Business link magazine may 2015

BUSINESSLINK MAGAZINE MAY 2015 Page 1


WINNING ISN’T EVERYTHING, IT’S THE ONLY THING

ALWAYS DO CAREFUL RESEARCH

BusinessLink magazine is designed to educate and provide general information as well as to stimulate readers’ thinking. While every care is taken to ensure that information in this magazine is correct, we advise readers to consult their professional advisors when making business decisions. The magazine is distributed on the understanding that the publisher is not rendering legal or financial advice and readers use the information herein at their own risk.

BUSINESSLINK MAGAZINE BusinessLink, the magazine for

growing companies, delivers real solutions for today’s innovative business builders. It gives advice, tools and resources to CEOs and owners of small-to-midsize companies as well as new entrepreneurs that help accelerate their growth.


ISSUE NO. 14, MAY 2015

BusinessLink Magazine is published by Admiral Business Systems (Pvt) Ltd

Suite 308, 3rd Floor Merchant House, 43 Robson Manyika / 2nd Street,

Harare, Zimbabwe. Phone 0772 854 301

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© Admiral Business Systems 2015. All rights reserved. Publisher: Phillip Chichoni, email [email protected] Marketing : Christine Mangwanya, email [email protected]; Design and graphics: Kuda Makura Distribution: PCL Marketing and Distribution

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Please visit http://smebusinesslink.com/magazine


Contents Join us For a Networking Breakfast on 29 May 2015 .............................................. 5

A strategy for winning .......................................................................................... 9

Win more grumpy friends by being negative .......................................................... 11

Bore us or chorus..... .............................................................................................. 13

‘Banks to be cautious in advancing loans’ ............................................................... 15

Governmentt firms owe US$2,2 billion ................................................................. 16

Brilliance in the basics Wins the game of business in a tough economy ......... 18

Is a PBC as good as a company? ............................................................................ 26

Follow These 5 Tips to Turn Your Hobby Into a Viable Business .......................... 28

4 Common Mistakes That Will Kill Your Startup .................................................. 30

Are You An Entrepreneur Or a ‘Wantrepreneur?’ ................................................. 32

Do I really need tax clearance? .............................................................................. 35

Best free accounting software: 5 programs we recommend .................................. 37

The Secret to Successfully Closing the Sale ........................................................... 41

25 Signs You Need Help Marketing ....................................................................... 43

The State of ECommerce in Zimbabwe .................................................................. 46

What do you sink about this ad placement? .......................................................... 49

The Top 10 Signs You Work In Marketing ............................................................. 50

How to use your website to increase sales .............................................................. 51

12 Things Mentally Strong Entrepreneurs Don’t Do ............................................. 54

Be careful of your staff costs .................................................................................. 58

How to ride the current storm ............................................................................... 61

How to use chopsticks ............................................................................................ 64


Join us For a Networking Breakfast on 29 May 2015

Great learning and networking opportunity that will help you grow your contacts and share business ideas.

Our Guest speaker is Fitzgerald Mujuru, Sales Coach and Trainer, author and motivational speaker.

Fitz will talk about 5 SECRETS TO WINNING IN A CROWDED MARKET, a topic that shall help you, as an entrepreneur and businessperson, to effectively reach your business goals and be profitable in theses highly competitive and fluid times.

Date: Friday 29 May 2015, Time: 0815 to 0945 Venue: The Terrace Restaurant, 3rd Floor Barbour’s Department Store, Harare Cost: $6 for BusinessLink Magazine subscribers, $10 for non-subscribers. To book, please call Christine on 0772 854 301, or 0777 774 007 by the 28th , or come to our office, No 308, 3rd Floor Merchant House, 2nd Street / Robson Manyika Avenue, Harare


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Call Phil now on 0777 774 007, or Christine on 0772 854 301 OR visit us at 3rd Floor Merchant House. 34 Robson Manyika/ 2nd Street,

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PUBLISHER’S BRIEF

A strategy for winning By Phillip Chichoni

There are important business lessons from

military strategy.

We are living in the most challenging times for business and economics ever. Only the fit and agile will win. If you are not committed to winning, to conquering against all odds, you will be brushed aside and passed over by people and companies that are more

determined to win than you are. You need a strategy for winning. Moreover, military history teaches some strategies that when applied, led to victory and when not applied or misapplied, led to defeat.

Why refer to military strategy when we are talking about business?

The word strategy itself originates from the Greek word strategia, meaning “art of troop leader; office of general, command, generalship”. Market success, victory against great odds, requires leadership, ability, and skills.

Great military leaders have been studied throughout history to determine which qualities and abilities enabled them to win. (e.g. Sun Tzu- The Art of War; Von Clausewitz- On War; Robert Greene, The 33 Strategies of War). The studies have identified principles of military strategy that, when properly applied, lead to victory, when ignored, lead to defeat.

The following principles apply to business as well, because in business today, you are at war against competitors determined to win customers.

1. The Principle of the Objective. Business leaders and marketers, must establish clear objectives

for every business action. Long term goals first, well communicated to everyone expected to help achieve them. Everyone in the team should know the objectives.


2. The Principle of the Offence Attack = marketing and sales to you customers. Sell more and

you win. Sell less and you lose. The reason for business failure is low sales.

3. The Principle of the Mass This is the ability of the commander to concentrate his forces at

one point, the location of the enemy’s greatest vulnerability. In business, this is the ability to focus your company’s limited resources and energies on its greatest potential opportunities.

4. The Principle of Maneuverability A winning army is highly mobile; it can quickly move to attack

the enemy where it is most vulnerable. Almost all great military victories are the result of speed and movement.

You have to be innovating. Continually seek faster, better, cheaper, easier and more effective ways to produce and sell your products and services.

5. The Principle of Intelligence This refers to the need to obtain excellent information

concerning the actions and movements of the enemy. In business, the more you know and understand about your competitors and your marketplace, the more successful you will be.

6. The Principle of Concerted Action This refers to the general in command’s ability to ensure that all

parts of his forces work together in harmony and cooperation in both defensive and offensive operations. A well-organized, smoothly functioning army can defeat a much bigger disorganized army. (Alexander the Great v Darius of Persia in 323 BCE, Israel v the Arab nations in 1967). In business, all work is done by teams. Only excellent, efficient and well ordered teams will achieve business results.

7. The Principle of Economy Do not lose money. Use creativity, your brains instead of wasting

money. Only spend money where it can have a direct influence on increasing sales and revenues.

In this issue of BusinessLink magazine, we give you advice from experts on how you can win by being brilliant in the basics. Brilliance is not something one is born with. It is acquired and we show you how to acquire it in this magazine.

Feedback me on twitter :#chichonip


MOTIVATION Win more grumpy friends by being negative

By Milton Kamwendo Negativity is the shanty dormitory town that

many run to for refuge; where their excuses are validated and approved. Negativity has friends, relatives, comrades, cousins and neighbours. However all the kinsmen and friends of negativity are loud, always complaining, cynical, glum and depressed.

If you are negative, you have conversation advantage. In a queue, you will always have someone to complain to and commiserate with. If there is no one you will always have the weather to curse. Negativity makes you a sharp analyst. Suddenly you give eloquent analyses

of what is wrong, who caused it and why it is broken. You always seem intelligent and clued up.

Negativity bequeaths you with prophetic powers. Suddenly you can foretell the gloom ahead, the doom we are in and the mess that will never go away. Many nod, shake their head and walk away. You feel vindicated and satisfied. At least you have followers who also see what you see and hopefully are experiencing what you are. Negativity makes you feel needed, appreciated and listened to. In a conversation, you are never odd, because everyone is complaining also. You fit in perfectly. That helps your feelings, but takes you nowhere like a rocking chair.


The only problem with negativity is that it is like sunglasses. When I was young, my father has some dark green sunglasses. I used to try them sometimes and they were fascinating to look through. Putting on the glasses, everything around me had a greenish tint. The color was so real. I could swear that the whole world was greenish. That was true until I removed the glasses. Negativity is like my father’s green glasses. Once you are looking at everything through the green negativity glasses everything is negative. Even in the midst of opportunity, you will see negativity first.

Never forget that while you are putting on your green negativity glasses, not everyone is putting on the glasses. Never let opportunity pass you by while you linger in negativity. Do not allow other people’s negativity to become yours. As you assemble your choir of negativity singers, do not forget to look closely at who is in your audience. It just may be that those who see what you do not see are too busy with life to be entertained by your negativity. Never let those who are not going anywhere discourage you from exploring the world. Never create your world on the negative and dull templates of the prophecies of the lazy.

You cannot afford the luxury of a negative thought and disposition to life.

Committed to your greatness. Milton Kamwendo.

“People work better when they know what the goal is and why. It is important that people look forward to coming to

work in the morning and enjoy working.” Elon Musk-billionaire founder of Tesla


Bore us or chorus.....

By Sunil Bali,

Having been subjected to a steady stream of soporific facts and fibs in the run up to the recent UK General Election, I was reminded of the words of the writer Christopher Hitchens who said, "Everybody has a book in them and in most cases that's where it should stay."

Rather than belittle people's literary ambitions, Hitchens was simply berating the

quality of our everyday

communication. Most people seem

to be unfamiliar with the advice of bestselling author Elmore Leonard who said, "Try and skip the parts that people leave out."

