A winning strategy is as much about choosing what not to do as it is about choosing what to do.
- Expert: Abey Mokgwatsane
- Position: CEO
- Company: Ogilvy & Mather
- Visit: www.ogilvy.co.za
“My uncle and mentor, Ken Modise, gave me this piece of advice. In business we are faced with an abundance of choices. A winning strategy is as much about choosing what not to do as it is about choosing what to do. With so many choices, it’s important that you choose which things to let go of so that you have the resources available to focus on the few really important things. Sometimes doing so can be a tough call — it’s often tempting to try and be everything to everyone, but that can’t be your strategy. I have found that asking yourself what is really important to the business and choosing to focus your energy on that, automatically helps you to eliminate other potential strategies and choices.”
Gut feel and people can tell you much more about a business than graphs can.
- Expert: Dawn Jones
- Position: CEO
- Company: Imperial Car Rental-Europcar
- Visit: www.europcar.co.za
“Bill Lynch was a great teacher. At board meetings if you put up a presentation or a graph, he’d tell you that didn’t tell him about what was really going on in the business. He’d tell you to talk to him about what your gut said. I’ve tried to continue that — to talk to people and to listen when they talk back, and through those interactions get a real sense of what’s happening in the business.”
Success, like failure, is just a point in time.
- Expert: Allon Raiz
- Position: Founder
- Company: Raizcorp
- Visit: www.raizcorp.com
“I once spent half of one session with my mentor telling him how well things were going in the business. He sat very quietly and listened to me and then asked me if I had any intention of making the session valuable in any way, or if I was just there to talk about how great I was. It was a real wake-up call. Success, like failure, is just a point in time. You have to bring the same perspective to success as you do to failure. It could change. Always pay attention to everything that’s happening, and be constantly looking for solutions and ways to do things better.”
To be successful is to be the best in the history of your life.
- Expert: Ryk Neethling
- Position: Marketing Director
- Company: Val de Vie Estate
- Visit: www.valdevie.co.za
“My coach gave me this advice, and it became my mantra for success. You need to set your own goals and not measure yourself against others. I think this is as important in business as it was for me in sport. But it’s a very tough thing to get right when you’re competitive.”
Inspect what you expect
- Expert: Onwell Msomi
- Position: Head Franchise Capability & 5BY20
- Company: 2010 FIFA World Cup
- Visit: www.coca-cola.co.za
“I used to work for a guy whose motto was ‘inspect what you expect.’ He was right. I’m the type of manager who trusts his team. While some thrive under those conditions, others become totally lost. As a result, I had a few critical things fall through in the planning process. When you work on a project as huge and time-bound as this one, you must stay close, walk with your people every day and give all the help you can.”
Education is not just about getting your foot in the door. It should be an ongoing process.
- Expert: Anton Ossip
- Position: CEO
- Company: Discovery Insure
- Visit: www.discovery.co.za/portal/individual/insure-home
“My grandfather came to South Africa from the Ukraine, with no education, not speaking the language, and managed to build a successful business that is still around today. He taught me about the importance of education and putting 100% into what you do. There is no replacement for hard work. It’s what builds success.
“It’s also incredibly important to make sure you are always learning. It doesn’t have to be an MBA – every opportunity is a learning opportunity. I try to learn the different jobs of the people I work with so I can understand their challenges and how best to resolve them. Just because you are a leader doesn’t mean you know everything. Don’t be afraid to admit what you don’t know, and sit down with an individual to learn from them.”
Knowing when to push through a closed door and when to walk away is part of the skill of running a business.
- Expert: Mark Frankel
- Company: Shanduka Black Umbrellas
- Visit: shandukablackumbrellas.org
“When I was working as the financial director at Master Currency, the sign on the Boardroom door said, ‘The last hurdle’ and, although this doesn’t constitute a piece of advice per se, it has always stuck with me.
In business you never know what the last hurdle is that you will have to overcome, so you need enormous reserves of tenacity to keep facing the obstacles that are in your way. But while that tenacity is important, I think it’s also important to balance it with knowing when to let go.
Sometimes we become emotionally attached to ideas or plans and are unable to let go of them even when it’s clear that they are flawed. This just leads to a wasteful expenditure of energy that might be better channelled to areas of the business or new ideas that hold better promise.”
