Business Partners Limited – Page 2

SA entrepreneurs need your love this Valentine’s Day – they are creating jobs

Posted on February 11, 2016 by Webmaster

Are we, as a society, showing enough appreciation to our local entrepreneurs, and expressing just how important they are to kick-starting South Africa’s sluggish economy? This is the questioned raised by Gugu Mjadu, spokesperson for the 2016 Entrepreneur of the Year® competition sponsored by Sanlam and Business Partners Limited.

In light of Valentine’s Day later this week, Mjadu says that South Africans should consider channeling some of their love towards family, friends and associates who have taken the inspiring leap into entrepreneurship. “While entrepreneurs should be acknowledged regularly for their efforts to society, they are often the unsung heroes of a country’s economic development and job creation.”

She points to the recently release Global Entrepreneurship Monitor (GEM) 2015 / 2016 Global Report which revealed that from the 60 economies surveyed in the report, on average, 68% of working-aged adults perceive entrepreneurs to hold a high status in their respective societies and 61% believe they receive positive attention in the media.

Mjadu says that given small and medium enterprises (SMEs) are a major contributor to job creation and economic growth, this percentage should be much higher.

“Societal attitudes indicate how entrepreneurship is regarded in an economy, and can, in turn, impact potential entrepreneurs’ ambitions in the future. This month of ‘love’ (February), as commercial as the day may be, offers the ideal opportunity to celebrate with an entrepreneur you may know, and provide the reassurance and acknowledgment that their hard work and contribution is appreciated and isn’t in vain. By doing this, we are ensuring that those around us, especially future generations, see entrepreneurship as an inspiring and celebrated career option.”

In an efficiency-driven economy such as South Africa, two thirds of working-aged adults perceive entrepreneurship as a good career choice. The 2015/2016 GEM Global report also revealed high societal values about entrepreneurs in South Africa as the country ranked 15^th out of 60 economies in terms of the status given to entrepreneurs.

While these figures paint a positive picture, Mjadu says that more needs to be done to express and elevate entrepreneurs’ status in society. “Entrepreneurship in South Africa is still largely driven by necessity, rather than opportunity. We need to celebrate entrepreneurs more often in order to encourage entrepreneurship as a viable career option, rather than a fallback plan. This is one of the core reasons the Entrepreneur of the Year® competition sponsored by Sanlam and Business Partners Limited was launched originally as it serves as a platform to showcase entrepreneurs’ efforts and achievements.”

Mjadu however stresses that society at large can, and should, play a much larger – and daily role – in ensuring that entrepreneurs feel supported while pursuing this tough journey.

“Starting a business venture on your own can be difficult and lonely, but the love and support of those close to you make the challenges more bearable, which could be a determining factor between failure and success. So when you next visit your local supplier, friend, or family member who has started a business, give them a hug and thank them for their hard work and contribution to South Africa’s economy,” concludes Mjadu.

Make your appreciation public! This Valentine’s Day – post a photo on Twitter of you hugging an entrepreneur or proving your entrepreneurial love with the hashtag #HUGanEntrepreneur (@EOY_SA)

Open communication can turn family into a valuable business asset

Posted on October 19, 2015 by Business Partners Limited

In a sense, almost all owner-managed businesses are family businesses. The fortunes of even those run by a single entrepreneur without the direct involvement of other family members are heavily influenced by what goes on at home.

Such lone-operating business owners can turn their families into one of their greatest assets – a refuge of emotional support and healing when things are tough at the business, a source of inspiration during tedious times, a sounding board to help with difficult decisions. But like all relationships upon which an enterprise depends, this relationship requires concerted effort and focus, says Jeremy Lang, regional general manager of Business Partners Limited.

The ideal is to get your family to incorporate your goals for your business into their own goals. They must know what your goals for the business are and they must want you to reach them. If they do, they will always be ready to support you when you need them.

This does not mean that you are unnecessarily burdening your family with the worries of the business world, says Lang. Aligning your goals with theirs allows them to be part of your ups as well as your downs. It lets them share in the adventure of your business journey and allows them to be engaged in your life, which, after all, is what most family members need from one another.

