TFT Women In Waders 2019

Interview with Grant Robson of The Finance Team.

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Q: Grant. You’re an absolute legend for sponsoring an all-women’s team for one of the toughest still water fly-fishing festivals in SA, what inspired your decision to do so?

A: I have been a fisherman for as long as I can remember but only started fly fishing at the age of 28 which is just over 20 years ago. It was my girlfriend at the time who actually introduced me to Fly Fishing at Millstream. She was an accomplished fly fisher in her own right. Back then it was not that common to see woman fishing / fly fishing but that has certainly changed over the past 20 years. I still think a lot can and should be done to encourage and develop woman in this fantastic sport. Of all the different facets of fishing, fly fishing is probably the best suited to woman for a number of reasons. I would not be surprised if a woman was to become the overall world champion in years to come. Fishing is a fantastic sport that the whole family can participate in. The bonds that I have seen forged between fathers and children through fly fishing has been a joy to behold and I think its high time that mothers get in on the act. There is no better way to spend quality time with your children than on some beautiful lake or stream surrounded by scenery that takes your breath away.

While the Corporate Challenge is very competitive, we feel that the WIW team is equally competitive and as competent as any of their male counterparts and we are confident that they will make the finals of this prestigious event and hopefully place in the top 10. We hope that this team of ladies goes on to inspire a new generation of female fly fishers. For us, this was enough inspiration to sponsor WIW at this year’s Corporate Challenge and hopefully many more to come.

Q: I understand you fish yourself & your team did an (expected) impressive job of placing in your leg of the Tops Corporate Challenge last year. Where did the love for fishing begin with you?

A:  As mentioned above I have been in love with fishing generally for as long as I can remember. I fondly remember a 3 week Christmas holiday at the Clansthal caravan park on the south coast when I was 5, where I literally spent 12 hours a day on the rocks with my newly acquired Christmas present catching small fish and just absolutely loving life. I had to be dragged off those rocks every evening and was back on them the next day at first light. I still get those feelings today as I head out in the early morning and feel the adrenalin surging through my veins and hearing my heart beat thumping in my ears in the quiet of the early morning. It’s something that is difficult to explain to somebody who has no interest in fishing or has yet to feel the rush of that moment when a fish hits your fly. Priceless!!

Looking back further than that, I would say that I probably got the fishing bug from my Mother. At 79 she still takes every opportunity she can to watch me fish from the banks or on the boat and jumps at the chance to retrieve a fly that I have cast for her. She recently landed 7 beautiful rainbows from a lake at Trout Hideaway near Lydenburg. I have no doubt that given the opportunity to go back and do it all again she would have made a fantastic angler but things were different back then.

Q: We’re excited to add a little colour to our gear this year in the form of the TFT logo. Why the blue, pink & green?

A: Great Question. The simple answer is that we just wanted something that was a bit different that stood out from the pack. As a consultancy mainly consisting of Chartered Accountants I think most people were expecting a dull, boring, black and white, “professional” looking logo. We wanted colours that really stood out and grabbed ones attention.

Q: Can you tell us a little (a lot) more about what it is you do. What can The Finance Team do for us?

A: The Finance Team is a professional consultancy that specialises in the provision of part time and interim financial managers and CFO’s. We exclusively retain the services of highly trained and experienced individuals and supply these critical skills to clients that don’t want, need or can’t afford a similar resource on a full time basis. Our clients include SME’s that lack the above mentioned skills as well as larger listed companies that require these skills on an interim basis to complete ad hoc projects and to “hold the fort” during times of temporary absence. Our Associates all have no less than 15 years’ experience and are hand-picked by us to represent our brand and deliver the level of service our clients demand. The majority of our Associates are semi-retired individuals and individuals that are not primary bread winners that have made certain lifestyle choices that merge well with the unique solution that we provide.

Q: You are frequently travelling for work, but where is TFT situated and how can people best get a hold of you?

