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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

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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)

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Uber-like Insurance Platform Is Revolutionising The World Of Insurance Claims

the 4-Sure platform, which was launched two short years ago by actuary Shalen Moodley and a collective of seasoned tech gurus, is to provide value-added services that benefit the financial services industry. All partners had substantial success across Africa introducing loan origination platforms for leading banks before deciding to tackle the problems existing in the insurance claims fulfilment process.

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A multi-sided, digitally-driven business platform that has been wholly-developed and launched in South Africa is ‘uberising’ the local short-term insurance industry by transforming the traditional claim fulfilment landscape.

Developed locally by Insuretech sensation 4-Sure and headed up by actuary-turned-entrepreneur Shalen Moodley, the 4-Sure platform seamlessly connects the claims ecosystem consisting of the customer, broker, insurer, service providers and suppliers and manages all complex interactions and sequencing required to deliver superb customer experience, optimal claim cost and fast turnaround times. 

“The new system, which eliminates virtually all the manual processes and “waste work” involved in dealing with a claim, also provides enhanced opportunities for small businesses to compete for insurance claim work traditionally only available to a select few. Simultaneously, it reduces the fraud risks associated with the manual allocation of claims, and reduces costs across the board”, says Moodley.

“There are several weaknesses inherent in the appointment of the traditional insurance panels, “says Moodley. Relationships between the insurer’s agent and supplier base can result in some contractors being favoured above others. The payment of “incentives” by service providers as a reward for getting work can also skew the allocation process and drive massive cost inflations. Furthermore, costs can vary for similar jobs and the use of assessors for approval of routine jobs results in time delays and increased administration costs.”

“Most seriously for most insurers, is that contact with the customer is lost during the claim fulfilment process – they are disintermediated. Often, the result is dissatisfaction on the part of the customer, disrupted processes, unnecessary delays and often the possibility of an unhappy customer withdrawing their insurance and other investments with the associated brands of the insurer.

After extensive discussions with the industry regarding problems faced with settling claims, 4-Sure concluded that reformation of the system should be based on shorter, effective communication structures, the ‘democratisation’ of the panel system and the strategic use of technology to improve customer delivery and satisfaction levels.

Related: Why Start-ups Like Uber Stumble When They Scale

The answer was the building of an entire ecosystem based on the use of sophisticated regressive algorithms that made the ‘Circle of Service’ between insurer and claimant transparent and frictionless. Creating an extensive database, making software available to service providers and connecting suppliers of raw materials as well as early payment mechanisms completed the service circle. As well as speeding up claim response times, the process was also efficient and fundamentally more effective.

Taking inspiration from the concept launched by the Uber transport system, the insurance platform includes a vastly increased list of qualified and rated service providers. As in the ride-sharing service, becoming listed requires that several stringent criteria are met by service providers. When a claim is registered – including the time when the customer requires assistance – it drops into the platform. Appropriate service providers listed can then respond and confirm their availability. They are then required to be on site at the time stipulated by the customer, undertake the work and then complete a Mobile App-driven reporting process for the insurer’s records (including before and after photographs, assessments and costings).

To participate in the platform a service provider must have a smartphone and the software, provided free by 4-Sure. Part of the package includes a service provider ‘scheduler’s’ desktop package that enables job scheduling, field technician allocation and all the information relating to the job to be collated and electronically submitted for payment to the insurer.

“For a sole trader or SME, one of the greatest challenges to building a sustainable business is controlling cash flow. Service providers on 4-Sure do not have to carry an extensive array of raw materials to fulfil allocated insurance claims work. Once they are on site, have assessed the repair work and had it approved within minutes, the service provider is able to visit a 4-Sure approved partner supplier (Builder’s Warehouse, Penny Pinchers, Buco, Plumblink and others) and pick up the required stock.

“They are then using their 4-Sure Mobile App to get the necessary materials and the outlet then bills the insurance company concerned directly through the 4-Sure software for the expenditure. Because of the volumes involved, we have been able to negotiate favourable prices for these services which are now on offer at more than 400 service points across the country.  The service provider bills only for the time and labour spent on the job at the agreed rates. Their bills are then submitted using the 4-Sure software, go directly to the insurer and are generally settled within 24-48 hours.”

“As smaller operators are no longer waiting between 30 and 60 days for their money, they are happy to complete routine jobs for a set fee.  Depending on the service they deliver and the ratings they receive, they are in control of just how much work comes their way.  As a job is loaded on the system and service providers then bid for the work, competition is assured and opportunities for work are equal across the spectrum of service providers – a new paradigm which rewards performance with more work and manages the non-performers off the platform.”

