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From Local To Global: Bruce Mackenzie CA(SA) Shares Top Tips On Being A Successful Entrepreneur

Managing Director of W.Consulting, Bruce Mackenzie CA(SA), has done exactly that and shares his top tips.

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How do you grow your own SME into a global consultancy? Managing Director of W.Consulting, Bruce Mackenzie CA(SA), has done exactly that and shares his top tips.

“I started W.Consulting with the aim of providing an independent, high-quality alternative for corporates and audit firms looking for advice on International Financial Reporting Standards (IFRS). The business has grown substantially to more than 40 people working globally, providing advisory services on IFRS, audit risk and corporate finance, training and IT product development.” These are Bruce’s five top tips for achieving growth.

1. Take the risk as soon as possible

It was a nerve-wracking decision to go on my own, as CAs(SA) are taught to be risk-averse. It’s very tough to throw away a CV, but rather than spend a life regretting not taking a chance, if you have thoughts of running your own business, do so sooner rather than later, as the decision only gets tougher with each passing year.

Related: Better Thinking For A Better World

flights-to-london-long-day2. Work hard and persevere

One point seldom emphasised enough when talking of entrepreneurs is that it is very hard work and requires a great deal of energy and perseverance. I attribute my success in large measure to high energy levels. You need that.

It’s exhausting — long days, early flights to London to deliver training, and sometimes back again the same day. So, yes, you need a surplus of energy.

3. Know how to sell yourself and your business

You also need a predisposition towards selling, as any business requires sales in order to expand. Selling is something that’s in my DNA.

Especially when selling advice, it requires persistence because I know that a potential client will at some point need services like ours, so I make sure W.Consulting is top of mind when that day comes. I achieve this by keeping up the relationship, sending new ideas with no sales angle connected, mailing interesting books, and checking on how things are with the client. It’s a matter of having genuine interest. 

4. Hire trustworthy people who share your passion

There are many risks in establishing your own business and one of the first challenges stems from the need to expand beyond a one-man operation. There’s a certain comfort in doing all the work and seeing all the cash in the business as yours, but it puts a fairly low ceiling on the business’s prospects and potential income.

The decision to expand and hire your first employee is both a big decision in itself and important as to the individual you select. It’s the biggest single decision most entrepreneurs have to make — and one that most don’t make early enough. You need to scale up a business to release resources at the top. That process never really ends — whatever you’re currently doing, you have to continually ask yourself: “Could this be done down the line?”

In an SME, each hire, but especially your first, has to be somebody you can trust, someone with the same objectives as you. Instead of having 9 to 5 people, rather employ someone who will do whatever is necessary, regardless of what time of day it is.

My philosophy is to hire people with passion and who preferably know what they’re doing, and then pay well to get them.

Related: 10 Things Successful People Tell Themselves Every Day

5. Continue to innovate

Most businesses fail not for want of an entrepreneurial idea, but because of management and accounting basics like cash flow. CAs(SA) already understand these basics and so arguably can concentrate on the actual operations of the business. However, because CAs(SA) can earn good money in the corporate world, most opt for the easy route in the corporate environment.

The future and success of any business is to keep on doing what it’s doing well. Bruce attributes the success of the business to its culture of continuous innovation: “It’s easier to sell something new,”  he concludes.

Visit www.saica.co.za

The South African Institute of Chartered Accountants (SAICA) is widely recognised as one of the world’s leading accounting institutes. As South Africa’s pre-eminent accountancy body, the Institute provides a wide range of support services to more than 38 000 members who are chartered accountants and hold positions as CEOs, MDs, (board) directors, business owners, chief financial officers, auditors and other leaders in their chosen spheres of business operations and public life. Most of these members operate in commerce and industry, and play a significant role in the nation’s highly dynamic business sector and economic development, but some are also employed in the public sector.

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Rethinking Learning In The 21st Century

The changing world of work has disrupted the three elements of the traditional ‘career’: Expertise, duration, and rewards.

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Traditionally the concept of a ‘career’ was considered to include three elements:

  1. A career represented our expertise, our profession, and ultimately our identity.
  2. A career was something that built over time and endured. It gave us the opportunity to progress and advance.
  3. A career gave us financial and psychological rewards. It made life meaningful and paid us enough to live well.

The changing world of work has disrupted all three elements: Expertise, duration, and rewards.

A career can now be as long as 60 years; at the same time, due to rapid advancements in technology and the changes that bring about in the workplace, skill sets can become obsolete in as little as five years.

Increasingly, companies need to rethink the way in which careers are managed and learning opportunities are delivered, and many have already begun to overhaul their career models and L&D (Learning and Development) infrastructure in line with the digital age.

Related: Your Investment In Knowledge

Employees’ learning behaviour is also changing. In the past, employees were able to obtain the skills required for their career early on and as a once-off; now, the career itself is a journey of learning, up-skilling, re-skilling and continuous reinvention to remain relevant and to thrive in the changing world of work.

Older employees who studied at a time where most of one’s learning occurred prior to entering the workplace, find themselves working alongside millennials who place greater value on learning and progression rather than on earning potential as a first priority.

