November 2015

Where is my business heading?

Posted on November 25, 2015 by Sanlam

As business owners we are often so busy working in the business that we fail to work on the business. We are chasing the next transaction, dealing with a dissatisfied client, negotiating terms with a provider, or having problems trying to balance the cash flow.

Over the years I have learnt that one should put aside enough time to consider the business’ current results and where it is heading.

Benjamin Franklin was one of the founding fathers of the United States. Franklin, a renowned polymath and also a leading author, printer, political theorist, politician, postmaster, scientist, inventor, civic activist, statesman and diplomat once said that, if you “fail to plan, you plan to fail”.

In the modern idiom – we need the GPS coordinates to indicate the direction of future action.

There are three elements that need attention:

1. The Vision of my business – one productive method I use to help with this, is to ask:

“Within the next five years (the name of your business) will ………………………………… (articulate what you wish to achieve).”

Here is an example of a vision using these principles: “Within the next five years ABC Solar will be the leading provider of eco-friendly energy solutions for households in South Africa.”

Remember to measure your ‘new’ vision against the existing one.

2. The Mission of my business – a mission should answer the following questions:

Who are we?
What do we do?
How do we do it?
Whom do we do it for?
Does the mission fit in with the vision of my business?

Here is an example that links up with the ‘vision’ example above: “At ABC Solar we install eco-friendly energy solutions that keep track with the individually assessed energy requirements of our residential clients and that meet the generally accepted ISO standards.”

3. The goals of my business – For me, goals are the building blocks of success.

It may sound complicated, but it is simple to formulate goals if you apply the SMART principles:

Specific – right to the point
Measurable – nothing audacious
Appropriate – needs to “speak” to the specific role
Result or process goal – a “result-related” goal points to an end goal and a “process” goal to a continuous event – see the examples below
Time framed – has an end date by which the achievement should be reached
Start with a verb – action orientated

Examples of goals:

Realise a profit of R2,5 million by 28/02/2016 (result goal)
Develop 2 new product lines by 31/12/2016 (result goal)
Establish a new distribution channel by 30/09/2016 (result goal)
Identify 1 new way of marketing and selling my value proposition every month (process goal)
Do a monthly client service evaluation (process goal)
Identify 2 new clients by 31/10/2015 (result goal)

Note: Ensure that goals are created for all business areas.

I can’t change the direction of the wind, but I can adjust my sails to always reach my destination. (Jimmy Dean – USA businessman)

To support business owners with the important task of business planning, Sanlam gives you free access to the book Your Annual Business Game Plan for Success, which provides an easy and straightforward framework needed to draft a well-crafted game plan that will create the positive change and growth necessary for business success. Go to www.sanlam.co.za/gameplan to download your free copy.

Article written by Jannie Rossouw, Head: Sanlam Business Market

The 8 essential steps to building a winning company culture

Posted on November 23, 2015 by Business Partners Limited

Culture can make or break a company. It is incredibly important because it sets the tone for everything from how the early team interacts to the kinds of hires made to how customers are treated. One mistake can set you back months. On the other hand, you have the opportunity to set your company apart by building a winning culture.

Here are eight steps for creating a winning corporate culture:

1. Learn from the past

We all have experiences from which we can draw valuable lessons. If you’re a first-time founder, examine the corporate cultures of organisations you worked for previously. What worked for you in those cultures? What didn’t? Similarly, if you’re a seasoned entrepreneur, think about the cultures you already created. What cultivated success?

2. Create a culture that aligns with your core values

This is your business. You’re driving it, and you need to infuse who you are into what you do. Otherwise, it won’t work. Think about your personality and, more importantly, your core values. Are you ingeniously innovative or unwittingly create? Do you foster a work hard, play hard mentality? Are you relaxed but also expect the best from people? If so, create balance of work and play. Are you a true collaborator? Then advance that behaviour in your company and promote the people who it. Take time to reflect on who you are, the vibe you want to radiate, and ultimately. The kind of culture that fits both you and your brand.

3. Find great people who complement you

Round out your corporate culture by hiring people who offer different experiences than yours. As tempting as it may be, avoid hiring a “mini-me.” Identify your strengths and weaknesses, then fill in the gaps. For example, if you are an amazing innovator but fall short when it comes to running the numbers, bring in a savvy financial officer. If you are a risk taker, hire someone who is more conservative. Diverse perspectives grounded in a shared vision are worth their weight in gold. Again, just be sure not to sacrifice your core values.