Lang sets out a number of principles and pointers for engaging with your family about your business:

The basis of making your family part of your business is open and transparent communication. Keep them abreast about good and bad developments in your business. “They have to understand why they can’t go to the restaurant this month (when your business is going through a hard time),” says Lang.
Don’t try to shield your family from the bad news in your business because it may make them anxious. They are much more likely to become anxious by noticing that you are under pressure without knowing the context. Rather try to allay anxiety by describing to them the whole picture.
The first step in communicating to your family about your business is to clarify your goals. You have to explain to them what your definition of success is. For some entrepreneurs, success is reaching a certain net-worth target, for others it means financial independence, retirement at a certain age or freedom from eight-hour work days.
Invite your spouse and children to spend some time in your business. Make a point of celebrating the achievements of your business with your family. If you land a big contract, for example, arrange a family treat.
Allow your family to take care of you when you’re down. Keep communication channels open and honest so that your family can offer emotional support when you need it. Being vulnerable takes courage and always leads to a stronger family bond. Use technology to communicate with your family when you are at work, and vice versa. Accept that the work life of a business owner is more difficult to separate from home life. Fortunately, modern technology makes it possible for you to sort out a crisis at work or at home without always having to physically go in.
When you have to spend long hours at work, try to make it up to your family by spending quality time with them on another day.
It is always a good idea to have a mentor, someone who can help you with the business side of things, but also with family issues. An ideal mentor would preferably be someone who has successfully managed the same kind of lifestyle.
If you miss the goals which you have set for yourself and communicated to your family, renegotiate. Don’t just ignore them and hope that no one will notice. The more seriously you take your own goals, the more seriously your family will take them too, even when they change from time to time.

Daily communication around the dining room table is crucial to keep the family informed, but nothing stops entrepreneurs from having a more formal discussion, perhaps once a year, about the state of their business to their family, just as they would to a shareholder or a potential joint venture partner. It helps to focus the exercise and give it weight. The family is, after all, one of an owner-managed business’s most important stakeholders.

Avoid making foolish business mistakes

Posted on April 1, 2015 by Webmaster

Starting a business is a daunting task, and growing the business, or even just keeping it afloat, can be even more overwhelming. Many new businesses do not survive this initial phase due to the business owner making mistakes during the first few fragile years of operation.

Christo Botes, spokesperson for the 2015 Sanlam / Business Partners Entrepreneur of the Year® competition, says that while some mistakes can sometimes be fatal to a business, they also teach entrepreneurs very important lessons.

Botes says that growing a business takes time, patience and practice, and entrepreneurs should aim for consistent and profitable growth, which is sometimes a struggle in the early years. “Growing a business takes more than just a great idea. During the business’ growth stage, entrepreneurs are bound to face challenges where they may stumble, but this is the nature of venturing into new territories. Often we see new businesses with great growth potential falling short due to costly, and sometimes, avoidable, mistakes.”

Botes points to some hurdles entrepreneurs fall victim to when growing their business, and provides tips on how to avoid these:

The need for speed

While it is advisable to enter the market as early as possible when noticing a gap, and to leap at opportunities that present themselves, rushing your market research and not planning sufficiently for such a venture can be detrimental to your business. Rather take a step back, analyze the pros and cons and do the necessary due diligence.

Remember that concepts take time to develop, and investing enough time and resources in building the business, marketing and distribution plans will ensure you reap great rewards in the long term.

Procrastination

Although rushing business growth may be harmful, waiting for the ‘perfect’ time may prove more detrimental to your business. By delaying the process, you run the risk of losing out on potential income, as well as potentially wasting savings in the lead up to the launch. If you are uncertain about specific processes, rather seek guidance from a business expert or organisation, such as the Business Partners Limited’s Entrepreneurs Growth Centre.

Being an expert in everything

Emerging entrepreneurs are always under pressure when it comes to resources and time, and therefore aim to achieve as much as possible in the shortest time. This is the most common pitfall of entrepreneurs and small business owners in that they may find it difficult to hand certain tasks over.

Entrepreneurs should rather seek advice from fellow partners (if applicable), as well as industry colleagues and experts. It is important to ask for help on areas you aren’t certain about as this will avoid having to rectify mistakes that might cost more than what you would’ve spent had you hired experts and advisors from the beginning. Successful entrepreneurs are those that put their trust in, and delegate responsibilities to people who have knowledge in their respective fields and responsibilities.

