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Top Tips For Building A Successful Business From Your Home

Technology is making it possible to run many kinds of businesses remotely – but do note that planning is key.

Morné Stoltz

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We’ve all seen the pictures: the surfer sitting under the palm leaves at a beach bar on his laptop, clinching a deal in New York – or Joburg. This kind of scenario does seem a little far-fetched (what beach bar has good WiFi, for starters?) but the concept is becoming increasingly practical. For most people, the real benefits of this approach would be the opportunity to run a business from home or, for a limited period, from a holiday destination. 

So what are some of the key success levers for setting up and then building a successful business that is remotely managed? 

Examine the business model

It’s very important to think through the business model carefully, and decide whether remote management is indeed possible.

Part of the decision will rest on where in the business life cycle you are. For example, a start-up manufacturer would probably need to be in the factory every day to get the right production and quality systems in place, and to visit key clients personally.

Once the business is established and good managers are in place, overseeing it remotely becomes more possible. 

Related: 50 Jobs, Gigs And Side Hustles You Can Do From Home

Build an ecosystem

ecosystem

This ecosystem concept is coming to define modern business models, in contrast to the closed system. Put simply, an increasing number of businesses are learning that there are advantages in using partners rather than trying to do everything themselves. Even conventionally run businesses are using this model, but it has particular relevance for the remote model.

Thus, for example, a manufacturer does not need to own or run its own logistics operation any more than it needs to pay the salary of a legal advisor or a digital marketing specialist. Rather, these non-core services should be contracted in from expert suppliers. In this way, even a start-up or small company can access the same calibre of specialist skills that a massive corporate can, but without having to tie up capital or management focus.

A lot of time should thus be spent finding the right partners and building the right kind of relationships with them. If one is going to rely on a business partner to deliver on your behalf while you are in Greyton, or The Philippines, the relationship has to be more than simply transactional. Fulfilment is one crucial but non-core activity that most businesses could hand over to a third party. 

Leverage the power of virtual assistants

High-quality assistance can be obtained virtually from other remote workers. Again, the key is finding the right ones. Sites like Bizserv, VA Connect and Recruit My Mom offer ways of accessing freelancers and virtual assistant spanning mobile software development through to accountants and personal assistants.

Remember to always ask for references and check on them. Virtual assistants can take care of administrative or regular tasks on a contract basis, with specialists such as digital marketers or analytics experts called in as needed. 

Use software to set parameters

All businesses these days, remotely run ones pre-eminently, are reliant on software platforms. Make sure that you set them up so that you are alerted when significant activity takes place; for example, when an order is dispatched, a payment is made or a product over a certain value is ordered. 

Move onto the cloud

cloud-computing

The advent of cloud computing is a godsend for anyone wanting to start or run a business remotely. Not only does it allow one to access skills and services virtually, it also provides a platform that facilitates remote working and collaboration.

For example, using cloud storage services like Dropbox, means that all documents can be accessed from anywhere securely. The result of this, of course, is that the business must be paperless, with any paper documentation scanned as soon as possible. 

Related: 8 Mistakes to Avoid When Starting a Business From Home

Learn how to communicate virtually

Any business owner knows that staying in touch with employees, business partners and clients is critical. However, this does not need to be in person all the time.

The Internet offers a multiplicity of ways to keep in touch with key role-players in your business, supplementing the alerts you have set up on the various software platforms used by the business.

Again, it is worth spending time familiarising yourself with what is available, and working out which works best for you and your extended team. Some channels are better suited for specific functions. For example, a webinar platform might be better for presenting a new product or sales idea, whereas a Skype teleconference is sufficient to deal with a specific issue, and so on. Suit the channel to the type of communication you are planning.

South Africans in particular are addicted to face-to-face meetings, but this is changing. Videoconferencing and virtual meetings have come a long way and thanks to abundant bandwidth, now work well. Such technologies allow one to establish eye contact and read facial expressions.

Providing a regular e-newsletter can also be an effective way to keep everybody in touch. 

Manage your risk

Every business owner needs to assess regularly what the risks facing the business are and how best to mitigate them. As the business gets bigger, it is probably a good idea to enlist the help of a specialist business continuity consultant, but at the beginning it will likely live on the owner’s to-do list. 

One important element is IT disaster recovery which can now be purchased as a service from a specialist provider. Many businesses assume that their cloud providers act as a de facto disaster recovery capability, but this may not be the case – establish with your cloud provider what its backup plans for its own systems are, and what its obligations are in the event that your data or applications are unavailable. 