Further value is added to service providers by free access to geo-positioning systems, which not only plots their way to their closest parts supplier but also to the customer’s property.  Jobs that appear on their systems also cover the areas in which they choose to operate. As is the case with their Uber driver colleagues, those closest to the customer can make their presence known and compete for the work. Those who feel the costs of reaching the site do not make a job worthwhile simply do not respond to the job alert,” says Moodley.

For insurers, who can track the response times of service providers in real-time and contact them electronically if they are late on site, the major benefit is that the loss of customer contact at the point of handing over a claim to an incident manager no longer exists.

Related: How Uber Grew To A Billion Dollar Business (And How You Can Make Money With It)

The typical flow of a job is made easier by:

  • Insurers were able to use a sophisticated eco-system that is a centralised platform connecting all players in the supply chain, facilitating a seamless claims fulfilment process.
  • Customer contacts their insurer via their contact centre, their website, or a digital self-service channel and this claim, is electronically dropped into the 4-Sure to facilitate the claim process automatically.
  • A claim’s details being logged directly on the 4-Sure platform instead of being referred to an incident manager. The message enables specific skills, customer location, a time required for service and other factors to be selected so that it can be responded to by competing service providers.

Explains Moodley, co-founder of 4-Sure and one of the innovators behind the home-grown platform that caters specifically for local needs and is believed to be the leading services of its type anywhere in the world:

“4-Sure has succeeded in becoming the first, fully-digital insurance claims platform to provide a truly customer-centric experience. The system is flexible and although the present focus is on non-motor claims, other avenues, including motor insurance and non-insurance opportunities are being investigated and developed,” says Moodley.

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Win A Seat At 10X-e’s 10X-ECUTION Bootcamp (Valued At R5900)

Automatically receive 20% off the Bootcamp just by entering!

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Transform chaos into systematically achieving business goals, at scale. Hosted by founder, Jason Goldberg

Enter by emailing your company name, your name and your designation to Monique: mchaitezvi@edgegrowth.com

About 10X-e:

Scaling – the Bermuda Triangle of growth – is hard, and fraught with failure. Very few of even the top 1% of ventures succeed at scaling, mostly due to poor execution, due to lack of experience scaling businesses. The 10X Program brings the ‘Science of Scale’ and seasoned Scale Up Leaders to help founders navigate the Bermuda Triangle of growth

Our team has helped some of the Continent’s most exciting high growth businesses scale up through the most treacherous parts of the journey. We tailor make multiple workshops to the specific needs of you, your team, and your business. Our workshops serve to address the most pressing challenges that your business faces, helping remove the hurdles towards 10X growth.

For more information on 10X-e, visit: https://10xe.co.za/ 

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Off The Beaten Track

What Tourism Month means in South Africa and how Mango Airlines is focusing on local opportunities.

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This September, being Tourism Month, we have so much to talk about in South Africa, and so many people to engage with, both domestically and abroad. We are privileged to be able to leverage a broad range of destinations – arguably world-class in nature, and they expand way beyond a beautiful mountain, and an ecosystem of game.

The vast majority of leisure tourists, however, remain attracted to the Mother City and various Safari destination, while business tourists tend to stick to hub cities for short durations of time before departing again.

“There is a golden opportunity to expand on the same offerings – while not detracting from them in any way. Our responsibility is to drive tourism into new areas, really emphasising the differentiators that are incredibly attractive to local and international tourists,” said Benediction Zubane, Head of Marketing at Mango Airlines.

“Often tourists visit one of the more well-known sites in an area, and are completely unaware of the other features and destinations close by. We’re seeing a lot of success in township tourism which goes to show how diversifying can really drive new tourism opportunities,” explained Zubane.

Related: Travel Tour Agency Sample Business Plan

According to Statistics South Africa survey on Tourism and Migration, nearly 3.5 million international travellers visited South Africa in August 2017. Top numbers were tourists from USA, UK, Germany, France and The Netherlands, with African visitors primarily coming from SADC countries. Zubane added, “This means there is vast opportunity to begin engaging with travellers in new countries across the globe. We need to become our own best ambassador, talking-up our famous and lesser known destinations, proudly showcases our uniqueness. We should also be tourists in our own country and start exploring the wonders of the Rainbow Nation.”

Mango is passionate about helping its SMEs and entrepreneurial community to successfully overcome the unique challenges facing the tourism industry: “There has never been a more opportune time for small businesses and entrepreneurs to benefit positively from tourism in South Africa, and we hope to celebrate alongside our SME community as they fly high – both literally and figuratively,” he concludes.

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