Get Started

Tag: Business Advice

Audit yourself, not just your business

The spreadsheets are ready, and the targets are being tallied. But here’s the question I believe we should be asking, not just as entrepreneurs, but as human beings:The business grew. Did you?

From owning your space to daring to become a success: 7 books with practical tips from inspirational women

books with practical tips

By Keshia Africa Over the last ten years, the career landscape for women in entrepreneurship has changed tremendously. Women have single-handedly redefined what modern entrepreneurship looks like, in the world of business. Today we take a look at inspirational South African women in business and the books that they’ve written. If you’re a woman in business, looking for inspiration and advice on how to overcome the odds that have been stacked against you, this list is for you: 1. Meeting Your Power: Returning Home To Yourself by DJ Zinhle and Nokubonga Mbanga Entrepreneur and Dj, DJ Zinhle and business coach Nokubonga Mbanga, co-wrote this book. Both women tapped into their lived experiences as women in business and within their personal lives and shared their lessons with us. Meeting your power was written to ignite the desire you have within yourself, to do great things and also be great while doing so. If you want to be an empowered woman, this is the book for you. 2. Own Your Space by Lori Milner and Nadia Bilchik These two authors have successfully navigated the corporate world and also assisted other women in doing so. If you ever wondered if there was a toolkit for women in the world of work, this book is it. The book is filled with guidance, practical advice, disciplines and techniques specifically designed to help you tap into your true potential. The authors have focused this book on women who want to take their career to the next level. Does this sound like you? 3. Nothing is Impossible by Anthea Ambursley Anthea Ambursley is an award-winning entrepreneur. She experienced many highs and lows as she embarked on the journey of creating successful business ventures. Because of this, she realised how much she had to share with the world. Packed with valuable and practical insights, Nothing is Impossible is the book for any entrepreneur;  which will help you set and achieve the goals you want to, in your own business. 4. Keep Going by Keneilwe Magula Keneilwe Magula, aside from being an author, is a certified life coach, entrepreneur and NLP practitioner. Adversities and challenges are all a part of the journey in our careers. Kenielwe lives and believes that life is a journey, and it is how we respond to it, that will impact how it plays out. She encourages readers to navigate the journey and be reminded that your current location is not your final destination, and you should, Keep Going. 5. The Business Tango by Anna Shilina  Placing the microscope on entrepreneurship and intrapreneurship, author Anna Shilina compares business to the tango – a dance that requires strategic planning, continuous effort and hard work. This book was written from her experience combined with that of other business professionals from various fields within entrepreneurship. If you love to read about someone’s personal experience that provides thought-provoking questions to your own life, this is the book for you! 6. Dare to become a Success by Mulenga Kasoma We all have hopes and dreams in this world, and things we’d like to achieve. However, for many of us, that’s all they are. Mulenga Kasoma’s book speaks about the courage it takes to put action behind those goals and how everything you desire is on the other side of discipline. This book is full of practical guides designed to help you move your life from where you are to where you want to be. Start succeeding in your life, stop making excuses and Dare to become a Success! 7. Power in the Paddock by Yolanda Sing Author and entrepreneur, Yolanda Sing’s life, and corporate career came to a standstill when she fell ill with a malignant brain tumour. It was in her time of recovery that she realised how much she had to share with the world; specifically, those caught in careers that are very demanding and no longer inspirational. Yolanda’s book shares how she became an entrepreneur on a mission through building her own company, after surviving a life-threatening condition. Her book is filled with hope, healing and transformation and written to show you that even in moments of despair, hope can arise within you.

Why risk should inform financial decision making across all three parts of your business

Why risk should inform financial decision making

By Carlos Martins When operating an import or export business in South Africa, you could be forgiven for assuming that volatile currency movements are the sum of “risk” that your organisation might face in financial markets. The reality is that if you don’t have a Treasury and Risk Management matrix in place, this will have a knock-on impact to all parts of your business.  If one researches the word “risk”, they will discover that it has its origins in the 1660’s and derives itself from the French word “risqué” which refers to “hazard, danger, peril, exposure to mischance or harm”. It appears in English in the early 1700’s and refers to the “hazard of the loss of a ship, goods, or other properties” – the word is perfectly aligned with the challenges of import and export operations.    Every ship needs a captain and a bosun. It is the bosun’s task to guarantee the operation of the ship and crew so that the captain may guide it. The key benefit of your Treasury function is to act as the bosun who will provide you as the entrepreneur or finance arm of a business with a clear overview of all the financial risks across your business and help you make informed decisions to maximise profit and reduce risks.  Irrespective of your industry and structure, all businesses have 3 core parts that are exposed to a degree of financial risk:  An integrated Treasury function will not only ensure risk is managed holistically – but will assist Financial Management teams to stay focused on long term strategy. Empowering a Treasury function allows for quick decision making that is aligned with long term strategy but focused on short-term liquidity and financial risk.  Too often, financial risk is viewed as a “Back-office” or finance function only – but in truth, risk should inform financial decision making across all three parts of the organisation and this is why: Front-Office  This is typically your client-facing function charged with generating revenue. Are you able to correctly price your products and services – not just today but at a specific point in the future? Are you tracking a true real-time profit and loss and locking in foreign exchange, interest rate and cost of capital at specific points in time?  Too often, this function in the business is focused on chasing revenue and sales targets but does so blindly – without having sight of fluctuations in input costs, commodity prices and foreign exchange movements. Without understanding these risks and inputs, sales teams cannot adequately price their products or services as well as target appropriate sales volumes, often leading to internal conflicts between sales and procurement coupled with disappointed clients when salespeople renege on deals or attempt to renegotiate prices to accommodate for fluctuations. Failure to manage risk in the Front-Office can result in reputational damage for your business. Middle-Office Depending on the industry you operate in, this is where your policies, technology and compliance risks effectively sit.  A robust Middle-Office is where you conduct scenario analysis and determine the overall risks in your organisation. A perfect example of this could be your exposure to interest rate volatility which is very topical right now.   As an entrepreneur, you have just navigated through the COVID-19 pandemic, started to rebuild your balance sheet, and perhaps taken on some debt to fund growth and expansion. Did you do any scenario analysis which mapped out a 300-basis point increase in the local interest rate environment? Do you have structured policies in place to guide you around responding to the changing interest rate environment? That’s the job of your Treasury function. Back-Office This is effectively the engine room of your business and will be the team responsible for managing payments, settlements, SWIFT transfers – in many ways, they are your final check-and-balance.  A business is only as strong as its financial function and if this is purely viewed as administrative work, your risk profile will invariably be higher. Supporting this function with strong policies and skills by incorporating a Treasury function will turn it into a key player in your strategy execution.  Risk is not something which should simply be viewed as a financial function or a compliance department. To effectively manage risk, you need all hands on deck in your Front – Middle and Back-Offices. Working with the right Treasury and Advisory partners will help you make better decisions which should ultimately drive profitability with less exposure to variables which are out of your control.  Carlos is a co-founder and director of Change Financial Solutions, a licensed FSP, where he is responsible for Advisory Services, Compliance and Financial Management.