A: Our Head Office is in Bryanston (Johannesburg) but we also have offices in Durban (Umhlanga) and Cape Town (V+A Waterfront). We have a team of 35 Associates at present with the largest team obviously based in Johannesburg. I can be contacted directly on grant@thefinanceteam.co.za or you can obtain more information from our website at thefinanceteam.co.za.

Q: How many years have you been in the biz (business)? And what do you feel has been your greatest working achievement?

A: Richard (My Business Partner) and I are both qualified Chartered Accountants and we have both been in this industry for 10 years. We started The Finance Team in 2013 and are in our 7th year of business as The Finance Team. I don’t think that either of us can pin point one specific achievement to date but I think I speak for both of us when I say that the one thing that we love about what we do is making such a big difference to the clients that we get involved with. Most Entrepreneurs are brilliant at conceptualising, strategizing and selling but fall short when it comes to the administration, financial control and details that comes with running a successful company. This is where we step in. We put the financial science behind the Entrepreneurs’ gut feel and support the business while he / she gets on with what they are good at.

Q: Give us the 411 on the year TFT won the TCC. We have pretty big shoes to fill 😉

A: The Finance Team has entered a team in the Tops Corporate Challenge since 2014 so this will be our 6th event. What makes this one special is that this year it is an all-female team which we are just thrilled about. We have made the finals in all 5 previous events and have placed 1st, 3rd, 5th, 7th and 9th in previous tournaments. NO PRESSURE LADIES. We actually won the event on the very first attempt which was a massive surprise for all involved including the organisers from Wild Fly. To be honest we were lucky enough to have Wayne Stegen in our final team that year as one of our team members could not make the final. Wayne was instrumental in our win and his knowledge and experience of the local waters was a game changer for our team who were fishing the area for the first time. For those who don’t know this, Wayne’s Wife (Roxy) and Sister (Bridgitte) are 2 of the members of this WIW / TFT team. I hope that Wayne has been giving some pointers and tying some expert flies for the tournament.

Q: So, not only are you not fishing this year but you are also making a come-back as our ghillie 😉. Are you ready for the job?

A: Absolutely ready for the job. I am actually looking forward to taking a back seat this year and helping wherever I can. Hopefully get some more time to enjoy a few more beers in the pub without having to worry about getting up at 5AM in the Notties Winter. We are planning on bringing a drone, GoPro’s and Cameras so that we can document the whole event so that we can release a short video clip on social media on our return. Watch this space.

Q: What’s next for TFT in the fly-fishing world?

A: Well the hope is that our ladies team make it into the final of the tournament and then make it into the top 10 overall. I think this would be a fantastic achievement. We are looking forward to this year’s event and a long association with the WIW team into the future.

We cannot wait to for the 6th of June, see you there and thank you once again for everything you have done for team WIW. We will do our best to make you proud!

 

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July 18, 2019 / No Comments /  

All-female fly fishing team makes the finals

All-female fly fishing team makes the finals of the Tops @ Spar Corporate Trophy Challenge

When one thinks of fly fishing, a mostly male-dominated space comes to mind, but in reality female fly fishers have made an impressive mark on the sport. In South Africa, one all-female team has earned massive respect and is currently making waves.

Roxanne Stegen (Captain), Bridgette Stegen, Sindi-Leigh McBain and Lyndall Blaikie make up ‘The Finance Team / Women in Waders’ – South Africa’s first competitive female fly fishing team to make the finals of the Tops @ Spar Corporate Trophy Challenge. They share a deep passion for the sport and are proudly sponsored by The Finance Team, South Africa’s leading provider of part time and interim financial managers and CFO’s.

The Tops @ Spar Corporate Trophy Challenge is arguably the most prestigious fresh water fly fishing competition held in South Africa and this year marks the 18th anniversary of the event that is held annually in Nottingham Road in the KZN Midlands. The event consists of three legs held over 3 separate weekends in June / July each year. Each leg consists of 15 teams of 4 anglers. The top 5 teams from each leg qualify for the finals which is to be held between the 22nd and 25th August 2019.