Not understanding technology

Technology is here to stay, and the internet, social media and other digital platforms have not only made business move at a much faster pace than before, but also offer the opportunities to maximize business revenues. Entrepreneurs who understand the role that technology plays in business processes, from operational to executive levels, will appreciate the amount of investment, both time and capital, that needs to be spent to reap the rewards.

Botes remarks that it is not easy to grow a new business, and therefore a few small mistakes are expected. “There are however methods which will assist entrepreneurs in not repeating the same mistakes. If you do your research, and surround yourself with information and experienced people, it becomes easier for you to make better, more informed decisions,’ concludes Botes.

SA’s premier entrepreneurial competition open for entries

Posted on February 17, 2015 by Webmaster

2015 Sanlam / Business Partners Entrepreneur of the Year® competition launches

South African entrepreneurs rarely receive the acknowledgement they truly deserve, and should be praised for the role they play in the creation of jobs and economic development in the country. This is according to Nazeem Martin, managing director of Business Partners Limited, who was speaking in light of the 2015 Sanlam / Business Partners Entrepreneur of the Year® competition launch which took place in Durban today.

Now in its 27th year, the pre-eminent entrepreneurial platform continues to pay tribute to the fearless entrepreneurs who remain dedicated to not only fostering a culture of entrepreneurship in the country, but also to their business and staff.

Martin says that considering South Africa’s unemployment rate is at 25% and that it was recently announced that South Africa will have the 8th highest unemployment rate* globally in 2015, the role that entrepreneurs play in aiding job creation is evident. “The six 2014 Entrepreneur of the Year® competition winners collectively created over 400 jobs, while our overall 2013 Entrepreneur of the Year® winner generated over 800 jobs in the rural area of Qwaqwa. These figures confirm the pivotal role entrepreneurs play in job creation, as well as the more prominent role they could play in this space with additional support.

“By embracing local entrepreneurship, the competition provides entrepreneurs with an opportunity to showcase their achievements and elevate the business’s profile.”

The competition provides entrepreneurs with the chance to win prizes up to the value of R 2 million, which includes cash prizes to the value of R350 000. Competition winners will also receive valuable mentorship support, networking opportunities and national media exposure.

Martin says that apart from the prizes offered, a key takeaway for past finalists is the opportunity to take a step back and analyse their business, both by themselves, and along with an independent judging panel. “Often, entrepreneurs don’t fully comprehend how far their business has developed and grown over the years, and the networking opportunities with other entrepreneurs and judges allow these individuals to fully appreciate their achievements and the hard work and dedication that has gone into building their business.”

The competition also provides finalists and winners with the opportunity to obtain valuable regional and national publicity. “This exposure should not be underestimated as it has the potential to attract new customers, as well as increase a business’ reputation amongst existing clients.”

One such example is Dudu and Leema Mofokeng, joint owners of Legaci Dry Cleaners and Laundry Services, and winners of the Judges Prize in the 2014 Sanlam / Business Partners Entrepreneur of the Year® competition. “The exposure gained from the competition has raised the profile of my company significantly. I have noted a marked increase in business enquiries received from customers, as well as prospective investors wanting to open a franchise,” says Dudu Mofokeng

Keynote speaker at the launch, Margaret Hirsch of national appliance store Hirsch’s, and the holder of the 2013 EOY Lifetime Achievement Award, encouraged entrepreneurs in the audience to enter the competition and explained how the award has elevated the success of her business. “It has given both myself and the business far more credibility and opened more doors than we ever dreamed of,” says Hirsch.

Entrepreneurs interested in entering the competition can download entry forms online at www.eoy.co.za as well as interact with fellow entrepreneurs and entrants on the Sanlam / Business Partners Entrepreneur of the Year® competition social media platforms www.twitter.com/@EOY_SA and www.facebook.com/EOY.SA. The closing date for the competition is 16 June 2015.

SA’s premier entrepreneurial competition open for entries

Posted on February 11, 2015 by Webmaster

2015 Sanlam / Business Partners Entrepreneur of the Year® competition launches

South African entrepreneurs rarely receive the acknowledgement they truly deserve, and should be praised for the role they play in the creation of jobs and economic development in the country. This is according to Nazeem Martin, managing director of Business Partners Limited, who was speaking in light of the 2015 Sanlam / Business Partners Entrepreneur of the Year® competition launch which took place in Cape Town today.