We write to communicate to the hearts of others what is burning inside of us and editing lets the fire be seen through the smoke.

Edit everything, but don't remove your soul from what you say because then it will sound like writing. And if it sounds like writing, then

it needs to be rewritten. Hemingway put it best when he said, "There is nothing to great

writing. You just sit down at a computer and bleed." Humour A guy texts his neighbour: "I'm sorry Keith. I've been riddled with guilt and I have to confess. I've

been helping myself to your wife when you were not around. I know it's no excuse, but I don't get it at home. I can't live with the guilt any longer. I hope you'll accept my sincerest apology. It won't happen again."

The neighbour, feeling angry and betrayed, grabs his gun, goes into the bedroom, and without saying a word shoots his wife.

Moments later the neighbour receives a second text: "Damn, I really should use spell check! That should be "wifi" ... Sorry!"

Have a great day. Sunil : Keynote Speaker, Executive Coach and Author


Zimbabwe Business Updates


‘Banks to be cautious in advancing loans’

By Ndamu Sandu Banking sector deposits are expected to grow by less than 2% this year

attributed to waning disposable income and constrained economic growth, a leading brokerage firm has said, urging banks to tap into the informal sector.

In a report titled Zimbabwe Banking Sector Analysis FY2014, MMC Capital said deposits were projected to reach $5,2 billion from $5,1 billion recorded in 2014.

“We maintain our view that the following factors will continue to restrain deposit growth: economic growth remains constrained by challenges stemming from the large external debt burden and high unemployment (estimated at over 80%) and waning disposable income will also continue to have a negative impact on deposit growth,” MMC said.

Banking sector deposits have been on the increase buoyed by the return of confidence since the introduction of the multi-currency regime in 2009. MMC said deposits growth would likely be constrained this year as the marginal propensity to save remains very low.

“Given that the informal sector is growing at the expense of the informal sector, banks should develop products that are critical in tapping into the unbanked society, especially those that are mobile based,” MMC said.

Estimates showed that over $3 billion was circulating in the informal sector. “The recent numbers from the Reserve Bank of Zimbabwe show that mobile

transactions continue to grow. What this means is that banks should urgently fine tune their business models in line with the technological developments in a bid to remain relevant,” MMC said.

MMC said credit expansion would be hamstrung by the obtaining liquidity challenges, adding that the “ever-increasing non-performing loans (NPLS) will likely result in banks being more cautious in their lending approach this year relative to the prior year”.

“We are of the view that, there will be less impairment charges this year following the massive ‘book cleaning’ which happened last year when almost every bank chose to increase their bad debts allowances. Some of the non-performing loans dated as far as 2009. This will likely have a positive impact on profitability this year, though marginal,” MMC said.

The Zimbabwe Asset Management Company (Zamco) has so far bought NPLs worth $65 million.

This article originally appeared in Newsday.co.zw


Governmentt firms owe US$2,2 billion

By Ndakaziva Majaka Zimbabwe's

cash-strapped parastatals and town councils are currently saddled with unsecured debts amounting to $2,2 billion owed to various service providers, Finance ministry’s permanent secretary Willard Manungo revealed recently.

He said that the obtaining depressed macro-economic environment in the country had resulted in most State-owned companies and town councils failing to pay for services rendered including flouting tax obligations to the Zimbabwe Revenue Authority (Zimra).

“In terms of debt, parastatals and councils are lagging behind even in dues to Zimra. Of this debt, $2,2 billion is unguaranteed while another $2,3 billion is guaranteed, thus government can assume the guaranteed debt,” Manungo told a Public Accounts parliamentary portfolio committee.

Zimbabwe has over 78 parastatals that include the Cold Storage Company (CSC), Industrial Development Corporation (IDC), Zimbabwe Mining Development Corporation (ZMDC) and Grain Marketing Board (GMB) among others.

These entities used to contribute 40 percent of the country’s gross domestic product in the 1990’s but are currently weighing down Treasury by constantly drawing money from government. Apart from the


parastatals in arrears, Manungo noted that State-owned mobile network operator NetOne and Zesa Holdings (Zesa) were among those in a position to service their debts.

Service providers owed varying amounts include Internet service providers, water provision, and power supply utilities among others while it also emerged that local authorities were also in arrears to various ministries.

“The issue of the obligations of local authorities and even some parastatals is indicated. I recall a stance Cabinet has taken to relate obligations to either remuneration or relating them to what is spent on service delivery, with a 30-70 ratio being agreed on for local authorities”.

“This was to ensure that the focus isn’t on remitting remuneration costs at the expense of service delivery, that is the stance Cabinet has taken to have parastatals more consistent with the reason they are in existence,” he said.

Manungo also added that government creditors, also Zimra debtors had revenue collections facilitated by government through the Finance ministry to ensure the servicing of the liabilities.

However, Manungo noted that Treasury was currently making payments to service providers on behalf of other ministries.

Last year Finance ministry paid about $187 million on behalf of other ministries.

“It would be ideal for the money to be disbursed to the various respective ministries so that they can pay their various dues,” Manungo said.

The Treasury secretary also said there were many anomalies in the current fiscal system that had been left by the erstwhile Finance minister Tendai Biti and his team.

From the committee, it emerged that the ministry was producing unreliable figures for the service of public debt, with the figure reflected on the statement of public debt and consolidation revenue fund for servicing of debt being pegged at $13,5 million and $49,2 million respectively for the year to December 2013.

According to the Auditor General Mildred Chiri’s report, the ministry of Finance does not have a public assets register with details of loans investments that were made to parastatals, private sector and various organisations in 2009.

In her report, Chiri also said the Finance ministry had made transfers from the unallocated reserves amounting to $251 million from a budget allocation of $96 million leading to an unauthorised excess transfer of $155 million.

From the Daily News (dailynews.co.zw)


Cover Article

Brilliance

in the basics

Wins the game of business in a tough

economy


By Phillip Chichoni

On February 24 1964, upcoming boxer Muhammad Ali was facing the biggest fight of his young life. His opponent for the heavyweight championship was Sonny Liston, an intimidating man, a dominating fighter with a criminal past and ties to the mob. Based on Ali’s uninspired performance against his two previous opponents, and Liston’s destruction of former heavyweight champion Floyd Patterson in two first-round knockouts, Ali was a 7 to 1 underdog.

The outcome of the fight was one of the biggest upsets in boxing history. At the opening bell, Liston rushed at Ali, seemingly angry and looking for a quick knockout. However, Ali’s superior speed and mobility enabled him to elude Liston, making the champion miss wildly and look awkward.

Finally, in the seventh round, after pummeling Liston continuously at will, Ali won by a technical knockout and became the youngest heavyweight champion at age 22.

Ali started training in boxing at the age of twelve. The win against Liston to become the new heavyweight champion happened exactly ten years since then. Ali had been training hard all these years, fighting numerous matches, first as an amateur then professionally, steadily rising up the ranks.

The training regime was grueling but he never gave up. His trainer, Angelo Dundee, was one of the best in the world. Ali went on to win many other matches against more formidable opponents and he came to be recognized as one of the greatest athletes of the century.

A business becomes successful when it has a full complement of brilliant people. You and your people must be become very good at what you do in order for your business to become outstanding and win against ruthless and eager competitors that you have no choice but to face in the market every day.

The tough economic environment we are operating in requires fast, agile and lean companies that can quickly maneuver as circumstances change. Successful entrepreneurs do not rely on external circumstances for their results. They create their own results. As Stephen Covey said as the first of his “Seven Habits of Highly Effective People”, you need to be proactive if you want to win. This means taking responsibility for your own life and your business. You do not blame things that you cannot change but you choose your response.

Your behavior, the things you practice a lot at, become your habits which will shape the results you will get. All human beings consciously decide the things they are going to do, the activities they are going to engage in. Therefore, the question every entrepreneur needs to ask when making any decision is, “Will this activity add another level to my brilliance?”

A sports person who misses training sessions or smokes gets heavily punished, like what happened to Arsenal goalkeeper Szczesny recently who


was fined £20,000 for smoking in the dressing room. Why? They will be reducing the brilliance that is needed in order to win.

Similarly, any serious businessperson must not slacken on improving their skills and those of their staff; innovating, providing better products and offering better service to their customers. It is a continuous process that is necessary if you want to win and stay on top. Muhammad Ali did not become ‘the greatest’ by resting. He worked hard to get the results he wanted.

Remember what Aristotle said: “We are what we repeatedly do. Excellence, then, is not an act, but a habit.”

What are the basics of business? In the game of tennis, each player strikes the ball over or around a net

into the opponent’s corner. The aim of the game is to play the ball in such a way that the opponent is not able to play a good return. The opponent who fails to return the ball loses a point while the one who succeeds gains a point. The basics of tennis then is being better than your opponent at hitting the ball as well as returning the ball. On TV, tennis looks like it is really easy because the pros have spent a majority of their lives practicing and playing really hard. It goes without saying that they have a natural talent for the game as well.

Similarly, in soccer, each team’s objective is to move the ball into the opponents’ net. The team that can dribble the ball successfully through the opposing team and passes the ball into the net scores. There will be a lot of marking and dribling as the players try to outdo each other moving the ball to the other side’s nets. A good soccer teams has a combination of players who can mark the ball, dribble, pass and defend their nets. Those are the basics of soccer.

