Johannesburg’s landmark Highgate Shopping Mall is undergoing a complete transformation at the hands of young entrepreneurs Nicholas Tan and Catherine Lingyi Li as the new Home Africa Mall concept takes shape.
The project, which aims to connect building, home décor, plumbing, electrical and related trades directly to top local and Chinese products, will have the welcome ancillary benefit of adding 2000 jobs, according to the two pioneering businesspeople.
Home Africa Mall will host 250 international and local brands, offering a broad and deep product choice for customers.
Home Africa Mall has been purposefully designed to provide a unique service for businesses looking for construction and home-related products, as a first of its kind one-stop wholesale distribution hub, according to CEO Tan.
“Finding a prime location such as the Highgate Shopping Mall and being able to convert that into this fantastic experience for those in the construction, decorating and related trades, gives us a huge opportunity,” he says.
World class design
While the location and business concept give Home Africa a strong market positioning, the creative personality behind the new venture has been given significant thought at the hands of Lingyi Li who serves as Chief Marketing Officer.
Lingyi Li, who has studied media at the University of Toronto and design at the world-renowned Parsons School in New York, has applied commercial design techniques learned during her studies and under the tutelage of international celebrity designer Naeem Khan.
The result is a concept that not only delivers a different business advantage, but an exciting experiential concept for customers too.
“The role has been very exciting and terribly challenging because Home Africa Mall is the first of its kind on the African continent and it has been wonderful working with the Chinese Ministry of Commerce to create a novel, very modern and chic East Meets West concept,” she says.
Lingyi Li says Home Africa Mall will serve as an international trading hub between China and Africa so getting it right, within the constraints, is critical.
“I am an entrepreneur at heart and am very passionate about music, the arts and design, and a core mission of mine has been to contribute to the cultural advancement of South Africa, and Africa at large,” she says.
High demand from vendors
CEO Tan, who is just 27 years old says he has big dreams for Home Africa Mall, saying it offers an unseen value proposition to businesses and consumers. He says he is unconcerned about recent growing concerns about an over-saturated retail market brought about by the proliferation of shopping malls in recent years, declaring that the unique positioning of Home Africa Mall creates a different business landscape.
“The response to Home of Africa has been phenomenal in terms of people seeking occupation. This is the only mall of its kind in South Africa. We will have 250 international and local brands, 2000 jobs will be created and products available here will be 30% lower than in other malls.”
Further, Tan says small-to-medium enterprises (SMEs) will receive assistance on product sourcing, price negotiations, quality control and supply chain costs with Chinese suppliers through Home Africa Mall, creating a significant benefit to them through using Home Africa Mall-based suppliers as their first choice.
Buy n Build, the international building materials supplier, is investing R500m and will anchor the new Home Africa mall.
Investing In Value Creation Tools Can Help Your Business Grow
ACCA on attracting new clients, establishing and strengthening commercial partnerships and accessing external finance to help your business expand.
The business journey of many SMEs is often characterised by a gradual change in internal management practices which develop as the business operations grow. The subsequent recognition of the business’s value creation, across all its operations – tends to emerge slowly but surely alongside this process.
Gaining an understanding of ongoing value creation can be challenging. This is because smaller companies tend to not have access to simple and understandable data sets on everything, which is and isn’t contributing to value across the business.
For example, customer and supplier relationships, human capital and intellectual property are all common examples of activities where SMEs regularly experience difficulties in determining the real contribution to the businesses’ overall value. These are areas that are not picked up by financial reports that are a focal point of many growing businesses, hence the importance of these areas in business is not given the proper attention it deserves.
However, by improving trust and relationships between customers and those along your supply chain, this information can be used to attract new clients, establish and strengthen commercial partnerships and access external finance to help your business expand.
Key actions to consider when capturing the value within your business include the following:
- Use cloud and data analytics technology to support growth;
- Create a business strategy which incorporates everything;
- Allow staff to use new technologies to innovate; and
- Appreciate the importance of technology in attracting external finance.
These actions will help you succeed in developing a successful business strategy.
Use cloud and data analytics technology to support growth
Purchasing relevant software packages could help you access the data you need to understand where and when value is being created. Cloud and data analytics technology can provide a real-time flow of information, offering detailed measures across workflows, whilst also complementing existing reporting processes.