- Expert: Steven Cohen
- Position: Managing Director
- Company: Sage Pastel Accounting
- Visit: www.pastel.co.za
“I have breakfast nearly every Saturday morning with a friend who also happens to be a clinical psychologist, and he gave me this advice. I find it informs every aspect of how I manage people and the business. At a most basic level, self-awareness helps you to understand why you react in the way you do, assisting you in identifying your own emotional ‘stuff’ so you can separate this out from the real issue at hand. This helps you to respond to criticism better so that you can actually use it to grow, instead of getting defensive. People who are self-aware also tend to manage other people better, whether those people report to you or are at a senior level to you.”
Don’t change what works
- Expert: Bob Skinstad
- Position: Ex-Springbok rugby player, Supersport presenter and entrepreneur
“I was a keynote speaker at a conference with Kevin Roberts, the ex-CEO of Saatchi & Saatchi, and I didn’t want to give the same talk two days in a row. It was a different group of people, but I was very aware that Kevin had already heard the address, so I changed it. Afterwards he asked me why I had changed something that was working. He told me that repetition of a good thing is the secret to success, and I’ve never forgotten that advice. It’s informed a lot of what I do today.”
Two things are fundamental: Performance, and living the organisation’s values.
- Expert: Pfungwa Serima
- Position: MD
- Company: SAP Africa
- Visit: hgo.sap.com/africa/index.html
“When I joined the business and Leo Apotheker was SAP CEO, he said to me: ‘There are two things that are fundamental to SAP. One is performance, the other is living our values.’ He made the point that while individual performance is crucial, a person who performs well, but is unable to live out the company values is not the type of person we need in the organisation.”
7 Cannabis Industry Millionaires Making It Big In The Marijuana Business
These entrepreneurs have capitalised on a new market set to continue to grow rapidly as more countries legalise marijuana across the world.
1. Brendan Kennedy
- Company: Tilray
- Website: https://www.tilray.com/
Brendan Kennedy worked on job sites as a carpenter to pay his way through university, with his eyes set firmly on becoming an architect, until the allure of Silicon Valley changed the course of his direction. While working at technology start-ups Kennedy began thinking about the possibilities that medical marijuana provided.
“I was really sceptical of medical cannabis,” he says. “It took a year of having conversations with patients and physicians and hearing the same story, repackaged but essentially the same, over and over and over again, where my scepticism eroded and I became a believer.”
In 2013, Kennedy and his partners applied for a licence from Health Canada and launched Lafitte Ventures, which was later renamed Tilray. Today, the company is a global leader in medical cannabis research, cultivation, processing and distribution.
Scaleup Learnings From Our Top Clients – What The Most Successful Entrepreneurs Do Right
So, how do our successful clients move through these constraints to scaling up? We see four key drivers of success, and they are: people, strategy, flawless execution and finance.
You’re out of your start-up boots, staff is increasing, your client base is growing, revenue is up and you’ve proven your case to the market. Now it’s time to scale up. The challenges of this vital growth phase are different and it’s a time that demands different mindsets and different actions. In a world littered with small business failures, it helps to be well-prepared for scaling up using a proven methodology. At Outsourced CFO, we get an inside look at the success factors of our clients who are mastering the transition.
On the one hand, scaling up is a really exciting phase; this is what moves you into real job creation and making an impactful contribution to economic growth. On the other hand, it is really hard to scale up successfully. We see three major constraints that limit companies’ transition from start-up to scale-up:
The business has to have the leadership that can take it to the next level. When you start scaling up, especially rapidly, the founders can no longer do everything themselves. The team must grow and include new leadership talent that can take charge and execute so that the founders are working on the business instead of in the business.
The processes, procedures, networks, systems and workflows of the business all need to be scalable. This is imperative when it comes to your infrastructure for the financial management of your business. You’re only ready for growth when your infrastructure can seamlessly keep pace.
Scaling up demands more innovative marketing and storytelling so that you can more easily connect and engage with the new employees, clients, network partners, investors and mentors that need to come along with you on your scale-up journey.
Businesses that build a market conversation and a compelling brand narrative during their start-up phase are better positioned to have this kind of market access when they need to scale up.
It is critical to have the right people on your team. Our successful entrepreneurs have what it takes to attract, inspire and retain top talent. A strong team of smart, ambitious and purpose-driven people who love the company and want to see it succeed contribute greatly to a world class company culture. They are adept at communicating a compelling vision and establishing core values that people can take on. These entrepreneurs are tuned into the aspirations of their people and focus on developing leaders in their teams who can in turn develop more leaders.