Business is basically an economic activity. Its primary objective is economic in nature, which is to earn profits by supplying goods and services that customers need. Since a business does not exist in a vacuum, it must also take care of its employees, the society it operates in and its environment. However, without profits, a business cannot survive.

Certain activities have to be carried out for the business objectives to be met. Goods and services have to be developed, customers have to be created and provided with value for their money by supplying better, quality goods and services at reasonable prices.

A successful business is one which can perform the functions of producing quality goods and services, marketing and selling them to customers and getting paid. The basic functions that take place in a business can therefore be classified simply as follows:

“We are what we repeatedly do.

Excellence, then, is not an act, but a habit.”-

Aristotle


a) Production

b) Marketing and selling

c) Managing people

d) Managing finances

A successful business has skilled and competent people managing and performing the four functions.

When starting up, an entrepreneur usually starts with a small team taking care of these functions. For example, the owner could manage the production and people, while a partner manages the finances and marketing. However, as the business grows, it will need skilled and competent people to manage each critical function. The team is turning professional and has to bring in players with diverse skills.

You cannot survive in the big league with amateur players: professionals are needed.

Just like professionals in sport have to train and practice a lot for a long time to become excellent, your team also needs continuous training in the basics of business until they become excellent.

Sheer brilliance brings in the wins We are living in the

toughest time for business. A difficult economic environment, liquidity challenges, lack of credit finance, stiff competition from within and outside our borders and a diminishing consumer base all make for a tough tournament indeed.

Mediocre businesses and those entrepreneurs who do not apply their best efforts to win will be swept away by more determined opponents. The basics of business do not change. What needs to change constantly is you and your business. You must be continuously improving and doing all possible to become brilliant in the basics. To win, you must out-manage, out-market and out-sell your competitors. If you don’t? Guess what, they will out-do you.

How does a team become brilliant? By definition the word brilliant refers to a striking, distinctive

brightness. Brilliant people are those who stand for something larger than themselves.


Researchers have found that it is possible to build any given skill or capacity in the same systematic way you do a muscle: regularly push past your comfort zone, and then rest. We've seen people dramatically improve skills ranging from focus, to empathy, to creativity, to summoning positive emotions, to deeply relaxing.

Anders Ericsson, the world's leading researcher into high performance, made an eye opening discovery. For more than two decades Ericsson has been making the case that it's not inherited talent which determines how good we become at something, but rather how hard we're willing to work - something he calls "deliberate practice." Numerous researchers now agree on 10,000 hours of such practice as the minimum necessary to achieve expertise in any complex domain.

Most high skill professionals, like lawyers, doctors, accountants, architects, engineers or airline pilots, become fully qualified to practice after four to five years of training or internship. This is roughly the equivalent of 10,000 hours when one practices six to seven hours daily.

There is something wonderfully empowering about this. It suggests we have remarkable power to influence our own outcomes. But that's also daunting. One of Ericsson's central findings is that practice is not only the most important ingredient in achieving excellence, but also the most difficult and the least intrinsically enjoyable.

If you want to be really good at something, it's going to involve frustration, struggle, setbacks and failures. It will require relentlessly pushing past your comfort zone. That's true as long as you want to continue to improve, or even maintain a high level of excellence. The reward is that being really good at something you've earned through your own hard work can be immensely satisfying.

Here, then, are six keys to achieving excellence: 1. Practice, practice, practice. You can only achieve excellence by

continuous practice. Winners in any field take this ritually. Practice

intensely, without interruption for short periods of no longer than 90

minutes and then take a break. Ninety minutes appears to be the

maximum amount of time that we can bring the highest level of focus

to any given activity. You may even have to start with 45 or 60

minutes. The evidence is equally strong that great performers practice

no more than 4 ½ hours a day.

2. Do the hardest work first. We all move instinctively toward

pleasure and away from pain. Most great performers, Ericsson and

others have found, delay gratification and take on the difficult work of

practice in the mornings, before they do anything else. That's when

most of us have the most energy and the fewest distractions.


3. Be continuously improving. Find ways to perform your business

activities better, faster, simpler. Top athletes are always seeking to

improve their best; do the same in your function. Learning never

stops. There is always something we can do to become better. We may

have great skills and knowledge today, but no matter how great they

may be, our skills need to be continuously developed. Brilliant people

are always learning, reading, exposing themselves to new knowledge,

new people, new contexts and developing their skills.

4. Work harder than anyone else. I don’t know of anyone who has

achieved excellent results who hasn’t worked hard for them. A big

component of excellence is hard work. Sheer, unadulterated hard

work. We can streamline processes, choose effective strategies and

steps, but ultimately the hard work will still have to come in.

Fortunately, if you are doing what you love, work wouldn’t even be

work at all.

5. Make use of every moment. Every moment counts. Excellent

people know that time is highly valuable. There’s this quote by Donald

Trump which I read in one of his books, and I absolutely love it. He

said that time is more precious than money, because you can earn

back money, but you can’t get back time. That is absolutely true.

6. Take action to achieve your results. Living a life of excellence

means being a proponent of action. Many people often say “The sky is

the limit”. My personal philosophy is the sky isn’t the limit; we are

the limit. Whatever we do or don’t do will determine how much we

can grow or achieve. If we want to grow and achieve great results, we

need to take the equivalent actions to reach the results we want.

Strive to be NUMBER ONE in whatever you do. … Wait, you didn’t think that there would just be 6 habits in achieving brilliance, did you?

There’s one final habit to become a highly excellent person – that is, to strive for number one in what you do. No one’s going to achieve excellence if they aim for average, or mediocrity. Excellence comes from aiming for the top – being number one. You will only achieve great results when you set high standards for yourself.

For example, I aim for BusinessLink magazine to be the top business building magazine and blog, both in terms of the quality of content and traffic. Whenever I write my articles, I make sure I’m giving the best value that can ever be offered in that topic. Because of this, readers recognize the value of my articles and have spread the word to their


friends and family. This has helped the blog to grow quickly and establish itself as a trusted and coming-of-age blog in business building advice for small and medium sized business owners and executives.

What do brilliant people do? • Brilliant people solve problems. When you come up with a solution to

something that others couldn’t figure out, you are seen as brilliant.

Brilliant people solve problems. They don’t just complain about the

problems around them. They are solution-oriented..

• Brilliant people are helpful. Do you add value to people’s lives? When

people spend time with you do they feel encouraged? If you want to be

brilliant, start helping people. Don’t just criticize and loft your

opinion whenever you get the chance. Enhance the lives of others.

Invest in people.

• Brilliant people do the work. They put in the time. They show up

consistently and fight laziness. It’s not that they aren’t naturally lazy.

They most likely are. But they fight it. They don’t give into what is

easy. They work hard, show up every day, and make a difference.

• Brilliant people are generous. They aren’t self absorbed. They live for

a cause greater than themselves. They are making a difference beyond

their own bank accounts. They have a vision beyond themselves. They

give and they give and they give. They recognize that life is more

about what you give away than what you consume.

• Brilliant people take risks. You could just stay put on the sidelines.

You could just think about doing something great. But if you want to

be brilliant, you need to take the leap. Do what others only dream of.

Step out and take risks. Brilliant people fail often because they don’t

attempt what is safe. What sets them apart from the pack is that they

keep going.

• Brilliant people shine a light beyond themselves. They reflect the

greatness and creativity of God.

• Brilliant people don’t fit in a box. Truth is, brilliance is subjective.

What’s brilliant to me may not be brilliant to you. What speaks to me

may not speak to you. That’s the beauty of art, the beauty of God’s

creation. There is a place for your art, your creativity, and your unique

perspective. While it may not be “brilliant” to everyone, it is brilliant

to some.

In conclusion, we can all be brilliant in the basics and win in the business of business, if we put in the work.

BUSINESSLINK MAGAZINE

Starting

MAY 2015

Starting up

Page 25

Starting


Is a PBC as good as a company?

By the BusinessLink Staff The Private Business Corporation was born out of the need for a

simplified legal framework for small business enterprises to avoid legal

complexities associated with the Companies Act. It is the equivalent of

the South African Closed Corporation.

The enabling legislation is the Private Business Corporations Act

(Chapter 24:11) which came into effect on the 5th of May 1997 through

Statutory Instrument 105/1997.

The characteristics of a private business corporation (PBC) are:

• Has a minimum of one member and maximum of 20 and can exist

with no members at all for a season under certain conditions.

(Section 22 clauses 1 and 20). Unlike a Private Limited company

which requires at least two directors this can operate with only one

member.

• Only natural persons can be members. In other words a trust or a

private limited company cannot be a member. Under this section a

minor can also be a member. (Section 23) This is great because

then you can create a PBC with yourself and any minor child being

members if you wish. Or you can have the minor be the only

member and you become the guardian and so control the asset

without having it under your name.

• Can convert to a private company using the same name as before.

• It enables a small business to become a body corporate with

limited liability and perpetual succession.

• Is simple to use – no requirement to appoint directors or draw

Memoranda and Articles of Association. These are replaced by an

“incorporation statement”.


• Registration procedure is straightforward – participating members

complete incorporation statement in the prescribed form – lodge

it with Registrar of Companies who then issues a certificate of

incorporation.

• No need to state objects in the incorporation statement.

• Regulation is not statutorily rigid.

• Administration is not expensive as very few formalities or legal

requirements have to be met.

• No requirement to appoint directors or to hold formal meetings.

