OpenSource Entrepreneurship Centre

10/07/2022

21/01/2022

5 PILLARS OF BUSINESS SUCCESS IN 2022
By Nicholas Sibanda

The new year has just begun and moving faster than we imagined at the end of last year. As usual, it is full of promise and hope and will deliver equal opportunity for everyone (as in 365/24/7). But as last year did, we will end it on very different notes. For sure, there will be challenges and stuff beyond our control, but most of the results can be influenced by the following elements underpinning our approach to business in 2022.

1.Values
Values represent your parameters and boundaries. They are what distinguishes you from brute beasts. They provide the moral compass that legitimizes any human activity. Values are sometimes referred to as ethics or ethical behaviour. They are an intrinsic and intangible control system that protects both you and those who deal with you from your base instincts such as greed, violence, manipulation and exploitation.

The human heart can be dangerously vile that in the pursuit of wealth and fortune, we can destroy both ourselves and the planet. Values sound the alarm when we are going off the rails. All our business decisions must be for the good of people and the planet. Money without a sound value system is disastrous endeavour.

We live in a fluid society where the standard is legal/illegal not right/wrong. Not everything that is legal is right. The law, unfortunately, is often manipulated to suit whatever whims we fancy as long as we can secure enough votes, position or even views on social media!

Religion which used to be the buttress of societal norms and standards is now scorned and generally perceived as unscientific and irrelevant or even oppressive. Dare I add that most of the religious estate is highly compromised in any case. So, values-driven business will be our salvation. Values however, are decided upon in advance and built into the culture of the business through practice. You don't suddenly catch them at the spur of the moment.

2. Planning
No amount of virtue is good enough on its own. Work is the process of turning ideas into reality. Planning is working with goals. It is envisioning the possibilities based on our desires and corresponding effort. Planning is not wishful thinking that most of us engage in at the start of the year or some random cut & paste of all the rosy things we admire from others.

Planning seeks to optimise the finite resources to create the great goals. Contrary to common practice, planning is more about the output and resources to produce it than the activities and filling up calendar space. This is the place of innovation.

The challenge with traditional planning is that it is prescriptive rather than inspirational. Achievement in this form of planning leaves no room for the creative process to lead us to discover new ways. The inspirational approach on the other hand, provides motivation to use the minds and other resources to invent new approaches.

3. Discipline
Suppose you got the values right and the planning is on course. What could stop you? Discipline is the single biggest culprit for unrealized personal and corporate goals. When you are all set, suddenly a plethora of options emerge from nowhere. These cause you to hesitate on your chosen path. In my language there is a wise saying that states: "You may not chase two impala at the same time." That is the concept of discipline. Stick to the plan. True, there is room to adjust and even change plans, but without discipline your pursuit is in vain.

Discipline is also required when going against the tide. Anything worthwhile will face fierce opposition. It will come from those inside and from outside. Giving up will be an ever-present easy option at the beggining, whenever things get tough and even when you have gone a long way! Giving up is a promise of relief. It attacks novices and seasoned veterans alike.

It is a decision you take before the actual act. No one gives up suddenly. It's a mental battle lost before manifesting in action. The process may be anything from a couple of seconds to many years, but there is always a choice. Discipline also helps you prevent the wastage of resources by choosing a focused path towards your set goals. It also helps you by building patient endurance and resilience to go the long haul.

4. Delivery
What are your deliverables according to your business plan? Measurable results are critical evidence for success or progress. We are tremendously capable of providing plausible excuses. However, what we must learn is that no excuse ever helped anyone no matter how valid. Failing to deliver on a mandate is a loss to you and others who expected the results.

Measurement is an important built-in component for anything we engage in. There must be clear timelines and deliverables set out for every timeslot. Without these, our activities are all in vain. Metrics help us determine what works and what doesn't so we can use objective information to make our decisions.