Eighty-three percent of the respondents surveyed in Deloitte’s 2017 Global Human Capital Trends survey say their organisations are shifting to flexible, open career models that offer enriching assignments, projects, and experiences rather than a static career progression.

However, in today’s fast-paced business world, even if companies are restructuring L&D delivery, no one is going to make you engage in a strategy that is essential to your future success – continuous learning. You will have to take the initiative yourself.

Noted self-help expert W. Clement Stone, in his many writings on this topic, recommended that one spends anywhere from a half-hour to two hours a day in study and thinking time. This tireless dedication, combined with an insatiable curiosity, will equip you to excel in the future world of work. What’s more, learning new skills and knowledge can be fun!

The good news for both companies and for employees is that an explosion of high-quality content and digital delivery models offers employees ready access to continuous learning. The Wits DigitalCampus offers a range of accredited and fully online short courses to support your continuous learning.

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Your Investment In Knowledge

When you understand the value of knowledge, in this world where technology is rendering previously expensive products or services much cheaper (and even free), it’s just a matter of getting more of it. Dedicate yourself to constant learning!

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Most people spend their lives collecting, spending, and worrying about money — so much so, in fact, that they say they “don’t have time” to learn something new.

However, some of smartest and busiest people in the world — Barack Obama, Warren Buffet and Bill Gates — all spend at least one hour a day on deliberate learning. They see what others don’t: That learning is the single best investment of our time that we can make. As Benjamin Franklin said long ago, “An investment in knowledge pays the best interest.”

When you understand the value of knowledge, in this world where technology is rendering previously expensive products or services much cheaper (and even free), it’s just a matter of getting more of it. Dedicate yourself to constant learning!

One of the very benefits of ongoing technological advances is that it empowers an accelerated and personalised learning experience that puts the learner in the driver’s seat. Modern learning harnesses the speed, power and ubiquity of digital capability. Online platforms, software and mobile devices means that the traditional hurdles to learning — such as income, status and location — have just about disappeared. Knowledge can now be gained by anyone with the passion to pursue it and the commitment to stick with it.

Related: Building Customer Relationships

We are only at the tipping point of what future learning technology can deliver. Artificial intelligence (AI) will transform all aspects of human capital management, including learning. Technology-enabled learning will be immediate and directly relevant to the task, for example:

  • personally tailored learning content and experiences delivered to you as and when you want or need them
  • chatbots and virtual assistants can source and categorise the information that you need for optimal decision-making
  • augmented and virtual reality simulations can provide a multi-sensory experience to speed up and embed learning.

Additionally, social connectivity already enables user-generated content to outpace and outstrip what traditional education and learning institutions can deliver.

Knowledge may be the new money but, unlike money, you don’t lose it when you use knowledge or give it away. Transferring knowledge anywhere in the world is free and instant. It’s fun to acquire and it makes your brain work better. It helps you think bigger and beyond your circumstances. It puts your life in perspective by essentially helping you live many lives in one life through other people’s experiences and wisdom.

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Are You Struggling To Find Financing For Your SME? Try Alternative Finance

If you don’t qualify for traditional funding or if it isn’t the right fit for your SME why not explore alternative funding? We specialise in alternative financing options by providing in-depth and custom plans for you and your business needs.

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Alternative Finance is finance beyond the traditional – it is defined by the financiers’ area of specialisation – by what they specialise in, whom they serve, and how they provide their funding. It does not replace traditional finance but rather functions as a complementary and additional form of funding.

Alternative financiers are specialists – they focus on a particular need and on a specific audience. As a result their ‘how’ is customised to deal with their chosen target market and for this targets unique needs. This applies to the funder’s processes and to their level of flexibility around things such as collateral.

An example of this is that a SME may have an existing R1 million overdraft (their traditional finance) secured by R 1.5 million collateral but suddenly they need R5 million for some kind of contract or bridging finance – they need it fast and don’t have that extent of collateral.

The traditional funder cannot provide what they need, their process is too long and their flexibility is too low. An alternative financier providing bridging finance and specialising in SMEs is ideally positioned to fill this gap.

One of the most significant differences between a traditional funder and an alternative financier is in their process. In the case of the alternative financier, they have often chosen to deal exclusively with a particular customer base, for example SMEs. As a result, this funder has both an affinity and contextually relevant empathy in working with SMEs.

Not only do they speak the same language the funder also has an appreciation for the time and material constraints of the SME and has developed their processes to cater to this market. This applies most notably to the turnaround time of the funding need and to the assessment aspect – where flexibility around things such as collateral is vital in making the finance happen for the SME.

A traditional funder is unable to meet the deadline of a bridging finance need, submitted on an urgent basis, where the finance is needed as soon as 2-3 days from time of application. A specialised or alternative funder is able to do exactly this. A traditional funder is also unable to find creative methods in solving the SMEs lack of high-value collateral in applying for finance.

This SME has generally already used their high-value collateral for traditional credit facilities but now needs funding for growth or resolution of a temporary cash flow challenge. An alternative financier is able to look at such an application in a different way, and has most likely already established alternative ways to make this happen for the SME.

Related: 5 Key Questions To Answer For Raising Funding

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