Meetings are not compulsory and can be held on an ad hoc basis

• Not allowed to issue shares – members hold an interest in the

corporation which is recorded in percentage terms in the

incorporation statement.

• In the event of the winding-up of the corporation, a member will be

entitled to a share in the assets of the corporation in proportion to

his percentage.

• Once a member’s interest in the corporation changes (i.e. either

increases or diminishes) the member is required to immediately

surrender to the corporation for cancellation any certificate

previously issued to him in lieu of a new one showing his correct

percentage interest in the corporation.

• Not required to publish or submit accounts to the Registrar of

Companies but must make out financial statements and to keep

accounting records for tax purposes.

• Can only use the abbreviations PBC at the end of its name but not

(Private)/(Pvt) Limited/Ltd or Ltd.

• Accepts pre-incorporation contracts.( Act 24:11 Section 19. ) In

other words you can enter a contract as a trustee of a yet to be

formed PBC and once a company is formed then it can ratify and

take over the contract

• PBCs may become shareholders in other companies

• All members may take part in the management of the PBC

Please email your feedback your questions to [email protected]. Twitter #chichonip


Follow These 5 Tips to Turn Your Hobby Into a Viable Business

by Farbood Nivi, YFS Magazine The entrepreneurial prerogative is to make a living off of your passion.

But with so many ambitious businesspeople breaking out of corporate America to monetize their hobbies, saving your dream career for leisure time might feel like a safer alternative.

Turning a seemingly recreational activity into a solid business takes planning and effort, but that doesn’t mean it’s impossible. Successful entrepreneurs do it all the time, and when they invest in other startups, they look for the same vigor they have for their own businesses.

One of my angel investors and co-founder of LinkedIn, Reid Hoffman, once told me that an entrepreneur is someone who jumps off a cliff and says, “I’ll make the plane on the way down.” Starting out is fraught with uncertainty, but if you want to live out your passion every day, you have to take the plunge.

To get started on your path to entrepreneurial success, follow these five guidelines:

Jump into the planning process. Even if you’re working a full-time job, don’t put off planning your big

business idea. Make a checklist of things you need to launch, and set specific deadlines. But remember things always change. Be ready and willing to separate yourself from an initial idea and change course if necessary. Most importantly, do some soul searching to make sure you’re still enjoying the hobby after day 10 of planning.

Test your idea on paper (and in the real world). If there’s market interest for your business idea, you’ll need hard

numbers to prove it. That’s where market testing comes in. Test your approach using the Lean Startup methodology.

You should only invest time, money, and resources into a business if the data shows that success awaits. After market testing, you should be able to answer the following questions: How big is the market in terms of dollars and people each year? What does the competitive landscape look


like? What selling points do key players bring to the table? Will the market grow in the coming years?

Although you might identify a gap in the market, don’t quit your job to start a cookie company before selling some test batches. To truly validate your idea, you have to get your product in the hands of real users and see how they react.

Reach out to successful entrepreneurs. Although contacting established entrepreneurs in your industry might

feel intimidating, they’re invaluable resources. But they’re also busy people, so be concise and efficient when communicating with them.

Try tweeting a relevant question to them or sending a short, direct email. They’ll appreciate your brevity and be more likely to respond. I was lucky because my brother had already started a few companies when I ventured off on my own. He helped me refine my initial investor presentation and taught me how to think through the business economics correctly.

You don’t need a sibling in the game to learn these valuable lessons, though. Entrepreneurs want to help others succeed; you just can’t be afraid to make the first move.

Build your dream team. Even if your business model is flawless, you’ll need a well-rounded

team to support it. But to rally potential co-founders, interns, and employees around your idea, you have to prove the product is useful and potential rewards far outweigh the risk of being involved. Take the time to nurture relationships. Keen entrepreneurs can convince people to follow their lead, regardless of whether the business exists yet.

Seek validation from trusted sources. When smart people want to get involved in your business, it’s a telltale

sign your idea is worth exploring. If your savvy business-minded friends and associates are supportive, but not eager to jump on board, they might not be giving you their honest opinion.

Make sure they fully understand the model you’re describing, and run market tests to determine whether their critique is legitimate. If you can use a person’s criticism to improve upon your idea, you’ll likely gain a supporter.

The business landscape is constantly changing. Entrepreneurs have to navigate it armed with market research, time-tested advice, and a supportive team to survive. You day job might pay the bills, but when you can live out your passion, you won’t trade it for comfort any day.

Farbood Nivi is the CEO of Learnist, which allows individuals to read

content, review how-to guides, and watch educational videos on virtually any subject. Connect with @LearnistTweets on Twitter.


4 Common Mistakes That Will Kill Your Startup

BY LUISA ZHOU

1. Forgetting to validate your idea.

As Paul Graham, founder of business incubator Y Combinator, likes to point out, so many founders fail because they build things that no one wants. Why? Because they forget to con㸠_rm beforehand if anyone

actually cares about what they’re creating. The best way to prevent this from happening to you is to make sure people are willing to pay for your product by validating it using tried-and-true methods. Don’t get intimidated by the idea of validation as in many cases, it’s as simple as getting 5 people to say, “Yes, I would like to buy that when it’s available—here’s my credit card.”

2. Neglecting to establish a strong brand from day one. In a

crowded marketplace, having a strong brand is non-negotiable as it

tells customers who you are, what you offer, and why they should buy

from you instead of your competitor. It’s your business’s personality,

and if you are a solopreneur, it’s often the same thing as your

personality. Remember, there’s literally no one else like you in the

entire world. Communicating with your unique voice and style will

instantly guarantee your business brand is one-of-a-kind.

Convinced, but unclear on what exactly you need to do to de㸠_ne

your brand? Rest easy —brand clarity is only 5 questions away. Ask yourself: What is your business purpose? What is your message? What is your brand voice? Who is your customer? What do you want to be known for?

3. Waiting too long to launch. One of the most common pieces of

advice shared by experienced entrepreneurs is to launch before you’re

ready. As The Muse Founder Kathryn Minshew advises: “Your 㸠_rst


product will likely be just a little bit ugly, and that’s okay – it’s part of getting to market quickly and testing your idea in front of live customers.” To minimize your time to launch, rethink your minimum viable product (MVP). What is the minimum set of features your product must have to solve your customer’s problem? Work backwards from there and forget the niceties that won’t make a difference. You can always add those on later.

4. Failing to market like it’s your job (which it is).

A misconception that new entrepreneurs often have is that “if you build it, they will come.” And as many failed companies have learned too late, that is as far from the truth as could be. You can have the best business idea in the world, but does it really matter if no one knows about it? Once you’ve validated your idea, de㸠_ned your brand, and created

your product, hit the pavement! Find your ideal customers and tell them about your business. There are many ways to do this including social media, paid advertisements, and good old-fashioned word of mouth.

Figure out what works and keep on doing it. Your bottom line depends on it.

This article has been edited and condensed. Luisa Zhou is a business

coach for new coaches and consultants. If you’re ready to turn your business idea into a reality, visit luisazhou.com for coaching opportunities and tips for jumpstarting your business.

Connect with @luisazhou on Twitter.


Are You An Entrepreneur Or a ‘Wantrepreneur?’ By Alex Pirouz

It seems like everyone is calling themselves

an entrepreneur these days, chasing the glory and status of being the next big success story.

The truth of the matter is, there are hundreds and thousands of aspiring entrepreneurs who think they have a winning idea but never manage to put it into action and go on to growing a successful business. I call

these people ‘wantrepreneurs’: 1. Passionate about business You hear so many entrepreneurs say you need to be passionate about

the business you’re in but rarely do you hear them say be passionate about business as a whole.

A slight shift in language but a huge difference to how you play the game of business. Those who have achieved success rarely are passionate about one particular industry as much as they are passionate about business.

To grow an idea from conception to a successful, thriving business, you will need to convince investors, customers, partners and employees to believe in you and your vision. If you are not 100 percent convinced and passionate about your product or service, why should anyone else be?

Let me ask you a question: If you had all the money and time in the world would you still be dedicated and driven to grow your business? If the answer to this question is no, then call it quits right now. You will save yourself a lot of time, money and stress.


In my opinion all real entrepreneurs are driven by their passion and love for business, wantrepreneurs are driven by the idea of being an entrepreneur.

2. Take massive action When it comes down to it, taking action is what really counts.

Entrepreneurs take the leap of faith even when their website, prototype or product is not complete.

Don’t worry if you think you’re not ready, you’ll learn more by just doing than what you will ever read in a book. That textbook can’t prepare you for every scenario nor is it catered to your exact goals and vision of what you want. Real entrepreneurs do what they say they’re going to do; wantrepreneurs talk about it but never really get started.

Don’t let yourself become paralysed by information, take massive action.

3. Sacrifice Wantrepreneurs have this idealistic vision of what it is like to be an

entrepreneur. They might see it as the quickest way to get rich or the ability to set their own hours and be their own boss and not have to answer to anyone.

But not answering to anyone means you will need to be extremely disciplined and harder on yourself than any boss you’ve ever had in the past. Setting your own hours only means you’ll be pouring in more in the beginning, because you’ll be overflowing with ideas, tasks and projects that need to get done.

On the other hand, successful entrepreneurs use profit as a measuring scale of their own success, know the long hours they need to work to make it happen and understand that the only time you see the word shortcut before success is in the dictionary.