4. Communicate

“Build open and honest relationships with communication.” When developing culture, talk with each other. This might sound trite, but it’s easier said than done. People need to be able to share their ideas and speak openly without fear of repercussion. People want their opinions heard, and they want to feel good.

5. Have fun

It’s simple: a little fun goes a long way. Granted this looks different for every business. A tech company can get away with more fun than perhaps a law firm or hospital. But there are ways to engage employees in activities that feel less like work. For example, declare half-day Fridays during summer, take your team indoor rock climbing, go to a wine tasting after work hours or hold a contest. Just do something out of context and give people the freedom to relax, show up in a different way and have fun.

6. Sell your vision to the team

Bottom line, everyone needs to be a believer. If you don’t stand for anything, you stand for nothing. Place great emphasis on internal communications and creating sustaining a positive work environment.

7. Work as a team

Stop thinking of people in terms of “employees” or “departments.” You’re all part of the same team, so act like it. Rallying around the idea “we’re all in this together” builds a sense of unity and community, which fosters culture. The best people are team players who truly support the company, its founders, management and co-workers.

8. Maintain and carefully evolve your culture

Culture is not something you put in place and expect it to stay forever. It takes work. You need to nurture it. You also need to give it the freedom to evolve. If you cling too tightly to you culture, you risk smothering it. Protect it, yes, but understand that your culture will shrink and swell – and that’s okay so long as it maintains its core.

Source: Monica Zent

Breaking norms leads to success for 2015 EOY entrant

Posted on November 23, 2015 by Webmaster

Wearing pink and playing with dolls is often associated with most little girls’ childhood. This was not the case for Shireen Sayed, an adventurous outdoor enthusiast who grew up climbing trees. This Durban-based entrepreneur, owner of Aspire Project Management, says she knew from a young age that she would carve her career in the built environment, and what lead her to initially take the decision to study civil engineering.

Determined to succeed after her parents’ tuition funds ran out after her first year of studies, she managed to stay at school by seeking funding from engineering companies that she contacted using the Yellow Pages. “I wrote a letter to every engineering firm listed in South Africa, while at the same time working part-time in retail. I was then offered a job by Ninham Shand Consulting Engineers – at the time, one of the largest consulting engineering company in South Africa,” says Sayed.

During her time with the firm, Sayed completed numerous projects, from designing water reservoirs, roads and bulk services at various locations in KwaZulu-Natal, to determining the location of the Katse Dam in Lesotho.

She also quickly progressed from the design stage through to the implementation of projects by managing the construction phase and handover process. “This experience provided me with a good grounding on how engineering projects are designed and constructed.”

After seven years with the company, Sayed received an opportunity to work in Ireland which she grabbed with both hands. “Looking back, I viewed this decision as the catalyst to starting my own engineering practice, as the international exposure I received during my time abroad taught me to view life and the role of engineering from a different perspective.”

Having been exposed to project delivery for over 15 years, Sayed took the decision to undertake a Master’s Degree in Project Management at the University of Limerick in Ireland to strengthen her knowledge of the science needed to deliver a projects within constraints.

“While it was a challenging balancing act of working a full-time job managing projects, while studying in the evenings and weekends, I believe my determination and focus paid off, as this was a building block to eventually setting up my own company.”

Armed with a strong foundation in engineering design and construction, as well as project management, Sayed started Aspire Project Management upon her return to South Africa in 2011. “Through my experience, I have developed a good foundation and understanding of how to deliver innovative engineering projects for clients, which now includes various blue chip companies nationally.”

She adds that her varied experience contributes to the value she offers her clients. “Project Management teaches you discipline in following processes and procedures, whereas civil engineering teaches you to be analytical and a problem solver. Both backgrounds afford me the opportunity to engage with project teams as I understand each process inside and out. My thinking and approach to business and life has been shaped by the principles that I have learnt from these two disciplines.”

As Sayed had been out of the country for more than 11 years, she says that her greatest challenge to date has been building the brand’s visibility within a very limited network. “We are however currently sourcing partnerships and support from long standing businesses to assist in raising the profile of the business.”

Setting up Aspire Project Management against all odds has ensured that this innovative thinker continues to follow her dreams, and in the process create jobs and opportunities for her employees and the families they support. “We also undertake small social development programmes by supporting local communities, and I am very grateful that my company is in a position to do this.”