More long term, this technology can provide you with greater flexibility when anticipating future periods of growth.
For example, when the time comes to up-scale your business operations, it could help your finance function adapt more easily to any additional demands being placed upon it and mitigate the risk of disruption towards ongoing operations.
At the same time investing in this technology doesn’t have to happen overnight. Software packages can be purchased in stages and tailored to meet the specific needs of your business.
Create a business strategy which incorporates everything
Business success will often be determined by how effectively you can combine the value of ongoing operations into the development of a single, overarching business strategy. Understanding of the key strategic themes by employees is critical in aiding future business expansion plans and growth. This integration can support planning processes.
By taking a short, medium and long-term view on how value creation might change across the business, you will be in a much better place to identify upcoming risks and opportunities related to your growth ambitions.
The practical delivery of this might involve regular integrated reporting across your business’s operations. The more data that is involved in this process, the more helpful it will be towards informing your management decisions.
Allow work teams to use new technologies to innovate
Companies might also want to consider supporting work teams in certain areas to come up with new ideas to enhance plans for business growth and learn from possible failures, without the personal risks that entrepreneurship entails.
Allowing employees to use new technologies could help to reduce costs and offer new revenue opportunities as your business expands. It could also help to stimulate a high growth business and to fully communicate business’s value to potential clients and commercial partners.
Appreciate the importance of technology in attracting external finance
Investing in technology at an early stage can help attract external investors, as well as reducing the cost of raising growth finance. Such investors need to be able to understand the broader strategy of your business.
Lenders are increasingly using data to build up a broad perspective on the growth potential of SMEs. If you can provide real-time information – rather than just historical data – of your business’s performance, this could greatly increase the chances of obtaining the finance you need to grow.
However, there remains a gap and potential to co-create new approaches of raising capital amongst growing businesses and in creating agreed terms of sharing risks. This could bolster the advancement of entrepreneurial houses toward creating real economic equity in long term.
Save Your SME Money With A Good Payroll Management System
Not only does an efficient payroll system enhance staff morale and boosts your reputation, it can also save your business significant costs.
Payroll solutions are designed to help hone the strategic focus of your business’ HR department, by shifting HR and payroll managers’ from paperwork to developing and motivating employees.
“The biggest potential saving comes from full compliance with tax and labour laws and regulations,” says Ania Strydom, Compliance Specialist at Sage. “Avoiding the massive costs of fines, interest and penalties that a company risks if it doesn’t comply.”
Here are her tips for conducting payroll, saving money on a good system, and pitfalls to avoid that most SMEs don’t see coming:
Choosing a viable payroll management solution
- Look for a scalable product that can grow alongside the business
- Find a solution with full local support that is kept up to date with relevant labour and tax laws for the markets where the business operates
- Make sure the vendor has a proven track record and local reference sites
- Ensure that the solution is built on flexible modern technology that accommodates today’s trends — mobility and the cloud, for example
- Consider a solution with integrated employee self-service functionality.
Vital considerations when conducting payroll
- Ensure that the payroll department consists of people with a good knowledge of payroll and the required skills set to ensure success and compliance with payroll
- Instil a payroll environment that does not need regular review
- Conduct regular payroll compliance audits to ensure compliance minimises the risk of exposure.
How a good payroll management system actually save you money
- Using automated payroll software with employee self-service functions can help organisations save time as it diminishes the need for manual data capture, calculations, reporting or returns
- Rest easy knowing that automation reduces the possibility of human error, allowing businesses to focus on strategy, customers, and employee engagement rather than on red tape
- Payroll can help businesses understand how employees are contributing to profitability, what resources are needed, the cost for major projects, and identifying gaps or surpluses in their human capacity
- The risks of payroll fraud and incorrect payments are reduced by giving managers better visibility into transactions, providing an audit trail, and providing a set of controls, checks and balances
- The biggest potential saving comes from full compliance with tax and labour laws and regulations – avoiding the massive costs of fines, interest and penalties that a company risks if it doesn’t comply.