It’s ridiculous the roller coaster of emotions you have to go through in order to start, grow and eventually exit your own business.

You’ll have moments of total despair and frustration where you wonder if you were crazy to even attempt this, but you’ll also have insane highs where you feel like you’re on top of the world.

Alex Pirouz is a Sydney-based entrepreneur and founder of Linkfluencer, a leading online community for LinkedIn training. He loves playing basketball, traveling and covering the latest stories on entrepreneurship.


Running aBusiness

-

MAY 2015

Running aBusiness

Page 34

Running a Business


Do I really need tax clearance?

By the BusinessLink team In terms of Section 80 of the Income Tax

Act (Chapter: 23:06), a 10% withholding tax is deductible from all amounts payable to all persons who enter into contracts with the State or a statutory body, a quasi-government institution and taxpayers who are registered with the Zimbabwe Revenue Authority (ZIMRA).

Unless a payee furnishes the paying officer with a tax clearance certificate, any person who enters into a contract (whether for goods or services) of US$250 and more involving a single transaction or multiple transactions should comply with this legal requirement.

The amount withheld should be remitted to the Commissioner General of ZIMRA on or before the 10th day of the month following that in which the payment was made. The payment should be accompanied with a schedule showing all names of the persons from whom the 10% was deducted and attached to the prescribed form (Rev 5 form) and submitted to ZIMRA.

Any paying officer, who has withheld any amount, should furnish the payee concerned with a certificate, in a form approved by the Commissioner General of ZIMRA and should clearly show the amount withheld. The Commissioner General of ZIMRA is supposed to retain any amount remitted to him until the income tax payable by the payee, for that year of assessment has been assessed.

The amount is normally allowed as a credit against the income tax payable by the payee. Where the amount exceeds the income tax so payable by the payee, the Commissioner General of ZIMRA will refund the excess to the payee or may be set off against other tax liabilities.

Any person who fails to deduct the 10% withholding tax is liable for the payment of the amount due and a 100% penalty is chargeable on the amount due.

Exceptions to the Requirement to Withhold the 10% The exceptions include the following:


• Amount paid in terms of an employment contract.

• Sales affected in any shop in the ordinary course of the business of the shop. This caters for sales by retailers or wholesalers to consumers.

• An agreement for the settlement of a delictual claim against the State or a statutory corporation.

• Payments for the supply of farm produce and livestock by farmers. What is normally required before a Tax Clearance

Certificate is Issued? The following are the main requirements to be met before a tax

clearance is issued:

• The client should submit the returns in terms of section 37 of the Income Tax Act [Chapter 23:06]

• Where applicable, payment of the appropriate presumptive tax in terms of the Twenty-Sixth Schedule to the Income Tax Act

• In the case of new or proposed company or private business corporation, the client should appoint a public officer in terms of Section 61 of the Income Tax Act.

• Furnishing any return required to be furnished under any of the Acts administered by ZIMRA or making arrangements satisfactory to the Commissioner General of ZIMRA for the furnishing of such returns.

• Payment of the appropriate tax in terms of any of the Acts administered by the Zimbabwe Revenue Authority.

Does a trader require a tax clearance in order to conduct any business?

It is not a precondition for anyone to first present a tax clearance before entering into business agreements, transactions or arrangements. A trader is free to trade with any person with or without a tax clearance certificate.

However, as already stated above, any payer who enters into a contract of US$250 and more involving a single transaction or multiple transactions should withhold the 10% withholding amount if no such tax clearance is presented.

In practice, due to the onerous administrative work involved in withholding tax, many big companies will not bother to do business with a supplier who does not have a tax clearance.

For more information on taxes, see the 2015 Simplified Guide to

Taxes, available from BusinessLink offices.


FINANCE Best free accounting software: 5 programs we recommend

Free accounting apps to help you keep on top of your

finances These are tough times for

businesses. Now, more than ever, it's vital to keep a very close watch on your company finances.

And that's where good accounting software can help, automating many of your business processes and producing detailed reports


on precisely how you're doing. Deciding you need an accounting package is the easy part, of course -

picking the best one for you is a different matter. One of the first issues to consider is the amount of support you'll need.

If you're a total beginner then it may be wise to choose a commercial package where there's plenty of help available.

If you're a little more experienced, though - or you just want to play around and learn the basics - then there's a wide range of free accounting packages around, and we've highlighted eight of the best.

1. TurboCASH 5 Download at http://www.turbocash.net TurboCash is an open source small business accounting package,

which the developers say has more than 80,000 users worldwide. It has all the usual standard functions - stock control, invoicing,

debtors, creditors, general ledger, VAT accounting, balance sheet and income statements, and plenty of reports - and also supports multiple users, and even multiple companies.

As with any similar package, if you're new to accounting in general then there's a great deal to learn. TurboCASH does make things easier with example books, though, and a detailed online manual helps you to get started.

The program is also highly configurable, and it's also a relief to use a free accounting tool which isn't always demanding that you "upgrade".

----------------------------------------------------------------------------------- 2. TAS Basics Download at http://www.tassoftware.co.uk/ TAS Software (a division of Sage) sells several accounting packages,

but gives Basics away for free. This means it has plenty of limitations - you can't record sales orders or create invoices, for instance - and there's no real support, but if you can live with that then Basics proves to be a very straightforward package. It can maintain customer and supplier records; you're able to maintain multiple bank accounts, recording the money in and out; simple reporting means it's easy to record who owes you money (and who you own money to), and you get useful help with your VAT return.

----------------------------------------------------------------------------------- 3. GnuCash Download at www.gnucash.org First released back in 1998, the open source GnuCash has been

constantly developed ever since, and it's now a very flexible accounting system.

A straightforward register makes it quick and easy to enter transactions, but there's also plenty of power here: customer and


supplier tracking, invoicing and bill payment, scheduled transaction support, and a host of reporting tools.

Advanced features include budget management and stock portfolios, while each of your accounts can be in different currencies. Double entry accounting and a reconciliation tool help you uncover any errors, and with versions available for Windows, Linux and Mac (and even an Android app) you can run the program just about anywhere.

----------------------------------------------------------------------------------- 4. NCH Express Invoice Download at http://www.nch.com.au/ Express Invoice is free only for businesses with less than five

employees, and annoyingly you're asked to confirm that every time the program launches. That aside, though, Express Invoice is a very easy-to-use invoicing package.

After installation, you can create a quote or invoice immediately; just entering a customer's name, product details and so on creates those records for you, and you can print, email or fax the results from within Express Invoice.

It's straightforward to schedule recurring invoices, you can track payments as they come in, and reports keep you up to date with outstanding invoices, item sales and more. If you only need invoicing then check out Express Invoice first.

5. xTuple PostBooks Download at http://sourceforge.net/postbooks/ PostBooks is another open source tool with all the usual accounting

features: general ledger, accounts payable and receivable, invoicing, bank reconciliation and more, all accessible via a well-presented interface. But that's just the start.

Whatever free software you decide to use, remember, it can only do so much. As your business grows, you will need to purchase a professional package to get professional results.

Courage doesn’t always

roar. Sometimes courage is

the quiet voice at the end of

the day saying, “I will try

again tomorrow.”

- Mary Anne Radmacher


Marketing & Selling

MAY 2015

Marketing & Selling

Page 40

Marketing &


The Secret to Successfully Closing the Sale

By Fitzgerald Mujuru Most sales people do everything else brilliantly except closing the sale.

This is where the order is taken, the money is made and transactions effected. However it is not an easy step for most as they haven’t been taught how to effectively close the sale. It however is not the end of the sales process. It may be the beginning of a long lasting customer relationship.

Closing tends to be the most stressful action in the sales process for so many people –salespeople and prospects. Your responsibility as a sales professional is to work the earlier stages of the sales cycle so that closing becomes a natural conclusion if both parties benefit – this includes, closing continually throughout the process. Keep in mind, closing is really the beginning of your business relationship – both parties should be excited about working together.

The closing tool is designed to give you and your team a quick and comprehensive checklist of your “need to know” points before attempting a standard close (trial closes don’t require the knowledge of all “need to know” points –trial closes serve as more of a qualifying function and help the process move to the standard close). The correct answers to these questions assist in developing the close into the natural conclusion we all seek in the process. Work through them for each prospect in your pipeline and be sure you’re on the right track to closure.


9 Sample Closing Statements (Closing statement should be delivered or asked with confidence and an

expectant attitude.) 1) Would you like to move forward?

2) Are you ready to get started?

3) Can we go ahead?

4) We can start the process today upon payment if you’d like.

5) We can deliver it to you by the close of business tomorrow if you’d

like.

6) We can have it delivered by the end of the month if we can get a

signed contract into the implementation department by Thursday.

7) Should I forward a contract so you can get started?

8) Let’s get this off your plate and start the paperwork. What do you

think?

9) Let’s start the process so you can get onto your other priorities.

Sound good?

Additionally, we’ve included some sample closing statements. These are simple statements and questions that help everyone involved in the sales process move smoothly to closure.

Use what you like, toss what you don’t and build on those appropriate for your sales .No slick lines.