5. Review
Over and above delivery on the objectives, there must be strategic points for taking a comprehensive reading of your progress. Review is done when things are going wrong and when everything is well. Evaluation is a critical element for decision-making. Again, as seen in planning, Review is not just a random tick-box activity. It works against the set goals, but asks deeper questions around the methodology, resources and efficiency.

Your present status is directly related to how your last evaluation was conducted. Don't use emotions (positive or negative) to make decisions from your reviews. Review gives you a chance to reorganize, regroup and motivate your team. So you need to be as objective as possible to read the results and frame the response.

Nicholas Sibanda is a business consultant specialising in entrepreneurship development in SMEs and nonprofits. He has published resources for entrepreneurs and conducts customised executive training and start-up business coaching.
Contact: [email protected]

02/12/2021

Survive and thrive

We live in interesting times, no doubt. Previously, we easily would have been saying don't focus on mere survival, but survival is no longer mere. In the face of the pandemic, survival is key. So take precautions to avoid infection and anything else that may put your life at risk.

While survival is a goal, it is not an end in itself. It is not enough to just survive. Each one has a purpose that we exist for. There is meaning and value in your engagement in business or running the organisation you lead.

That is what you must work at clarifying. This is not necessarily the activities of your job, rather the impact of what you do.

As we come to the end of the year, do a self audit. Don't just work towards a bucket list. Work with a list that pays forward.

A wealthy entrepreneur said of his work:
• I rescued the poor who cried for help, and the fatherless who had none to assist them.
• The one who was dying blessed me;
• I made the widow’s heart sing.
• I was eyes to the blind and feet to the lame.
• I was a father to the needy
• I took up the case of the stranger.

This is a mix of power, presence, and money coming together to define your influence. You can't throw money at problems, nor can you solve most problems without money. It is the extent of your involvement that will make something significant happen.

The late former president Robert Mugabe used to take one citizen along with his family for their annual vacation. Hate him or love him, that is a powerful gesture of humanity and humility.

Please, by all means survive. The world needs more entrepreneurs like you, not less. But also, please thrive. The world would be better off by increasing your capacity to multiply good.
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30/11/2021

Ask for help

We live in a world where asking for help is seen as a sign of weakness. We often would rather fumble around until we give up than ask for help in advance. We offer to pay for stuff so we feel we deserve it.

I am all for paying for the services we get, but I also believe in asking for help and offering it. Asking emanates from a position of strength and not weakness. You have identified what you have and what you need to achieve your goal. You have also identified who has what you need. There is a common taxi sticker that my brother and I laugh about always. "Noma yini bhoza yami!" loosely translated it says "I'll take anything my friend."

This is not the type of asking we are looking at here. Rather, something specific and strategic. This type of asking that requires boldness and persistence. Jesus talked about the escalating intensity when he shared a parable to demonstrate this; A man had a guest arrive late at night but had no food and had to go to a friend next door to borrow supplies.

The friend complained that it was now late. He was now in bed. He wouldn't like to wake the kids up etc. But the guy persisted asking until his friend woke up and gave him all he needed because of his boldness! There comes a time when you have struck gold and you need the leverage. Don't hesitate to ask for help. If a fellow entrepreneur turns to you for help with a strategic opportunity and it's in your power to help, don't turn them away.

"Ask and it shall be given to you, seek and you will find, knock and the door shall be opened for you." It takes clarity of thought, persistence and humility to do that.

Sometimes it's money. At other times it's in kind or your networks. Don't turn away one who asks for help. Whoever waters others will also be watered. Tides turn, circumstances change and you are better when others get better. Life is lived with inadequacies from time to time. That is why we need to be humble to give and to ask for help.
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29/11/2021

Focus

The last week has been full of dramatic events in my circles. First, there was the SA government's resolution not to renew the special permits for some Zimbabweans living in South Africa.