When it comes to risk, the small business owner’s secret weapon is a close relationship with an insurer or broker. The right kind of insurance will provide not only for compensation in the event of a disaster, but also offer access to service providers to put things back on track. Insurers are experts at risk profiling and are invaluable business partners. 

In conclusion, running a business from home – or from anywhere for that matter – is not that different from running it in person, but it does require more planning. Technology is what makes it all possible, so the non-negotiable is excellent and reliable connectivity – but that still leaves one with many desirable options.

MiWay is an Authorised Financial Services Provider (Licence no: 33970)

Entrepreneur Today

Fintech Hackathon To Support South Africa’s Entrepreneurs

Xero hosts South African developer technology challenge – and appoints a new General Country Manager.

Entrepreneur

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 Xero, the global leader in online accounting software has today launched a national competition, to put South Africa’s growing fintech industry firmly on the map. To mark the start of the developer technology challenge, Xero has also announced the appointment of Colin Timmis as Country Manager for South Africa, to take Xero forward.

Launched with Amazon Web Services, the virtual hackathon will enable the region’s technology entrepreneurs to compete with other forward thinking developers on a global scale. To take part, they need to develop an app that can sit within the Xero’s global ecosystem of over 600 apps.

As announced last night at an exclusive event in Johannesburg, the winner will receive R62,720 and the opportunity to attend and exhibit their app at Xerocon the world’s largest conference for over 3,000 accountants and bookkeepers, taking place in London in November.

Related: How The SA Government Can Help Small Businesses Thrive

Xero, which first launched in South Africa in May 2016, is now one of the fastest growing software companies globally, with 1.4 million subscribers around the world. In South Africa, the company is currently supporting tens of thousands of local small businesses, and a substantial support network of accountants. The competition marks the first in a series of Xero-led initiatives created for the South African tech community, as it continues to help more businesses and their advisors thrive.

“Since Xero first set foot in South Africa, I’ve been really impressed by the strong entrepreneurial spirit amongst the small business community. It’s really important that they are supported in the right way; and given space to pursue their best ideas and to grow. That’s why it’s time to open up our global developer competition to a South African audience. Those that have won it elsewhere have instantly been able to propel their business, and compete at a global scale,” said Gary Turner, Managing Director, Xero EMEA.

To support its continued growth in South Africa, Xero has promoted Colin Timmis, to Country Manager. Previously Head of Accounting at Xero SA, he brings a wealth of experience and skill to his new role. Before arriving at Xero, Colin founded South Africa’s first cloud accounting practice, Real Time Accounting, in 2011 – becoming Xero’s first Global Gold Partner in 2013, and its third fastest growing partner in the global territory by 2014.

“With over 12 years of experience in the accounting profession, promoting Colin to Country Manager will accelerate adoption of Xero in South Africa.” said Gary Turner: “His experience in cloud accounting, software implementation, development, integration and best practice is peerless. He’s already done great work for us during our market entry phase and I can’t wait to see how together we can help more and more South African small businesses realise the benefits of cloud-based accounting.”

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Entrepreneur Today

Breaking Down Borders – Top Considerations For SMEs Expanding Into Africa

In light of Africa Day on the 25th of May, more South African small and medium enterprise (SME) owners should be encouraged to look at how they could expand their operations into the rest of the continent.

Entrepreneur

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In light of Africa Day on the 25th of May, more South African small and medium enterprise (SME) owners should be encouraged to look at how they could expand their operations into the rest of the continent.

This is according to Mark Paper, Chief Operating Officer at Business Partners International (BUSINESS/PARTNERS), who says that Africa has for long been regarded as a region with untapped economic opportunity. “The African Development Bank1 reports that the economic growth in Africa is set to accelerate to 4.1% over the course of 2018 and 2019, which can potentially yield benefits for SMEs.”

Paper points out that entrepreneurs should however firstly consider that each of Africa’s 54 countries represents a unique market with differing challenges and intricacies for doing business.

“The various economies, laws, languages and cultures need to be thoroughly assessed as part of the entrepreneur’s expansion plan, which should be structured around the target region’s strengths, weaknesses, potential opportunities and threats.”

Related: Expansion Funding Options For Your Growing Business

He says that once the enterprise is ready to start operations in a specific region, the entrepreneur needs to ensure that the regulatory requirements of the region are adhered to.  “It is crucial to conduct due diligence and understand all relevant regulations. Most of the companies that make mistakes during this phase find themselves facing massive fines or potentially devastating legal action further down the line.”

According to Paper, the information that should be at the entrepreneur’s fingertips include the required permits, business and property registration processes, credit requirements, tax legislation, labour market regulations, and local content requirements.

He adds that the entrepreneur should also know which laws are in place to protect foreign investors. “Developing robust contracts and using local attorneys to ensure that contracts can be enforced under local laws is therefore imperative.”

