Connect with us

Company Posts

This Podcast Interview Will Inspire Every Business Women

Fumani Mthembi and Teresa Oakley-Smith, both MDs and founders of their own successful businesses, share their personal stories of fighting gender and racial stereotypes in pursuit of a dream. Mthembi and Oakley-Smith, spoke at an Investec Women in Leadership event, entitled, “The Courage to Change.” We bring you this inspirational podcast.

Investec Specialist Bank and Asset Management

Published

on

investec-feature

International Women’s Day highlights the imperative role women play in business, the economy and households. Whilst women have come a long way in terms of recognising their worth, we’ve got a long way to go – and that starts in the boardroom. According to an EY study, there is overwhelming evidence that links gender parity to innovation and improved financial performance.

Businesses with women in top management roles experienced an increase in “innovation intensity” and were worth, on average, about US$40m more than companies with only male leaders. Yet on average, in SA, women earn about 73% of what men earn. (Ipsos 2017 survey)

In a frank and honest chat with Investec, two inspirational female leaders, Fumani Mthembi and Teresa Oakley-Smith, share their extraordinary business journey from having “a big dream” to surviving through the mean and lean times.

Fumani Mthembi, is a founding member of the Pele Energy Group – South Africa’s largest 100% black-owned independent power production and development firm – and MD of its research and development subsidiary, Knowledge Pele (KP), and Teresa Oakley-Smith, is the founder of Diversi-T, a change management consultancy with a focus on transformation and diversity training.

Listen to the podcast below for the full interview.

Here are some of the stand-out highlights from the interview:

1. Overcoming challenges female entrepreneurs face

Both Fumani and Teresa believe that, based on their respective experiences, men don’t take women seriously.

iwd_teresa_fumani_article-image-option-2“It’s very common in my industry to attend a meeting and have all the men address each other and not you,” says Fumani.“So I’ll be sitting there and they’ll all have their backs turned and they’ll be having a conversation amongst themselves.”

“I’ve had to work twice or three times as hard as male competitors to gain a contract; I’ve had to bend over backwards to actually make sure that my delivery is ten times better,” says Teresa.

2. Breaking down stereotypes

“In households of dual income, often the woman is bringing in more than the man, yet when we have to approach institutions of power, we feel somehow belittled, or we somehow lack our courage in an appreciation of the power we actually hold,” says Teresa.

Related: Feel Like Quitting? These 9 Women Prove Grit Can Lead You To Massive Success

“One of my clients is a very large retail company and they only have one woman out of a board of 40, and I was challenging them by saying: Who does the shopping? Women hold the purse strings, women go to the supermarkets, so why are they not represented? Why are their voices not heard?”

3. Encouraging diversity in the workplace

Teresa work centres around helping employers create work environments that encourage intersectionality, and recognise women’s unique needs.

“Does your company provide proper facilities for breastfeeding women and supply feminine hygiene products in case a female staff member is in need?” asks Teresa.

 

4. Educating about the need for empowerment

Fumani’s aim when starting her company was to transform society through knowledge and power and make a difference through a legacy that creates a new kind of context in which people like herself – a young, black female entrepreneur – could operate. “We wanted to spread the justice dividend and to use our privilege responsibly,” she says.

In her experience, banks struggle to recognise the need for women to seek finance for start-ups, because “they don’t need to take on that kind of risk. And that’s the thing about this dual economy, and as women we represent that second economy,” she says

“We’re a new risk; the things we want to do in this economy are new. Everything we do and present is new and we can be disruptive. So while we can ask for change, we can also be the change, and we can create these institutions that really understand us.”

 5. Seizing the power within you

Both women agree that recognising the challenge of being a woman in South Africa, should lead to women standing together and reclaiming their power. “We can only own our power if we join together as women of all races, ages and abilities and understand each other,” says Teresa.

Related: A Great Time To Be A Woman In Business

Out of Fumani’s 25-strong staff complement, only five employees are men. She puts that down to the talent and intellect shown by her women employees. But this female-male mix is far from the norm. Why? “What I’ve often seen is that women are very risk averse they’re incredibly bright.

We just don’t want to take a bet on ourselves,” says Fumani. “All these institutions are growing on the back women’s efforts. There’s a reason why 54% of graduate are women – we can do it, it’s just a matter of taking that chance on yourself.”

Investec Cash Investments falls under Specialist Banking and offers cash solutions to individuals, small businesses and financial intermediaries. Clients can choose from a range of cash products with guaranteed capital and highly competitive annual returns, ranging up to 9.2%*. These savings and cash investment products offer capital preservation, a high level of security and exceptional returns with various levels of accessibility. There are no fees attached.Investec provides a wide range of financial products in South Africa through its Specialist Banking, Asset management and Wealth and Investment divisions.