While that was still topical, there seems to be a COVID 19 resurgence. A new variant discovered, Southern Africa was cut off from the world through a sweeping irrational travel ban by the UK and scores of other countries. There is also talk of mandatory vaccination in the face of a looming 4th wave. Lots of us are furious and anxious at the same time.

While these are important issues that need our attention, we can't allow them to take our lives hostage. We still have lives to live and businesses to run.

It's amazing what levels of capacity to be creative, adapt and find solutions when our minds are free to think even when under pressure.

It's what we choose to focus on that really determines how we engage with our realities and the outcome of our future.

There may be a dark storm right now, but the sky is certainly not falling. So what will you do to stay focused?
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26/11/2021

Give thanks

"Thank you" is one of the easiest words to learn in any language. There is a difference between gratitude and giving thanks. Gratitude is the attitude of being grateful.
Thanksgiving is the action inspired by gratitude. It is the acknowledgment of others hence 'giving' the thanks.

Humility is the context of thanksgiving. It is admitting your indebtedness to others for what you have achieved or received. Thanksgiving is always other-centred. No-one thanks themselves.

Every single one of us has something to be grateful for. No matter what happened this year (and a lot happened) we can choose to give thanks.

What you got:
Being in business in these trying times is anything but easy. You have staff. You got work/clients. Be grateful for that.

What happened:
You had plans that were accomplished. Maybe you had to make adjustments but you still did work. Give thanks.

What didn't happen:
Some of us got sick, others lost loved ones, but we survived. Some of the deals you had that didn't work out were a blessing in disguise.

What you learnt:
The intangible things like wisdom, information, ideas helped us along. Many have been our sources. They researched and compiled information, hosted events. Appreciate the group admins!😊

Giving thanks is an activity. It's not just having a great feeling of thankfulness. You must give it.

Put it into words:
Write a personalized email, SMS, card or record a message. Showing up in person over a cup of coffee allows you to pay it in time currency.

Be elaborate:
Don't spare creativity or expense if you can. Make it memorable. Set the stage and capture the moment. Pick a gift, write a poem get others in on it.

Feeling grateful?
Draw up a list and work through it this season. Acknowledgement helps reinforce the doing of good. Got ideas for the best way to give thanks? Share them.
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25/11/2021

Get some Rest

This is the final stretch of the year. We have a holiday season coming up. Take time out to recharge your batteries. This was a tough year for many of us. We lost business and people close to us. We never got a chance to stop and reflect. Life was constantly dictated by the pandemic and government regulations.

Celebrate the gift of life.
Connect with what inspires you. Even if you will be working this season, you will have to schedule time off work. Ideally, you should take regular time off the rat race, but most of us just couldn't. We have been stretched till the last month of the year, battling to cover the gaps and keep the ship afloat. The carrot tends to go faster the harder you run.

Most of us don't plan for rest so we don't know what to do with the 'free time' and we end up so bored we revert back to work. If you travel don't schedule a rushed holiday or go to busy places. Go slowly.

The idea is to slow down both in your mind and body. Don't spend what you don't have. Stay home, sleep, read a book, write, paint, do gardening, play games. Host people. Visit family. It doesn't matter what you do, just slow down.

The new year needs you fully alert and in charge of whatever it will bring your way.
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24/11/2021

Explore new markets

Revenue is the lifeblood of any business. If your sales have dipped, you may attempt to come up with a fancier marketing campaign, going onto social media or cutting down on your expenses or even retrenchment. These are short-term measures, but not sustainable in the long term.

You want to look at developing new markets for your products or services. This means that you have to innovate on the logistical side of things to reach new users and deliver value to them. Investing in the value chain is important and partnership with other players can help carry or at least share the cost of reaching new markets.

Take the food delivery industry for instance, it just created a connection to a market that was previously inaccessible. Innovation enables you to repurpose redundant or underutilized resources.

Revise marketing strategy

In strategy, thinking is everything. But most entrepreneurs increase activity during a crisis or the downtime. Strategy is not only a plan, but a movement or a series of movements that are designed to help you gain advantage. Here are a few possible strategic moves.