Next, Paper says that it is essential to have a strong local presence, knowledge of the local market, and an understanding of customer expectations. “Employing workers from the region can potentially be one of the best ways to support the company’s operations. It will not only benefit the business and its reputation, but the local economy too.”

He notes that finding the right employees, creating cohesive teams and implementing skills training within the organisation relies heavily on understanding the culture of the region, and being able to effectively work around the potential language barriers. “It could help to consult local human resources firms and hiring agencies with strong track records in the region.”

Another point for entrepreneurs to consider, is whether the country has reliable electricity supply, says Paper.

“Electricity supply continues to be a challenge in various countries, and there are many regions that only receive electricity from their national power grids for a few hours per day. Where necessary, the entrepreneur will need to budget for the installation of generators, or even consider signing contracts with mobile fast-track power suppliers who can operate and maintain their own generators on the business’s property.”

Related: Thinking Of Cross-Border Expansion? Consider This First

While entrepreneurs need to consider a number of aspects when expanding across borders, he adds that the rewards for getting it correct are significant, and that the perceived challenges should not deter entrepreneurs from taking the leap, rather serving as a reminder of the amount of research that should be conducted beforehand.”

“Africa is open for business. All it takes is enough drive, passion and perseverance to tap into its growing markets,” Paper concludes.

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Entrepreneur Today

President Ramaphosa To Address SA’s Biggest Board Meeting, The Directors Event

President Cyril Ramaphosa will be delivering a keynote address at The Directors event on 8 June 2018, at the Sandton Convention Centre.

Entrepreneur

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President Cyril Ramaphosa will be delivering the keynote address at South Africa’s biggest board meeting, The Directors Event, which will take place at the Sandton Convention Centre on 8 June 2018.  Dr Jabu Mabuza, Chairman of Business Leadership South Africa will deliver this year’s Chairman’s Report.

Now in its fourth year, The Directors Event invites industry leaders to unpack three issues of national importance and discuss solutions in a public forum, moderated by highly-respected media personalities.

Youth employment & entrepreneurship, the use of technology to promote inclusive growth, and our political economy will be hot topics in this year’s highly focussed discussion programme which attracts participation from the country’s most prominent business and government leaders, and an audience of 300 ‘board member’ delegates.

“We are honoured to have President Ramaphosa address this important gathering of some of the top minds in South Africa. We invited him as a response to the call he made during his maiden State of the Nation Address earlier this year, calling on all South Africans, in their small corners, to help develop this country. We believe, strongly, that corporate South Africa has a massive role to play and we are very excited that everyone seems to have accepted the President Ramaphosa’s “Thuma Mina” call,” says Bongani Siqoko, editor of the Sunday Times.

Nontokozo Madonsela, Chief Marketing Officer of MMI, the JSE listed holding company for Momentum, Metropolitan and other financial services providers says, “We are incredibly honoured and excited that President Cyril Ramaphosa will be delivering the keynote address at this year’s Biggest Board Meeting. Over the past few months, we have experienced a wave of change in the country that has brought with it much needed confidence in what we can achieve. As a company with deep roots in South Africa serving a broad spectrum of citizens and businesses, we are heeding the President’s call to lend a hand in addressing our challenges. We are saying #CountUsIn, we want to be there. We believe this platform creates a space where we can have constructive dialogue and come up with concrete solutions that can positively contribute to improving the state our country”.

Related: President Ramaphosa’s Support Of Entrepreneurs And SMEs In SONA Had Us Cheering

President Ramaphosa will be the highest ranking government official to address The Directors Event with his keynote message.  Previous keynote speakers at The Directors Event have included Caroline Galvan (Lead Economist & Editor: Africa Competitiveness Report for the World Economic Forum), and Mcebisi Jonas (Former Deputy Minister of Finance).

Mmamoloko Kubayi-Ngubane, Minister of Science & Technology, and Enoch Godongwana, Chairperson of the ANC sub-committee on Economic Transformation will also be representing the perspectives of Government and the governing party during the round-table discussions at this year’s event.


The Directors Event programme is tailored for corporates, SMEs, educators, and non-profit organisations who are serious about turning South Africa’s socio-economic crisis around.

The Directors Event will take place at the Sandton Convention Centre on 8 June 2018.  To view the 2018 agenda, speaker profiles, or to book tickets: www.thedirectorsevent.co.za 

The Directors Event brought to you by the Sunday Times Top 100 Companies and MMI Holdings Limited, is supported by partners Mancosa (GSB), the Institute of Directors (IoD SA), and Greymatter & Finch.

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