“By embracing local entrepreneurship, the competition provides entrepreneurs with an opportunity to showcase their achievements and elevate the business’s profile.”

Keynote speaker at the event, Theresa Cupido, owner of the ATN Group (Pty) Ltd and winner of the 2014 Sanlam / Business Partners Entrepreneur of the Year’s Job Creator of the Year® award, says entrepreneurs should seek to engage and surround themselves with successful business owners, and continue to conduct business research. “By learning more, you will empower yourself to become a leader in your industry,” says Cupido.

SA’s premier entrepreneurial competition open for entries

Posted on February 10, 2015 by Webmaster

2015 Sanlam / Business Partners Entrepreneur of the Year® competition launches

South African entrepreneurs rarely receive the acknowledgement they truly deserve, and should be praised for the role they play in the creation of jobs and economic development in the country. This is according to Nazeem Martin, managing director of Business Partners Limited, who was speaking in light of the 2015 Sanlam / Business Partners Entrepreneur of the Year® competition launch which took place in Johannesburg today.

“By embracing local entrepreneurship, the competition provides entrepreneurs with an opportunity to showcase their achievements and elevate the business’s profile.”

Keynote speaker at the event, Farah Fortune, Director of African Star Communications & Event Management, who received the 2014 Women in Leadership award from the Women’s World Congress, says that awards, such as the Sanlam / Business Partners Entrepreneur of the Year® platform, are essential not just for the recognition of South Africa’s entrepreneurs, but also to the boost of morale within their industry. “As an entrepreneur who understands the struggles that come with running your own business, I feel it is important to show people that struggling doesn’t necessarily mean failure, instead it teaches entrepreneurs valuable lessons, and creates a platform to grow from,” say Fortune.

Managing cultural sensitivity in the workplace this festive season

Posted on November 15, 2013 by Webmaster

The month of December is generally filled with a sense of excitement with not only anticipation for the end of year, but also around the various religious holidays within the period.

According to Dr. Erika Wassenaar, Group Manager: Learning and Development at Business Partners Limited, although Christmas Day is a public holiday in South Africa, it is important to guard against assuming that all staff celebrate this day as a religious holiday.

Wassenaar says that business owners need to manage religious holidays appropriately, given that in most workplaces, there is a combination of Christian, Jewish, Muslim and other religious and non-religious people working together in the same environment.

“Although there are various religious days in December, other than Christmas, some staff do not celebrate religious holidays at all. All of the various possibilities should be taken into consideration by business owners, as focusing corporate year-end events on a specific religion, i.e. Christmas, may result in people who don’t practice that particular religion feeling like outsiders, which can prevent true diversity within the workplace.”

She adds that business owners need to also ensure that all their employees’ unique cultural beliefs are equally represented and celebrated during the holiday season.

Advances in communication technology, such as the internet and cellular phones, have made the marketplace a more global concept. “In order for a business to survive, business owners need to be able to manage and utilise their diverse workplace effectively.

“Diversity in the workplace means bringing together people of different ethnic backgrounds, religions and age groups into a cohesive and productive unit.”

She adds that it is important for a business owner to be aware of and deal respectfully with each diverse group, culture, age group and religion in the workplace. “For example, business owners should determine which employees represent the four generations: Silent Generation or Traditionalists, who are employees born 1945 and earlier, Baby Boomers, born 1946 to 1964, Generation X, born 1965 to 1980; and Generation Y or Millennials, born 1981 and later.

“Each generation will have a different view about work values, life balance, religion, education and so on.”

Wassenaar says that managing diversity involves using the resources and experiences available for the benefit of the organisation. “A successful business owner can build a culture of tolerance and acceptance of religious views through education, training and conflict management strategies. Leading by example is the best way to show you respect and value each staff member in their own unique and diverse way and will ensure that the workplace is enriched by its diversity,” concludes Wassenaar.

Why I chose to enter

Posted on June 7, 2013 by Webmaster

Divesh Ramdhass, owner of Pharmacy at Spar Northway and 2013 competition entrant, shares some information with us about his business, insight into the pharmacy industry and discusses why he decided to enter the competition.

Briefly describe your business and the industry you operate in?