Go lean:
This strategy requires that you cut off all the frills and expenses. Get cheaper office space or work remotely. Sell off the flashy stuff and retain only essential staff.

Move up or down the value chain:
Sometimes there are opportunities if you cut out the middle man or other facilitators and deal directly with your supplier or end user market. You may discover that you are even much better as a manufacturer rather than a distributor. Of course, you may need new skills, but you are not completely new to the value chain.

Go international:
Some vast markets exist just beyond the boarders of your country. We already have an effecient trade network across Africa. Go out and look for buyers and vendors and hire local reps. Add French or Portuguese on the packaging and you are ready to go.

Go there yourself:
Don't be misled by economic analysts who make gloomy comments about whole countries from far away and they are not even entrepreneurs themselves! Go to Zimbabwe, Mozambique, Nigeria or South Africa and explore the possibilities on the ground. Most of our countries have export incentives. Familiarise yourself with the international trade events (there is a whole calendarful of them) and attend as an exhibitor or to shop for contacts.

Create new products:
No matter how good you are at selling, people just don't buy obsolete goods. We live in a highly competitive world. The market is driven by a different set of forces. Products are bought for more than their functional value. Are you up to speed with the trends around your type of products? What is in and what is out? A product is made for the market. You don't market a product.
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23/11/2021

Hiring staff

No business can rise beyond the quality of it's staff. The people in the organisation are the embodiment of its culture and by extension, the definition of the customer experience. It should follow then, that staff receive constant attention. However, most businesses pay attention to the quality of person only when they hire them. There is the interview, CV and occasionally a reference check. What we all know is that this is the easiest checkpoint to sneak past.

How else do we discover that the person we hired is not suitable, even when they came out tops in 3 rounds of interviews? Or the staff whose referees submitted glowing recommendations for is unbearable on team? How come they do such a shody job when they have recognition for outstanding employee from their previous job?

There may be few ways to explain this. Firstly, they are qualified but not competent. When hiring, test the prospect on the vital competencies for the job. Don't take their word for it. People get coached to answer interview questions. Along with the qualifications, seek their ability to deliver on the job. So your hiring process must feed into your staff development goals.

In the case of incompetence, invest in the development of your staff team. Help them to improve capacity through refresher training and the acquisition of new sets of skills. The shelf life of skills is getting shorter and shorter, so build a culture of continuous professional development.

A poor work environment is only about completing tasks, not growing and delivering value together. Invest in a dynamic workplace community that allows your staff to excel while delivering value for your customers.

In preparation for the new year, fix your staffing issues. You may even have to finally let someone go, but the very existence of your business may be dependent on it.
Let's discuss your staffing options.
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22/11/2021

Recapitalisation

Depending on where you are at, most businesses need more financial resources to scale up. The current sales to salary cycle does not allow you to go beyond staying afloat, paying staff and servicing debt. But where in this depressed economy does one get more money?

• Loan: The cost of capital can be expensive and terms very harsh. A loan may be the easiest route, but not the cheapest. Your source is important. Don't go with loan sharks and other high interest options. Check out the repayment terms and negotiate if possible. If you can secure an interest free loan from family or friends or even a church fund, the better.

• Investor: Besides a loan, it may be wise to look for an investor. An investor will give you funds for a stake in your business or a share of profits. Make sure you are not selling yourself short.The idea about investor funding is to always make your business investor ready. Don't just wake up and give away half of your business for R100k. A critical factor is to know what the business is worth in financial terms and how it is likely to perform profitably to guarantee a return for the investor. Use this information to bargain with an investor.

• Equity: A lot of us have excess assets lying around in the house or garage. Sell something that you own and put the funds in the business. A car, house/land, boat, clothes, jewellery, shares or whatever you have that is valuable and can quickly convert into the money that the business so desperately needs.
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