Closing comfort comes from basic preparation… done well. Use these closing tools and you will never have to be stuck with

undecided customers again. Fitzgerald Mujuru is a Sales Coach and Trainer, author and

motivational speaker. Contact him by email [email protected], mobile phone +263 772 483 952


25 Signs You Need Help Marketing

By Eric Samson Marketers find the right audience for

your business and convert passive

shoppers into active buyers. The most

successful companies in the world get

ahead of the competition and thrive

thanks to quality marketing.

Even if your business is already

growing, it can always grow faster.

Marketing can help. If you run a

company without a marketing team, or

have one filled only with junior associates, here are 25 reasons you may

want to recruit experienced marketers or hire an agency.

1. You would rather look at company financials than Google Analytics.

Data is powerful, but if you do not know how to harness the power of

your website analytics you are severely missing out.

2. You get overwhelmed thinking about

advertising, content and social media. Your

business loses out on a lot of opportunity by

not engaging in any marketing activities. Of

course, you should not make the even graver

mistake of hiring an intern to manage all of

these things.

3. Your idea of marketing is a $50 ad in a

local newspaper or a $15,000 TV spot.

Targeting, you say. What targeting?

4. You either don’t know what real-time

bidding (RTB) or programmatic buying are, or


have never heard of them. Surely, advertising isn’t that complicated….

5. Your business gets a lot of website traffic but a relatively low

number of sales – less than 1 percent. It is time to polish up your

conversion funnel to capture more visitor value.

6. Your site hasn’t had a makeover

since 2012. In fact, you probably haven’t

touched it since it was first created.

7. People have a hard time trying to

find your company on Google. You

shouldn’t settle for third or fourth

position for your own brand name.

8. You love referral programs such as

Uber’s “Give $20. Get $20” but the

thought doesn’t even cross your mind

about applying that to your business. It

is a lot easier than you think!

9. Email newsletters make you cringe.

You are also inclined to hit spam when you get more than one email from

a company or its representatives.

10. You rarely survey your customers and simply make assumptions

about who they are, what they do, how much they make, where they live,

and why they love your brand.

11. You like the idea of having lots of fans and followers on social

media, but have no idea how you would even engage them. Funny cat

pictures do not count.

12. You are unfamiliar with the terms bounce rate, call-to-action, click

through, and impressions. You also think that sort of gibberish wouldn’t

even apply to your business.

13. Your sales team has a hard time explaining what you do, how your

product or service differentiates itself from competitors and applicable

use cases for your offerings. Marketing helps provide collateral and copy

so others understand your company a lot better.

14. You love a good billboard ad and you hate clicking anything on the

web. Wait, seriously?

15. You think you are smarter than your customers. In a day and age

where customers have real voice and will not be silenced, you better be

prepared to put your ego aside and actively learn from potential buyers.


16. You imagine getting your company into The New York Times is

impossible to do. It is hard, but by targeting the right writer with the

perfect story angle, you can headline the front page of the business

section.

17. You are not familiar with inbound marketing or outbound

marketing. It is all just advertising, right? Wrong.

18. You enjoy the idea of an endless flow of new customers but

regularly forget about engaging your already existing and loyal clients.

19. You create all of your images in Microsoft Paint or PowerPoint.

You believe tools such as Canva and Photoshop have too much going on.

20. You wonder why YouTube is so popular. That is because brands

that spend money on quality video get tremendous ROI.

21. Anything related to marketing is done with a set-it and forget-it

philosophy. If it works, why tweak it? Or, if it doesn’t work, give it more

time. Unfortunately, you only throw away money this way.

22. You haven’t heard of Seth Godin, Brian Clark or Dharmesh Shah.

You wonder if they are supposed to be reality show stars or something.

23. You believe companies like Charmin, GoPro and American

Express would have grown anyways, without needing to invest so heavily

in marketing. You’d be wrong.

24. You never thought to tie in the ongoing marketing initiatives you

have into a larger, structured campaign. Marketing impact multiplies

when tactics are complimentary and cohesive.

25. You hate the idea of a company blog, though you spend a majority

of your time reading articles created and published by like-minded

brands.

How you promote your business matters and having a qualified

marketing team can help you grow your bottom line tenfold. The sooner

you invest in marketing, the faster you will be able to leapfrog over the

competition. Doesn’t that sound like something you might need?

This article originally appeared at Entrepreneur.com.

Eric Samson is the founder of Group8A. Group8A is a boutique

consulting firm focused on developing and executing integrated marketing and digital solutions for companies of all sizes.


The StateECommerceZimbabwe

by Tinashe Nyaruwanga

New technologies change bus

takes a bit longer than people expect for the full effects and changes to kick in. These changes often come about in waves. Mobile money was first introduced in Zimbabwe in 2010 but was perfected circa 2012. It took some time before mobile money gained mainstream adoption and began to be used and accepted by retail shops and merchants.

Similar to the wave of Mobile Money, Ecommerce is about to disrupt how people buy and consume products and services in Zimbabwe. In twave businesses are starting to experiment and leverage the power to sell and deliver products in a different way. Why go through the hassle of waiting in shopping queues when with a few clicks you can get the product delivered to your doorstep without

Zimbabwe has not had distinctive Ecommerce success like other African countries such as Nigeria and South Africa but only promising Ecommerce failures.

MAY 2015

The State of Commerce in

abwe ruwanga

New technologies change business and life radically, but usually it takes a bit longer than people expect for the full effects and changes to kick in. These changes often come about in waves. Mobile money was first introduced in Zimbabwe in 2010 but was perfected circa 2012. It

some time before mobile money gained mainstream adoption and began to be used and accepted by retail shops and merchants.

Similar to the wave of Mobile Money, Ecommerce is about to disrupt how people buy and consume products and services in Zimbabwe. In twave businesses are starting to experiment and leverage the power to sell and deliver products in a different way. Why go through the hassle of waiting in shopping queues when with a few clicks you can get the product delivered to your doorstep without breaking a sweat.

Zimbabwe has not had distinctive Ecommerce success like other African countries such as Nigeria and South Africa but only promising

Page 46

iness and life radically, but usually it takes a bit longer than people expect for the full effects and changes to kick in. These changes often come about in waves. Mobile money was first introduced in Zimbabwe in 2010 but was perfected circa 2012. It

some time before mobile money gained mainstream adoption and began to be used and accepted by retail shops and merchants.

Similar to the wave of Mobile Money, Ecommerce is about to disrupt how people buy and consume products and services in Zimbabwe. In this wave businesses are starting to experiment and leverage the power to sell and deliver products in a different way. Why go through the hassle of waiting in shopping queues when with a few clicks you can get the

breaking a sweat. Zimbabwe has not had distinctive Ecommerce success like other

African countries such as Nigeria and South Africa but only promising


But The Times A’ ChangingTiming is everything. Telecel were the first to launch the

money in Zimbabwe but did not experience success like Ecocash who launched their service much later. The fact is there were simply too early for the market among other reasons.

Similarly Tengesa.com and other unsuccessful ecommerce sites experienced failure mainly because there were simply too far ahead of the curve. But like Bob Dylan sang, the ‘times are aof retail giants and as well as small starthand at ecommerce and sooner or later we are gstory.

Some of the notable ecommerce sites include: Econet’s Ecoshopper, Food World Ecommerce’s site, 10ngah (pronounced ten derivative which means to buy) and more.

Zimbabwe’s Ecommerce Payment PlatformsA big reason why we are having so much Ecommerce activity now in

Zimbabwe is the availability of payment platforms and ways of making payments online.

The lack of an easy and secure payment platform was a major stumbling block for Ecommerce in Zimbabwe. Fortunately,now a plethora of payment platforms and methods to choose from. Ecocash debit card, Telecash and ZimSwitch options are just some of the options available.

Educating the market on using the technology and its benefits should be the priority as a lot people are still rooted in the idea of using cash to make payments. But as Steve Jobs famously said, “A lot of times, people do not know what they want until you show it to them,” we can be

MAY 2015

But The Times A’ Changing Timing is everything. Telecel were the first to launch the

money in Zimbabwe but did not experience success like Ecocash who launched their service much later. The fact is there were simply too early for the market among other reasons.

Similarly Tengesa.com and other unsuccessful ecommerce sites failure mainly because there were simply too far ahead of

the curve. But like Bob Dylan sang, the ‘times are a-changing’, a number of retail giants and as well as small start-ups are aggressively trying their hand at ecommerce and sooner or later we are going to have a success

Some of the notable ecommerce sites include: Econet’s Ecoshopper, Food World Ecommerce’s site, 10ngah (pronounced ten – derivative which means to buy) and more.

Zimbabwe’s Ecommerce Payment Platforms on why we are having so much Ecommerce activity now in

Zimbabwe is the availability of payment platforms and ways of making

The lack of an easy and secure payment platform was a major stumbling block for Ecommerce in Zimbabwe. Fortunately,now a plethora of payment platforms and methods to choose from. Ecocash debit card, Telecash and ZimSwitch options are just some of the

Educating the market on using the technology and its benefits should lot people are still rooted in the idea of using cash to

make payments. But as Steve Jobs famously said, “A lot of times, people do not know what they want until you show it to them,” we can be

Page 47

Timing is everything. Telecel were the first to launch the mobile money in Zimbabwe but did not experience success like Ecocash who launched their service much later. The fact is there were simply too early

Similarly Tengesa.com and other unsuccessful ecommerce sites failure mainly because there were simply too far ahead of

changing’, a number ups are aggressively trying their

oing to have a success

Some of the notable ecommerce sites include: Econet’s Ecoshopper, ngah, a shona

on why we are having so much Ecommerce activity now in Zimbabwe is the availability of payment platforms and ways of making

The lack of an easy and secure payment platform was a major stumbling block for Ecommerce in Zimbabwe. Fortunately, there are now a plethora of payment platforms and methods to choose from. Ecocash debit card, Telecash and ZimSwitch options are just some of the

Educating the market on using the technology and its benefits should lot people are still rooted in the idea of using cash to

make payments. But as Steve Jobs famously said, “A lot of times, people do not know what they want until you show it to them,” we can be


encouraged that once people get an idea of how easy it is to buy online using a MasterCard the floodgates will open.