Pharmacy at Spar Northway was opened in December 2012 after being in operation for seven years as an independent stand-alone pharmacy, Northway Family-Care Pharmacy.

The pharmacy is community-based and focuses on the procurement, storage, compounding, counselling and dispensing of prescription drugs to patients. Always keeping our patients’ best interest at heart, we ensure that our services are completed with care and accuracy.

Another division of Pharmacy at Spar Northway sells over-the-counter medication to patients. Our specially trained staff make certain that all patients are advised on how to use the medication, what it is needed for and what the adequate treatment would be.

Other additional services we offer are through our in-store primary health care clinic facility which offers specialist health checks, such as blood pressure, diabetes and cholesterol monitoring, drug screening, prostate irregularity checks, as well as weight reduction programmes.

Where did the business concept originate from and when did you start your business?

Pharmacies operate in an extremely demanding marketplace, where competition can be described as vigorous. The days of the independent retailer are numbered, and as a professional I was not willing to compromise my profession.

This led me to the decision to remarket and reintroduce my pharmacy to the community. My business concept comprised of a fresh and modern approach to a pharmacy that attracted not only those in need of medication, but also targets those in search of future health. The concept was to change the dull and boring image of the pharmacy by implementing a bright and vibrant atmosphere that would motivate the community to make use of.

Have you always aspired to start your own business?

The aspiration to open my own practice stemmed from the love that I have for my profession. I love being a pharmacist and that motivated me to start my own practice. I firmly believe that being a good pharmacist is dependent on your ability to maintain a good relationship with your customers, as this allows you to understand their needs, their conditions and makes treating their ailments much more effortless.

Briefly describe some of the challenges that you have experienced as an entrepreneur?

Being an entrepreneur is fraught with difficulties. At tertiary level you are trained to become a professional, but most entrepreneurs are never given any formal education on managing a business.

In the pharmaceutical sector where medical aids force members to get their medication from specific service providers to eliminate any short payments, decisions have to be made to ensure patients stay rather than stray. At the end of the day a good caring attitude ensures that my patients return to my store.

What advice would you give to aspiring entrepreneurs?

No road is a smooth journey. In order to make your business a success you must keep your head up and follow through on your business plan, no matter how bleak your situation may seem. Believe in yourself and your employees, for that alone is motivation to keep your business momentum going. Make sure that all decisions are made carefully.

Why did you decide to enter the Sanlam / Business Partners Entrepreneur of the Year® competition?

This competition serves as a reminder that nothing is impossible. As my wife quotes to me “nothing is impossible… it’s all in the word… I’m possible”. This motivates me to achieve even further heights. The competition reminds of the importance to maintain the standard of my practice and think beyond the boundaries of my business. In addition, it gives me the exposure to drive my business forward.

Why would you recommend that fellow entrepreneurs get involved with initiatives such as Sanlam / Business Partners Entrepreneur of the Year®?

Our country lacks the passion of entrepreneurs. Such competitions instil a sense of passion and motivation in those who have the skills and knowledge to become entrepreneurs in a country in dire need of their skills.

It encourages more and more people to take their ideas and skills to institutions such as Sanlam and Business Partners Limited, who can assist them in cultivating those skills and ideas into a required resource and service that South Africa desperately needs.

Celebrating entrepreneurial success at the 2013 EOY business workshops

Posted on May 13, 2013 by Webmaster

In order to celebrate entrepreneurial excellence, Sanlam / Business Partners Entrepreneur of the Year® (EOY) have been staging business workshops around South Africa to create platforms for entrepreneurs to network and learn from each other. During April, workshops were held in Nelson Mandela Bay, as well as Pietermaritzburg.

In Nelson Mandela Bay guests were addressed by local successful entrepreneur and former EOY winner, Mzukisi Stephen Dondolo, who is chief executive officer of investment firm African Pioneer Ltd. Dondolo discussed the importance of entrepreneurship in South Africa, while paying homage to the competition, which he believes is playing an active role in fostering entrepreneurship.

He said that entrepreneurs need to band together and lobby Government in order to improve the environment for SMEs. “Government needs to pay more attention to the need for SMEs in South Africa, as they are able to address the high level of unemployment.”

Dondolo said that it was a great honour to speak at the workshop as both Business Partners Limited and Sanlam have contributed to growing small businesses in the country.