Company Posts

Customers Are The Heart Of Innovative Businesses

Keep your customer at the heart of your business.

Viga Interactive

Published

on

online-marketing-innovation

One of the main reasons start-ups fail is because they don’t create solutions that meet their customers’ needs. Failure is avoidable. Businesses that understand their customers feelings, challenges, expectations and motivations make themselves indispensable in highly competitive markets because they recognise that true innovation is led by customer insight.

An incredible example of a business that believes in innovation driven by insight is Netflix. They revolutionised the way people watch video content by listening to their customer’s needs. You’ve probably heard the story before: after paying a $40 overdue DVD fee, Reed Hastings co-founded Netflix. He was simply too busy to return his DVD. He recognised that this experience wasn’t exclusive to him, but that it was a problem that many people faced. He saw a gap in the market for receiving and returning videos more effectively, and that is how the $150 billion business was born.

If your start-up doesn’t fulfil a human need, then you’re setting yourself up for failure. It’s not enough to have a cool idea. Ask yourself, “What is the market need behind the offering?” and then test ways of delivering your offering in the most user-friendly manner. Talk to your consumers, understand their likes and dislikes and establish your business purpose before haphazardly allocating funds to R&D.

Related: How Netflix Is Now Disrupting The Film Industry By Embracing Short-Term Chaos

You can’t go from being a California based DVD-by-mail provider, to becoming the world’s largest online video streaming service without a business plan. It’s important to recognise the step-by-step process of success. Netflix didn’t go from delivering DVD’s to pouring capital into the production of video content within six months. That sort of development would have bankrupt the company almost immediately. It took 21 years for the business to become content creators.

  • In 1999, the company became a subscription service because they found that customers preferred paying a monthly fee rather than making a once off purchase.
  • Then, in 2009, the company used investor capital to expand their DVD collection because their clients wanted a larger selection of movies.
  • In 2010, the business expanded internationally because they saw a gap in the market across various countries.
  • Finally, in 2013, Netflix created its first original content series because customers craved fascinating content beyond the overused Hollywood archetype.

The point is: Progress didn’t happen overnight. The business had to set goals and objectives. They then had to fund their growth by presenting market opportunities, backed by customer insights, to their investors. Establish your start-up one step at a time and make sure every progression isn’t innovation for innovations sake – it must be inspired by a human need.

13-reasons-whyNetflix was founded by a computer scientist and a marketing director. While one partner focused on Netflix’ service development, the other focused on sales. Since the company’s origin, collaboration and balance have been the cornerstones of the business’ success.

Netflix is currently composed of a diverse team of tech-professionals and designers. They understand the importance of combining technology and design to offer customer-inspired user-experiences.

After conducting consumer research, Netflix discovered that series and movie artwork influences viewing decisions by 82%. This has resulted in the creation of more descriptive and provocative designs. Netflix is known for leveraging human-behaviour to revolutionise their service offering.

As an entrepreneur, you can increase your ROI by partnering with the experts that understand human-based innovation.

Keep your customer at the heart of your business.

Related: What These 5 Digital KPIs Say About Your Business

Continue Reading

Company Posts

Building Customer Relationships

Are you working in a retail environment? Explore the Wits Plus online short course in Customer Relationship Building through the DigitalCampus.

Wits Plus

Published

on

building-customer-experience

Most retail businesses agree that providing excellent customer experience is imperative for a retail store to be successful.

But what is customer experience?  According to Forrester, an independent market research company, customer experience is “How customers perceive their interactions with your company”.

They explain that good customer experiences have three relevant characteristics for the customer:

  1. They are useful, thus deliver value and meet customer needs.
  2. They are usable, so the value is easy to find and engage with.
  3. They are enjoyable, and emotionally engaging so people want to use them.

The customer ‘interactions’ are the two-way exchanges that customers have with the company. A customer will make a judgement as to whether the company meets their needs, is easy to use and enjoyable to do business with. These judgements happen every single time the customer interacts with the company: when they navigate the company website, call the contact centre, enter the retail store, buy company products, talk to an employee, respond to an advert and so forth.

Providing excellent customer experience is challenging. The systems and processes required for excellent customer experience include understanding your customers, building a positive emotional connection with them, capturing and acting on feedback, developing and training everyone in the company and measuring the return on investment. All this is difficult enough to manage in a national company but what does it mean in this age of international and multinational companies?