Value Ecommerce is different from selling offline. Part of what makes it

different is there are infinite competitors. Your competitors are not necessarily those that operate in the same area. They can bee from anywhere in the world. You are always looking over your shoulder checking who is coming for your lunch and where the cheese is going to be.

Online there are different rules. It’s a cutthroat business. You may decide to cater for the Zimbabwean market but you cannot force people to buy the products they want on your site and not Amazon. There has to be a compelling reason why they should buy from your site, and not from the nearest grocery store or your online competitor.

A chicken and egg conundrum For ecommerce to scale there is need for costs such as delivery charges

to be low. Economics 101 will tell you that for this to happen you need numbers to achieve economies of scale. This has an effect of reducing the cost of transporting products to customers. Unfortunately, at the moment the cost of delivery sometimes is more than the cost of the product being bought. This is a conundrum which needs to be solved before Ecommerce takes off in Zimbabwe.

Promotion Another key ingredient in unlocking the Ecommerce gates in

Zimbabwe is attracting and converting leads. Businesses that have started in Ecommerce in Zimbabwe need to approach Ecommerce differently and change the way that they sell. With Ecommerce you need to create content that engages and educates and more importantly content your customers love and are interested in. It is the content that draws the customers to your website. Sadly, a lot of these ecommerce sites rarely engage in content marketing and educating their audience and therefore it is a little surprise that they fail.

Wrapping it up The internet has disrupted the normal way of life, life as we knew it.

The retail sector in Zimbabwe is ripe for disruption. This is the opportunity that exists for every business in Zimbabwe today. Are you prepared to take advantage of the opportunities that Ecommerce will bring? Are you ready for the future?

Tinashe Nyaruwanga is a Content Marketing

and Social Media Aficionado. He is also a blogger at www.tinashenyaruwanga.com. He specializes in optimizing online brands for individuals and corporates.


What do you sink about this ad placement?

Sure we all loved the movie the Titanic, not so sure if we are sold on

making it a reality.

From unbounce.com


The Top 10 Signs You Work In Marketing

10. You lecture the neighborhood kids selling lemonade on ways to

improve their look-to-buy ratio. 9. You get all excited when it’s Saturday so you can wear casual clothes to work. 8. You refer to the tomatoes grown in your garden as “deliverables.” 7. You find you really need PowerPoint to explain what you do for a living. 6. You normally eat out of vending machines and at the most expensive restaurant in town within the same week. 5. You wear gray to work instead of navy blue to make a bold fashion statement. 4. You know the people at the airport and hotel better than your next door neighbors. 3. You ask your friends to “think out of the box” when making Friday night plans.

2. You think Einstein would have been more effective had he put his ideas into a matrix.

1. You think a “half-day” means leaving work at 5 o’clock.


How to use your website to increase sales

A company website is a must-have in today’s Internet-driven

economy. However, while most companies have a website, few use them

to their full potential to drive sales and revenue. That is a shame, because

websites are often a major investment in terms of time and money, and

they can be a lot of work to keep updated.

Therefore, if you are not maximizing the return on investment of your

site, you are missing a huge opportunity.

Luckily, you can make a few relatively simple updates to your website

that can have a huge impact on customer attraction and retention, sales,

revenue and long-term brand loyalty. These steps do not require

hundreds of thousands of dollars in investment and can be implemented

by small companies and multinational corporations alike.


How a website works for your marketing

• It is your online shopfront, where people can see your goods and

services.

• It is your online brochure, where you can put full descriptions of

your offerings, including detailed specifications, how the products

work, their uses, and prices if applicable.

• It is a landing page for customers who discover your products from

Internet search engines, classified advertisements, directories,

online listings.

• You can use it to educate customers about your products and

business, through articles or blogs.

• You can show product demonstrations via video and PowerPoint

presentations hosted on YouTube etc.

How to get the best from your website

• Like a brick and mortar shopfront, it must be clean and neat. You

need a good designer for that.

• It must be easily navigable, with clear categories and a search

facility.

• Make sure it is hosted on a reliable and fast server, for speed of

access and minimum downtime.

• Update information and layout regularly.

• Have a facility for collecting customer comments or questions.

• Make sure it is optimized for search engines.

• Analyze the statistics of visitors regularly.

• Depending on your product or service offering, you can put up

online paying facilities, like Visa/ MasterCard / PayPal / EcoCash /

Zimswitch.

• Use inbound marketing to attract high quality customers.

How to attract visitors to your website

• Direct people to your website by placing the address clearly on

your business cards, flyers, advertisements and other printed

materials.


• Make sure your products are clearly described so search engines

can pick them up.

• When you post-informational articles or promotions on

Facebook, Twitter or Linked, always add your website address

where it can be clearly seen.

• Include the web address on your emails to customers or

prospects.

• Host contests, giveaways and promotions in conjunction with

your social media pages.

• Regularly post relevant and useful information so people can

keep coming back. (E.g. Zimbo Kitchen).

• Add video content. Consumers love video — and so should you. Our brains process visual information 60,000 times faster than text, Our brains process visual information 60,000 times faster than text, so ditch the long-winded product descriptions and opt for dynamic video content visitors can engage with on your website. Videos on your landing page can increase conversion rates by 86%, and 44% of customers purchase more products on sites that provide informational videos — and these numbers are only rising. Customers also tend to stay longer on sites with videos, and even better — they are more likely to return. Engaging product videos, customer testimonials and even tours of your workspace can help increase conversions.

• Post customer reviews. According to Forrester Research,

consumers trust brand recommendations from friends 70% of

the time, and ads only 10% of the time. Consumer reviews act as

this kind of friendly recommendation on your product page.

Make sure to include them on your site — and expect to see an

uplift in sales online.

Adjustments like these can yield huge results for your bottom line

business goals. Do not be afraid to test out new methods and techniques

to make your content more engaging and your site more cost-effective

overall. The most important thing to keep in mind? Your customer.

Making your website as accessible as possible is key to increasing sales

and improving revenue.

Please email your feedback to [email protected]


LEADERSHIP 12 Things Mentally Strong Entrepreneurs Don’t Do

By Erica Nicole

Photo: Erica Nicole, Founder and CEO of YFS Magazine; Source: Jhnea Turner, Photographer

Successful entrepreneurs possess

key characteristics — one of them is mental strength. Mental mastery takes time and commitment – it is more than reciting affirmations and wishing that one day you will have what it takes.

Mentally strong entrepreneurs make a decision to avoid pitfalls that can keep them from reaching their full entrepreneurial potential.

Here is a look at twelve things mentally strong entrepreneurs definitely do not do:

Figure 1


1. Waste time feeling sorry for themselves.

Okay. So, you failed. Now what? Feeling sorry for yourself should not be on your priority list. The hard truth is this: entrepreneurs fail, more so than non-entrepreneurs. This is par for the course because they realize failure is an event and not a person. They are willing to take more risks and reap uncommon rewards. As the late Zig Ziglar once said, “Expect the best. Plan for the worst. Capitalize on what comes.”

2. Blame others for their mistakes.

A refusal to take personal responsibility for one’s actions is a sign of someone with a highly underdeveloped mental capacity. When we make mistakes, we must own them … and capitalize on them. Remember: “The master has failed more times than the beginner has even tried.” ― Stephen McCrani (And entrepreneurship requires mastery.)

3. Fear and avoid change. Pivot here. Course correct there. The entrepreneurial journey is full

of twists and turns, rework, reimagining and iteration. Mentally strong entrepreneurs learn to embrace change; realizing it is a friend and not a foe. Change is important. Without it, you lose your competitive edge and will find it hard to remain relevant.

4. Focus on things they cannot control.

There are many things we cannot control in business, but we can control how we respond to them. Many entrepreneurs like to be in control (guilty!), but mentally strong entrepreneurs know when and where to wield this power. When faced with the uncontrollable we can adapt, influence or choose. (The Other Side of Complexity) This is true power.

5. Try to please everyone.

You cannot be all things to all people. In fact, stop trying. You can, however, be many things to the right people – and this is what we aim for. People-pleasing and people-chasing is a co-dependent behavior that can steer you away from your vision, core values and competencies. Mentally strong entrepreneurs aim to please themselves (i.e., be proud of the work they do) and those they serve.

6. Resent and envy the success of others. Mentally strong entrepreneurs realize everyone has unique gifts and

talents. This does not eclipse their ability to recognize their own. They choose to empower instead of compete on trivial factors that do not affect key business metrics. They hustle harder than they hate.