“We came fourth in the first round of this year’s event which earned us a place in the final. This is the first time that an all-female team has made the final in the 18 year history of the event. We are absolutely thrilled that we have made it to the finals and looking forward to competing for one of the top spots where prizes in excess of R1 Million are up for grabs. A special mention must be made of Lyndall Blaikie who placed third individually beating some very well-known and experienced fly fishers in the process” says Roxanne Stegen the Captain of The Finance Team / Woman in Waders Team.

According to Grant Robson, Managing Director of The Finance Team, fly fishing is one of the fastest growing sports in South Africa and of all the different facets of fishing, fly-fishing is probably the best suited to female participation. We are passionate about breaking the mold in more ways than one and jumped at the chance to support and encourage more female participation in this sport that we are actively involved in. The Finance Team is a previous winner of the event and has entered a team every year since 2014. This year is the first year we have entered an all-female team and are very excited that the team has made it to the finals of the Tops @ Spar Corporate Challenge. We are confident that our team will be very competitive in the finals and hope that this brave quartet of exceptional ladies inspires a new generation of female fly fishers.

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July 18, 2019 / No Comments /  

AI is coming for your job – regardless of which sector you work in

Article by www.businesstech.co.za

The collision between “business as usual” and technology is imminent, and the fallout will be nasty, especially for millennials, says recruitment specialist, Adzuna.

According to the online job aggregator, automation and Artificial Intelligence is one of the most disruptive forces the ‘modern’ workplace has encountered thus far, and if the predictions from across the world are correct, up to 37% of millennials are at risk of losing their jobs to automation.

Since the baby boomer generation is now generally employed in leadership or managerial roles, and jobs that require more complex problem solving, they’re not in such grave danger as their younger counterparts. This is according to Scott Dobroski from Glassdoor.

The millennials are the ones that will be replaced sooner since they don’t have as many job skills and generally, they hold positions that are simple enough for AI to take over.

“The jobs that AI and automation will take over aren’t just the ones that come to mind first, like drivers. They’re across all sectors because every company in the world relies on some sort of tech at the moment,” said Jesse Green, country manager for Adzuna South Africa.

“Every company on earth has an online presence or an app, and that puts everyone at risk.”

Jobs that require critical thinking, strategy, and data science are less likely to be replaced than repetitive, white-collar jobs like accounting roles. This means that professionals like software engineers, data scientists, doctors, nurses, and financial planners are relatively safe, for now.

Although automation might not take over those roles, they will most definitely affect them, said Green.

The role of AI and automation on the jobs that are “safe” will be to make them more effective and efficient. “We’re still a couple of decades away from seeing robots analyse someone’s back injury and fixing it on the spot.”

Citing an article from the Harvard Business Review, Green said that AI will reshape the organisational structures we are used to today. Ravin Jesuthasan and John Boudreau, the authors of the article, said that the human aspect present in the workforce after the Fourth Industrial Revolution hits us won’t be sourced through employment.

Jobs within organisations will become a thing of the past and will instead be outsourced by measure of units.

Kai Fu Lee, an AI expert and venture capitalist recently spoke to CBS News in an interview, revealing that it’s possible for up to 40% of all jobs across the globe being replaced by robots or computers. Big names, like Elon Musk, have been warning about the power of AI for quite some time, hammering on how it has the ability to disproportionately affect low-income workers.

But the sad reality is that AI is on the rise, and there is no stopping it or the impact it is bound to have on society. Artificial intelligence can be seen in the same light as the steam engine and electricity. Before those systems worked, people laughed at the struggling inventors, but only until their dreams became a reality across the world.

Humans will always be affected by change, but somehow, we always get over it. The only problem with AI is that it will hit us much sooner (and harder) than those innovations did.