It is planning that ensures that the right things are happening at the right times. At successful scale-ups strategies and action plans are devised to ensure that the most important thing always remains the most important thing.
Strategy includes input from all team members and setting of good priorities for the short, medium and long term. Goals are clear and everyone always knows what they are working towards. The needle is continuously moved because 90-day action plans are implemented each quarter to achieve targets and goals that are over and above people doing their daily jobs.
Top entrepreneurs are not just focused on what operations need to achieve, but how the business operates. They have the right procedures, processes and tools in place so that everyone can deliver along the line on the company’s brand promise. Frequent, quick successive meetings ensure the rapid flow of effective communication. Problems are solved without drama. There is no chaos in the office environment. Everyone is empowered to execute flawlessly to an array of consistently happy clients.
Everyone knows that growth burns cash. A rapidly scaling business faces the challenge of needing a scalable financial infrastructure to keep the company healthy. Our successful entrepreneurs pay close attention to finance as the heartbeat of the business, ensuring that everything else functions. They look at the tech they are using for financial management and for the ways that their financial systems can be automated so that they can be brought rapidly to scale. The capital to grow is another vital finance issue.
The best way to finance a business is through paying clients on the shortest possible cash flow cycle. However, when you are scaling up and making heavier investments in the resources you need for growth, it is likely that you will need a workable plan for raising capital. Our scale-up clients know the value of accessing innovative financial management that provides high level services to drive their business growth.
Navigating the scale-up journey of a growing private company is one of the hardest but most rewarding of careers to pursue. Having people in your corner who have been through this journey before helps take a lot of pain out of the process. No growth journey looks the same, but there are tried and tested methods that will – if applied diligently – lead to definite success. Happy scaling!
That Time Jeff Bezos Was The Stupidest Person In The Room
Everyone can benefit from simple advice, no matter who they are.
When you think of Jeff Bezos, a lot of things probably come to your mind.
You likely think of Amazon.com, a company he founded more than twenty years ago, that’s completely disrupted retail and online commerce as we know it. You probably also think of his entrepreneurial genius. Or the immense wealth that he’s built for himself and others. You may also think of drones, Alexa and same-day delivery. Bezos is a visionary, an entrepreneur, a cutthroat competitor and a game changer. He’s unquestionably a very, very smart man. But sometimes, he can be…well…stupid, too.
Like that time back in 1995.
That was when Amazon was just a startup operating from a 2,000 square foot basement in Seattle. During that period, Bezos and most of the handful of employees working for him had other day jobs. They gathered in the office after hours to print and pack up the orders that their fast-growing bookselling site was receiving each day from around the world. It was tough, grueling work.
The company at the time, according to a speech Bezos gave, had no real organisation or distribution. Worse yet, the process of filling orders was physically demanding.
“We were packing on our hands and knees on a hard concrete floor,” Bezos recalled. “I said to the person next to me ‘this packing is killing me! My back hurts, it’s killing my knees’ and the person said ‘yeah, I know what you mean.'”
Bezos, our hero, the entrepreneurial genius, the CEO of a now 600,000-employee company that’s worth around a trillion dollars and one of the richest men in the world today then came up with what he thought was a brilliant idea. “You know what we need,” he said to the employee as they packed boxes together. “What we need is…kneepads!”
The employee (Nicholas Lovejoy, who worked at Amazon for three years before founding his own philanthropic organisation financed by the millions he made from the company’s stock) looked at Bezos like he was — in Bezos’ words — the “stupidest guy in the room.”
“What we need, Jeff,” Lovejoy said, “are a few packing tables.” Duh.
So the next day Bezos – after acknowledging Lovejoy’s brilliance – bought a few inexpensive packing tables. The result? An almost immediate doubling in productivity. In his speech, Bezos said that the story is just one of many examples how Amazon built its customer-centered service culture from the company’s very early days. Perhaps that’s true. Then again, it could mean something else.
It could mean that sometimes, just sometimes, those successful, smart, wealthy and powerful people may not be as brilliant as you may think. Nor do they always have the right answers. Sometimes, just sometimes, they may actually be the stupidest guy in the room. So keep that in mind the next time you’re doing business with an intimidating customer, supplier or partner who appears to know it all. You might be the one with the brilliant idea.
This article was originally posted here on Entrepreneur.com.
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