Duncan Paul, a highly successful entrepreneur with eight thriving businesses, spoke at the workshop in Pietermaritzburg. His advice to entrepreneurs is to ‘set goals and never give up’.

Paul shared the story of starting his entrepreneurial journey and discussed the difficulty he experienced when sourcing funding for his business.

“I had a big vision, which scared the formal banking sector, and I couldn’t raise money anywhere. Business Partners Limited has always been in the right place at the right time for me.”

While working to commercialise wildlife utilisation within Bophuthatswana national parks, Paul realised how systems and disciplines in a business could pay off, and decided to make a go of it on his own by founding Hunters and Guides with eight other partners. He says that the involvement of Business Partners Limited has brought the same benefits to his businesses today.

“I have learned from them. Byron Jacobs [Business Partners Limited’s regional general manager for KwaZulu-Natal] is a mentor to me and has guided and advised me through troubled times.”

During his address Paul shared personal business lessons that he has learnt over the years. Advising entrepreneurs to remain steadfast and follow their passion, Paul also recommended that entrepreneurs should be cautious when selecting partners, but should never burn bridges.

“Do the right things in everything you do, and doors will open,” said Paul when advising guests to lead a life of integrity.

Both entrepreneurs addressed key issues facing all entrepreneurs, while reiterating the importance of developing SMEs in the country. They are both great examples of entrepreneurial success stories and evidence of why more should be done to celebrate entrepreneurial excellence in South Africa.

Environment needed that is conducive to SME growth

Posted on May 7, 2013 by Webmaster

Small and medium enterprises (SMEs) are widely considered a major contributor towards the South African economy and one of the biggest contributors to job creation, yet despite this, the SME community continue to face various challenges that limit their growth.

According to Lionel Billings, head for national consulting services at Business Partners Limited, government needs to create an environment that is conducive to SME growth so that businesses can flourish and contribute towards employment. “Small and medium businesses are the bedrock of every economy and society, and government and large businesses need to align their goals to incorporate SMEs.”

Billings, who was speaking at a Sanlam / Business Partners Entrepreneur of the Year® (EOY) workshop, a competition aimed at uplifting South African entrepreneurs, said it is estimated that there are 1.5 million SMEs in South Africa, of which, one million formal micro-businesses are employing five or less people.

The Business Partners Limited SME Index, which measures attitudes and confidence levels amongst the Small and Medium Enterprises (SME) industry in South Africa, recorded confidence levels of only 33% that labour laws are conducive towards the growth of businesses. It was reported that the effort and cost to comply with the very modern labour legislation is often out of reach for most SMEs and inhibits them from employing more people.

Billings added that business and government needed to instil a sense of entrepreneurship in the country’s youth. “Government needs to cultivate and grow the correct type of culture in order to stimulate business growth within the SME sector.”

Guest speaker at the event, Mzukisi Stephen Dondolo, entrepreneur and chief executive officer of investment firm African Pioneer Ltd, addressed the need for entrepreneurs to group together and to lobby Government to improve the environment for SMES and to address the high level of unemployment.

“Government has created a platform that allows for black businessmen to enter the economy. On the one hand that has created ‘tenderpreneurs’, but on the other hand there are those hardworking entrepreneurs who take their hard earned money and reinvest it in the community.”

He adds that widespread corruption and ‘tenderpreneurs’ do not enable the economy to grow. “Corruption creates an environment where someone will have to increase the price of a service to pay for corrupt tenders. It only benefits ‘tenderpreneurs’, who do not invest back in the economy.

“Corruption has also led to the cost of doing business increasing, which prohibits entrepreneurs from entering the market, and results in the pool of taxpayers remaining small, or even shrinking further, while government expenditure continues to grow, leading to taxpayers being squeezed even more. It becomes a vicious circle that has a very negative effect on the economy and benefits only a select few.”

He says that to counter corruption and to bolster the working environment for SMEs, Government needs to pay more attention to the SME’s needs.

“Entrepreneurs must think positively and look for business opportunities as together, we, entrepreneurs, can conquer unemployment. If we can arrest unemployment and instead change it into employment opportunities, that money will circulate and create wealth in the community. Together we can lobby all the spheres of government to improve their service delivery,” concludes Dondolo.