7. Walk around looking for handouts.

The world owes you nothing. Business is not always fair. Mentally strong entrepreneurs understand this and do not wait for others to hand them their happiness. They create value and understand the power of reciprocity. The only entitlement mentally strong entrepreneurs feel is from their ability to put in the work and reap the full reward of their efforts. Mentally strong entrepreneurs work for it harder than they wish for it. 8. Stop when there is no sign of immediate results.

It is an adage you will likely hear your entire entrepreneurial life: Entrepreneurship is a marathon, not a sprint. At times, quick results will come and then, suddenly they will not. This does not stop mentally strong entrepreneurs from adjusting their plans and staying the course. 9. Wait for perfect conditions.

There is no perfect time to start a business, take another risk or make challenging business decisions. Mentally strong entrepreneurs are like farmers. They know that farmers who wait for perfect weather never plant. If they watch every cloud, they never harvest. 10. Fear personal development.

Mentally strong entrepreneurs take stock of their strengths and eliminate weaknesses. They do not have all the answers, but seek the tools, resources, and people that can supply them with what they need. Successful entrepreneurs are always learning and growing — striving to be a better version of their highest self. 11. Think like everyone else.

Mentally strong entrepreneurs develop the courage to think differently. They have the audacity to imagine more. 12. Make excuses.

Someone once told me, “Excuses are crutches for the uncommitted.” This is the unapologetic truth. Mentally strong entrepreneurs make a consistent effort to rid their lives of excuses. They go after what they want and they do not spend time telling you why they have not. As Florence Nightingale, a philosopher and social reformer once said: “I attribute my success to this – I never gave or took any excuse.”

"What's the use of running if you are not on the right road."

― German proverb


Managing People

.

MAY 2015

Managing People

Page 57

Managing People


Be careful of your staff costs

By Memory Nguwi

We recently published our National Salary

Survey Report for the first half of 2015. Fifty-one participants drawn from across 14 sectors of the economy participated in this survey. In total, participants provided data for 5822 employees. These employees represented to full organisation spectrum that is non-managerial employees, to managerial employees and Executives. The survey was based on data that we collected

between February and April 2015. The movement in basic salaries is not consistent. Some organisations

have not increased basic salaries at all. In other cases, we observed that basic salaries were actually coming down. As a result, salary increases ranged -0.14% to 9%. There were a number of cases last year where companies renegotiated contracts with their employees in a bid to manage the wage bill.

The sectors of the economy that are pay higher salaries are generally the more productive sectors. For example, mining and telecoms.

While organisations are struggling to meet salary obligations as demanded by employees, very few organisations have implemented sustainable remuneration systems. Many organisations are still on the traditional remuneration system, which has the basic salary and many other additional remuneration items. Only three of our 51 survey participants are on the total cost to company model.

We however observed that some employers are reducing the number of benefits that they provide to their staff, especially managerial staff. For example, some companies have stopped providing the school fees benefit. Other companies are moving are also moving away from providing fully maintained company cars to providing vehicle allowances; where the employees assumes ownership of the vehicle and uses the allowance to maintain it.


Whilst it is generally acceptable to increase salaries as the performance of the business increases, as many companies are realizing now, this is being very shortsighted. There are many companies that pegged salaries too high thinking the “level of business” would always be the same – overtime that assumption proved false. Best practice is to maintain a lean basic salary and benefits structure and add an incentive component that is linked to performance. This incentive component can fall away should the performance of the incumbent deteriorate.

Very few organisations have variable pay systems that can allow them some form of flexibility about their total wage bill. Only eight of the 52 participants said they provided some form of performance related bonus, 21 of the participants said the bonus was guaranteed – regardless of individual or company performance.

Generally lower level salary adjustments have been driven by NEC negotiations although some of the organisations indicated that they could not afford increases given at NEC level. This has resulted in some seeking exemptions. A number of NECs are still actually deadlocked.

Despite all the evidence showing that the economy is in distress, some of the Trade Unions and the generality of the workers are ignoring this by calling for PDL linked wages. A case study of how not to adjust salaries is evident in the civil service. Across all sectors, we still find Unions that are still demanding huge increases far above the current inflation and productivity levels.

We have also noted increased levels of retrenchments across all industries as organisations battle to contain staff costs in the face of declining capacity utilization and productivity levels. The current salary trends reflect the low levels of productivity and generally a struggling economy. The economy is not yet at a stage where it can absorb huge salary increases that are not backed by productivity gains. Unions and Employers must forge partnerships that will help preserve jobs rather than being shortsighted. A high wage economy is a barrier to new investment and competitiveness.

Indications so far from some of the survey participants and those not part of this survey show that they will be budgeting salary increases of between 0% and 7%. The organisations targeting a higher percentage increase are assuming that their productivity will pick up in 2015.

To receive the full Private Sector Salary Survey Report April 2015, contact me on the details below.

Memory Nguwi is the Managing Consultant of Industrial Psychology Consultants (Pvt) Ltd a management and human resources consulting firm. Phone 481946-48/481950/2900276/2900966 or cell number 077 2356 361 or email: [email protected]


.


Personal development How to ride the current storm

By Nyaradzo Mavindidze The word on the street and in every conversation is about how tough

things are in Zimbabwe and no one seems to have a clue what is going to happen next. There is uncertainty, fear and despondency. The TRENDING word is IMPOSSIBLE

As I write this article I’m thinking about the Philip Chiyangwa’s speech at a business event where he admonished Zimbabweans for sitting and watching the wind……” you waited for elections then you waited for congress and you are still waiting…..” The question therefore becomes what does one need to survive, grow and excel in this economy. How do you turn the IMPOSSIBLE structures and policies in to POSSIBILITIES?

PERSEVERANCE- Do not be fooled, Entrepreneurship and Business are not instant

gratification; there is no such thing as overnight success even in stable economies. The type of perseverance entrepreneurs and business people needs is similar to the perseverance that is demanded from athletes. Marathon runners, for example, must train for months on end, often withstanding injuries and running in less-than-favourable weather conditions. Not only do marathoners have to deal with grueling training schedules, but they also have to make sacrifices such as abstaining from late nights out with friends the day before long runs and cutting out


unhealthy foods. While entrepreneurs and business people are not dealing with physical injuries, they certainly need to be prepared to deal with “harsh conditions” for several months to several years.

It is easy to tell stories of perseverance and even easier to read them. However, to actually persevere, when you face bankruptcy or your company fails — that is hard. So how does one do it?

There is no five-point program, or simple set of principles, that can provide the conviction necessary to truly persevere. That type of resolve requires a mission. A simple, but unwavering belief in what you are doing. It can be derived from faith in God, or a deeply held belief in the triumph of science and reason. What the belief system is is not as important as the depth of the belief. However, the more one believes in a mission, the more resilient an individual or company will be when it is tested.

Unfortunately, we have a big problem with patience and perseverance because we live in a world where we expect instant results. If we are hungry, we want fast food! If we are feeling down, we want instant gratification. Again, our desire for instant kicks is exemplified by the fact that pornography is one of the biggest online businesses. Again, there is an ongoing spiraling rise in drug abuse, soft and hard. In exactly the same way, television is teaching us that anyone can be an overnight success – whether it’s American Idol, Britain’s Got Talent or the X-Factor, we’ve a whole new breed of people who think that you don’t have to work, persevere at and stick with something to become a success.

One of the great examples of perseverance Muhammad Ali, who hated running on the road, said, “I run on a Wednesday, so I can dance on a Saturday!” However, if you’re like all the other normal people whose lives will never amount to anything great, if you’re easily bored or quickly disillusioned, then almost anything that you turn your hand to will become IMPOSSIBLE. In addition, once anything becomes IMPOSSIBLE, you give up and go under.

To succeed you have to be single-minded and ruthless. You have to be ruthless with yourself, with working on and maintaining your focus and state of mind. You have to be ruthless in terms of sticking to your objective. Highly successful business people are those who have failed many times but who have tried repeatedly and again. Only one in ten thousand people will, having failed three or four times, try again.

However, of course, even in the course of our everyday ordinary lives, we fall on our face repeatedly. We may be trying to commit to a level of personal mental discipline that will give us the kinds of clarity of mind that will enable us create the success that we want. However, always lurking in the shadows is the current reality of the ‘Zimbabwean Situation’ and we somehow believe that our best efforts are going to end


up coming to nothing. Then again, our best efforts will always come to nothing if we don’t pick ourselves up, dust ourselves off and start over – therein lies the secret of success.- PERSEVERANCE

Calvin Coolidge, the 30th President of the United States said: “Nothing in this world can take the place of persistence. Talent will not; nothing is more common than unsuccessful people with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent. The slogan “press on” has solved and always will solve the problems of the human race”.

This perseverance must permeate your life – in particular, in your ongoing efforts to rise above every obstacle and crisis and grow in the midst of the IMPOSSIBLE. However, then, what if you fail or feel that you are failing? Well, failure is just another opportunity to PERSEVERE.

Nyaradzo Viki-Mavindidze Speaker, Trainer, Managing Consultant At Avodah Consultants

WHEN ENTHUSIASM DEVELOPS IN

DEPTH, IT INTRODUCES INTO THE

PERSONALITY A VERVE, AN

EXCITEMENT, AN OUTGOINGNESS,

THAT RAISES SLOW SIMMERING TO

A BOIL, AND BRINGS ABOUT A

QUALITY THAT MAKES A

DIFFERENCE.

-NORMAN VINCENT PEALE


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Small Business & Entrepreneurship

Business link magazine may 2015