Sayed says her future plans include expanding her company’s footprint nationally. “I see Aspire Project Management establishing itself firmly in the South African business landscape, and we will continue to look for partnerships that share our vision of creating true value for our clients and society as a whole.”

For more information on Aspire Project Management, please visit:

Website: www.aspirepm.com

Email: ssayed@aspirepm.com

SA businesses encouraged to create incubators to develop tomorrow’s entrepreneurs

Posted on November 23, 2015 by Webmaster

“If all business owners in South Africa commit to mentoring one young entrepreneur, we have the potential to double entrepreneurship in two to three years.”

This suggestion was made by a local entrepreneur at the inaugural 2015 Sanlam / Business Partners Entrepreneur of the Year® Alumni Association, an entrepreneurial platform established in an effort to stimulate conversation and action amongst established local entrepreneurs.

During the session the entrepreneurial community – consisting of over 50 past competition title holders and seasoned South African business owners from across various sectors – recognised the urgent need for business incubation in South Africa, and raised valid points about how seasoned business owners can play a vital role facilitating and building entrepreneurship in the country.

Now in its 27^th year, the Sanlam / Business Partners Entrepreneur of the Year® competition holds a database of top entrepreneurs and through the alumni, we seek to harness entrepreneurs’ expertise to remove the barriers they see as hindering entrepreneurship within the country.

Entrepreneurs in attendance agreed that small and medium enterprise (SMEs) owners underestimate the value and the difference they can make by guiding and supporting potential entrepreneurs who need support in starting or growing their business.

Now more than ever the market needs more employers

The recently released GEM Africa’s Young Entrepreneurs report states that by 2040 Africa’s young workforce will be the largest in the world, surpassing both China and India. In South Africa, this potential workforce is largely unemployed with the figure already reading 53% when compared to the adult population figure of 21%.

In South Africa, the formal sector is increasingly feeling the pressure and is unable to serve the current employment demands. This pressure is only set to grow if additional measures to drive youth entrepreneurship are not implemented in the country.

To curb this, youth need to be encouraged to pursue entrepreneurship as a viable career option. More importantly, young entrepreneurs embarking on the journey need to be supported in order to succeed so that they too can develop into successful entrepreneurs who will go on to create additional job opportunities.

South Africa’s youth are being taught to be job seekers, rather than job creators.

Past GEM research shows that only 11% of South Africa’s youth indicate that they intend to start a business in the next 3 years.

As a country, we need to encourage entrepreneurship from a young age. Education institutes can only inspire youth to a certain degree. Families need to groom their kids to become entrepreneurs and young, budding entrepreneurs need to have access to business owners they admire and spend time with them in a working environment where they can experience an entrepreneur’s passion for business first hand.

Leading by example

A Western Cape based alumni member operating in the construction space recently implemented an internal mentorship programme and incubator space within his business as he believes that ‘giving someone an opportunity can lead to great things’. The programme provides a platform for start-ups to make use of his office’s infrastructure, whether it is a desk, access to the printer or use of the boardroom. The entrepreneur also mentors young entrepreneurs by providing advice when needed, as well as introducing them to the business world by allowing them access to business engagements or seminars.

While there are barriers to entry for young entrepreneurs, if the small business community can inspire more youth to consider entrepreneurship, one battle will be won.

In South Africa, there aren’t enough grassroots organisations that equip young entrepreneurs with technical knowledge. A retired entrepreneur in attendance said that having recently mentored her son who owns a business, made her realise how desperately the youth seek guidance. She explained that while they have the passion and ideas, they struggle to implement these ideas and that more should be done to make it easier for them to grow their business.

The youth therefore need to have the opportunity to shadow a seasoned entrepreneur and be shown what it takes to run a business and what can be achieved with commitment and dedication.

Give back and get back

Not only are these mentorship and incubator initiatives relatively easy to implement, but entrepreneurs can also reap rewards from these engagements. Entrepreneurship can be a lonely job and an incubator environment can create an immediate sounding board for your business. It creates an opportunity for you to also learn and possibly think of new ways to do business.

Gugu Mjadu, spokesperson for the Sanlam / Business Partners Entrepreneur of the Year® competition and co-facilitator of the alumni events which were hosted across the country in 2015.