Article by www.businesstech.co.za

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July 2, 2019 / No Comments /  

5 Top Business Tips for SMMEs

Article by www.iol.co.za

In a country like South Africa, where job creation is critical, there is a great deal of emphasis being placed on the development of small medium and micro enterprises (SMMEs).

Small businesses, in particular, provide opportunities where smart entrepreneurs can thrive, especially if they pay attention to the advice of experts who have already been down that road. David Seinker, chief executive of office and co-working space, The Business Exchange (TBE) in Johannesburg, has the following top tips for entrepreneurs about to embark on their own journey.

1. Offer a product that offers a solution

Many budding businesses believe in their idea or the products they envisage selling, but the key to success is in knowing, first and foremost, how that idea or product will offer a solution. “Before you even begin to do anything else to set up your business, you need to thoroughly investigate the market you plan to service,” says Seinker. “A product or service must fill a market need. It must go beyond just something that’s a nice idea. Know what problems your offering can solve, or what hole in the market it will fill. At TBE, for example, we recognised the need for serious entrepreneurs and business people to have a space that meets their requirements. They didn’t want a space that offers free drinks and foosball. Instead, they need a space that is as focused about business as they are”.

2. Understand the start-up costs and keep track of your cash flow

Once you know what you want to offer, the next step is to work out how much it is going to cost to set up the business. Apart from costs in terms of finding and kitting out premises and paying monthly rent, you also need to factor in everything from office supplies to staff members and the costs they will incur. This also includes your own personal expenses and how much money will be required to meet your own commitments. “From there,” notes Seinker, “it’s also crucial to keep a careful track of all cash flow. Most often, businesses fail not because of a bad idea, but because they simply didn’t manage their cash flow.”

3. Choose your working space wisely

A work environment conducive to doing business is critical for a new company, and many entrepreneurs start theirs working from home, but this may not necessarily be the best option for clients to take the business seriously. However, neither is splashing out from the start on expensive offices and incurring the many costs that such a set-up can entail. “Enter the rise of the co-working space,” notes Seinker. “This is an environment where new businesses can rent anything from a desk to an entire office, but where they literally just enter, plug and play. Co-working spaces such as The Business Exchange take the hassle and expense away from infrastructure costs such as capital equipment in terms of everything from office furniture to copiers, the provision of reception and maintenance staff, or the costs associated with technological requirements such as the setting up of  Wi-Fi or video conferencing facilities.”

Co-working options also offer new businesses enormous flexibility to enable them to grow when more space is required, or scale down if they need to tighten their belts. “Plus,” says Seinker “there are no obligations to sign leases and no FICA requirements to fulfil. But at the same time – because first impressions really do count – co-working spaces – especially those in prime business locations – provide a professional environment that says your new business really does mean business.”

4. Sort out your tax obligations and insurance from the start

Consult with experts beforehand to find out what tax obligations your new business is required to meet, as well as which insurance policies you may need. From a tax perspective, make provision to pay for the services of a qualified bookkeeper (even if it’s only a part-time agreement or one based on a few hours’ work per month to keep financial records in order), or an accountant who will look after your annual tax submissions. On the insurance front, make provision to protect yourself in terms of medical issues or loss of income, risks to your business such as theft or damage to your stock or items such as computers and cellphones, and even public liability insurance that protects you against claims made by members of the public resulting from accidents or damage to property. “Many new business owners make the mistake of thinking that their home insurance covers their business as well,” notes Seinker, “and this usually is not the case.”

5. Connect

Connectivity is about everything from investing in a digital online presence for your business from day one (whether it’s a website or even just a presence on Facebook, Twitter or Instagram) to networking with like-minded or reciprocal business people. This is another area in which a co-working environment can assist, notes Seinker: “A co-working space worth its salt will offer excellent online connectivity from the moment you walk in the door, solving what could be a huge headache for many new businesses. Plus they are renowned for bringing people in similar or complementary industries together to exchange ideas as well as business opportunities. But outside of the work environment, it’s also about attending as many networking events as you possibly can and getting your name and that of your business ‘out there’ as quickly as possible. At TBE, we hold regular networking sessions for our members. This not only means that they are meeting the people who work next to them, but it also provides an opportunity to possibly meet someone who would be able to help with a particular service down the line.”

