles outlined in this article, you can transform your business into a powerful force for positive change, contributing to a more vibrant and resilient South Africa.

Let this be your call to action.

Take up your baton, raise your voice above the din, and begin composing the symphony of your success.

The world awaits your unique melody, and South Africa needs your entrepreneurial spirit to lead the way towards a brighter future!

Sayonara