Related: Customer Control For Entrepreneurs

Providing a superb customer experience is first underpinned by understanding the cultures, history, experiences and sensibilities of customers and then respecting them. Again, this is more manageable if your company is national and its cultural values are aligned with the national values and history. However, achieving this in a multi-national organisation where the historical experience and cultural values of the organisation may not be aligned with the country they are operating in, can be a real challenge.  A diverse workforce is also imperative to providing an outstanding customer experience and the importance of diversity is magnified in a multinational organisation.

This is demonstrated by the infamous ‘H&M hoodie incident’ that happened early this year. In Sweden the only jungle is urban, there are no wild monkeys and the black population is relatively small. As one would expect in a Scandinavian organisation, the H&M group board has good male-female diversity, but there are few black Swedes in senior decision-making positions. Few Swedes have experienced how skin colour can provide an all-pervasive feeling of difference, of ‘us and them’, and they have little, if any, understanding of these issues on a personal level.

However, H&M is a global organisation and therefore needs to have an intimate understanding of the different cultures and sensibilities of their customers in the different countries where they have a footprint; and respect them. The simple expedient of introducing a process whereby a local executive ensures that a new product is culturally sensitive could have demonstrated some organisational understanding of this issue.

The H&M hoodie debacle is an excellent example of how not understanding the customer can negatively impact on customer experience; how it can break the emotional engagement with customers and lose their trust. This incident has made it difficult for South African customers to engage positively with H&M. The importance of diversity in the senior teams throughout a multinational can directly impact the customer experience and the bottom line. In short, one picture and a hoodie nearly undermined the reputation of the organisation in South Africa!

Are you working in a retail environment? Explore the Wits Plus online short course in Customer Relationship Building through the DigitalCampus.

Continue Reading

Company Posts

Entrepreneurs Can Explore Opportunities In Growing Digital Textile And Interior Décor Markets

Those wanting to explore opportunities in digital textile printing can speak to experts at the Sign Africa and FESPA Africa Expo, taking place from 12-14 September at Gallagher Convention Centre.

Published

on

interior-decor

According to Mark Sollman, application manager at Mimaki, ‘Digital printing technologies are revolutionising the interior décor business. Not only can these items be produced more rapidly and with less waste than with traditional manufacturing processes, digital printing offers the ability to customise – or even personalise – interior décor.’

The global printed textile market is huge, estimated at over 32 billion square metres of output annually. Print is widely used to decorate the surface appearance of furniture and surfaces. Digital textile printing is ideal for customisation – allowing consumers to print unique products for their homes or businesses.

There are also emerging niche opportunities. For example, with the wide use of online travel review sites, hotels are increasingly keen to deliver a fresh experience. A ‘TripAdvisor effect’ has been identified, with the claim it reduces the hotel renovation cycle from every seven years to every five years, consequently boosting the market for printed décor.

There are many T-shirt printers offering a web-to-shirt service, where the buyer uploads their own unique image to be printed on to a garment on demand. The printing takes a large part of the value and will be done close to the buyer. For a fashion collection, stock-outs may be avoided by printing and making popular sizes and styles locally in small quantities.

Related: Explore Business Opportunities In Print At The Sign Africa And FESPA Africa Expo

This makes higher manufacturing cost less of a problem, and internet retailers can extend this with only commissioning the product after a sale has been completed online. Increasingly, supply chains are being pressured to provide greater flexibility, which inkjet textile printing is able to provide.

Applications with interior décor include; customised wall coverings and photo wall murals; window coverings and wall decals; curtains and blinds, cushions, lampshades and bags.

Those wanting to explore opportunities in digital textile printing can speak to experts at the Sign Africa and FESPA Africa Expo, taking place from 12-14 September at Gallagher Convention Centre. There are also a range of educational features, including: 

Textile Experience

Visit this hands-on workshop where printers can learn different techniques all taught by Charlie Taublieb, who has been in the screen printing industry since 1976, and heads up Taublieb Consulting in Greenwood Village, Colorado, a company specialising in technical screen printing consulting for textile printers. This takes place from 12-14 September, in hall 1 on the Rexx Screen & Digital Supplies stand.

T-Shirt and Bag Printing Workshop

Free demonstrations by local experts on T-shirts and bags with speciality printing techniques, direct to transfer and screen printing. For more info visit http://bit.ly/EntrepreneurSignAfrica5

Related: Considerations For Signage And Printing Industry Start-Ups

sign-africa-fespa

Continue Reading
Advertisement

SPOTLIGHT

Advertisement

Recent Posts

Follow Us

Entrepreneur-Newsletters
*
We respect your privacy. 
* indicates required.
Advertisement

Trending