Avoid payroll errors SMEs typically make
- The use of manual solutions due to tight budgets. They should instead, look at affordable, cloud-based solutions that are priced per payslip per month instead
- Failing to enforce separation of duties. Different people should have responsibility for capturing payroll data and for managing access to the system as well as adding and removing employees from the payroll. Another person checking that the numbers add up could reduce risks of fraud and error
- Not keeping abreast of changes to tax and labour laws such as the Employment Tax Incentive.
Why Grit Is The True Determining Factor Of Success
How grit and determination helped Bertus Albertse take control of his destiny and build an award-winning franchise brand.
- Player:Bertus Albertse
- Company: Body20
- Contact:+27 (0)872310359
- Visit: body20.co.za
What does it take to open a successful business, franchise it, and then take it global? In many instances, the answer is grit, determination and the ability to get back up when life knocks you down.
In fact, Angela Lee Duckworth, an academic and psychologist based at the University of Pennsylvania, where she studies concepts such as self-control and grit to determine how they might predict academic and professional success, believes that the single biggest predictor of success isn’t social intelligence, good looks, physical health or even IQ.
The single biggest predictor of success is grit.
According to Duckworth, grit is passion and perseverance for very long-term goals. It’s having stamina. Grit is sticking with your future, day in, day out, not just for the week or the month, but for
Years. It’s about working hard to make that future a reality. Grit is living life like it’s a marathon, not a sprint.
To find the epitome of grit, we need look no further than Bertus Albertse, the founder and CEO of Body20 Global, a local franchise that is now making international waves.
As a youngster, Bertus was used to living in the unpredictable. His parents divorced when he was just nine months old and his mother, walking with both him and his sister on her hips, moved from house to house whenever his alcoholic grandfather took to the rod.
He realised early in his life that material things come and go as his mother had to return worn clothes and used toys not long after they have been purchased.
In fact, it happened so often that at some point even Bertus and his sister had to return items at retail stores at a young age in order to have money for food or petrol.
“To this day I’ve never forgotten where I come from and how retailers looked at me and my sister with pity and shame in their eyes,” he recalls.
Going the distance
Instead of letting the experience bow him down, Bertus learnt to be comfortable with the uncomfortable, taking control and responsibility over his own life. As an excelling young sportsman, he soon realised how he could control his own destiny by consistently putting in huge effort.
One of his favourite quotes is “You are what you repeatedly do, therefore excellence is not an act but rather a habit.”
It’s a mantra he lives by. Through pure grit and determination, he went from a small, skinny kid from the ‘platteland’ in the West Coast to be the first Head Boy of both the school and boy’s residents at the prestigious high school, Jan van Riebeeck, situated in the heart of Cape Town.
Stay hungry and make a real impact
Bertus also has numerous sports achievements, including national and international Body Building and Fitness titles. With his passionate and optimistic outlook on life, he soon realised that people are drawn to the ideas and things that inspire him and this has given him a flair for business, enabling him to share that passion with his community.
He started his first business in his second year of University in Stellenbosch with a R20 000 loan from his father, which he subsequently paid back three months later.
Today, Bertus is the founder and CEO of the award-winning global fitness franchise network, Body20. He strives to impact those around him by inspiring them to take control of their lives and encourages people to believe in the impossible, but to always remember to take consistent, daily actions to make it possible.
“A rabbit will always outrun the fox, because while the fox runs for its lunch the rabbit runs for its life.” He likes to be reminded of how hungry you have to be to truly make an impact in the world.
- Bitcoin Family Of Coins – Who Will Win?
- The Future Of Franchising Looks Smaller (And Fancier)
- As Consumers’ Tastes Change Can Your Franchise Keep Up?
- How Strong Is Your Franchise’s Quality Control?
- 3 Internet-Based Businesses You Can Start In 2018
- Founder of Five-Star Wes Boshoff Weighs In On Becoming An Entrepreneur
- 5 Thoughts To Give You The Courage To Make Change
Start-up Industry Specific3 months ago
How Do I Start A Transport Or Logistics Business?
Business Plan Advice3 months ago
Writing a Business Plan May Not Be Your Idea Of Fun, But It Forces You To Build These 4 Crucial Habits
Company Posts1 month ago
Enhance Your Entrepreneurial Flair With An Online Postgraduate Diploma From The University Of Pretoria
Upstarts3 months ago
10 Young Entrepreneurs Under 30 Share Their Start-Up Secrets