Article by www.iol.co.za

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June 28, 2019 / No Comments /  

6 Tips for Managing Small Business Finances

Article by www.succeedasyourownboss.com

Every company, big or small, is always concerned about one thing – managing money. Proper financial management is crucial to surviving a volatile economy and the industry competition. Small businesses, especially, need to exercise caution with their financial decisions from the very beginning. It takes more than just a good idea to run a business. Every business needs a financial structure that generates a profit to stay credible.  Entrepreneurs need is to be equipped with good money management abilities to turn their venture into a success story.

Not all business owners, however, are adept at handling finances. But that doesn’t mean all hope is lost.

Here are 6 tips for managing small business finances.

  1. Educate Yourself

One of the first things that you should do is educate yourself about the various aspects of finance. For starters, learn how to read financial statements (if you don’t already know how). This is one important statement that tells you all about your money – where it originated from, how many hands it changed, and where it is.

Financial statements contain 4 essential details – cash flow statement, income statement, balance sheet, and statement of shareholders’ equity. The cash flow statement analyzes operating activities, investments, and financial in/outflow. The balance sheet provides information related to the company’s assets, liabilities and shareholder’s equity. The income statement reflects the revenue earned within a specific period of time. Shareholder’s equity represents the amount by which the company is financed through common and preferred shares.

  1. Separate Personal and Business Finances

Always keep your personal and business finances separate. This entails getting a business credit card and putting all related expenses on it. This should help you track your outlays and keep you in control.

You will also do well in opening a savings account dedicated to your business, wherein you can transfer a certain amount of money from each payment that you receive and gradually build a considerable corpus. You can use this money to pay taxes.

  1. Cut Costs

It is important that entrepreneurs stay tight-fisted to keep their expenses in check without hampering customer satisfaction. This, especially, holds true for small businesses.

Every business endures 2 types of costs – fixed and variable. While fixed costs have to be borne irrespective of whether your business is making money or not, there is scope for savings in variable costs.

For example, instead of buying costly branded software, you could work with free, cloud-based, open-source software, which is equally good. Conduct free online calls, video conferences instead of travelling lost distances. You could also try bartering your services with other professionals and cut costs.

  1. Invest in Cloud-based Accounting Software

While you can definitely download regular accounting software to manage your finances, it will never give you the kind of convenience cloud-based accounting software can.

Web-based software provides you with real-time insights as most allow you to store, update, track, and access data from anywhere at any time. Whether you’re at home, office or are travelling, you can conveniently work with your data from anywhere you like. It is error-free, hassle-free and dependable.

  1. Monitor and Measure Performance

It is crucial that you, as a business owner, keep tabs on the movement of your money, especially when large amounts are involved. Keep looking at your company’s financial performance in comparison to the past financial statements to project your future revenue, expenses and cash flow.

Being aware of these aspects will help you make informed decisions for your business.

  1. Hire Professional Help

Everyone needs help, especially a budding entrepreneur interested in making a huge success of his venture. Sometimes, it pays off to engage the services of an expert, even if it is on a part-time basis. They can help you determine where your business is, where it is heading by using and analyzing your data. Make sure you hire someone you trust, though.

Whether it is tax planning for the next financial year, or payment for the current year, their expertise can go a long way in guiding you and bringing you peace of mind.

Conclusion

While owning and running your own business can be exciting, it can also be nerve-wracking, especially when it comes to handling finances in a lucrative manner. Don’t let your business suffer due to poor money management. Keep the above tips in mind and give your venture a bright future.

Article by www.succeedasyourownboss.com

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June 10, 2019 / No Comments /  

5 Ways to Keep Your Business Finances Healthy

Article by www.entrepreneur.com

A report from the U.S. Bureau of Labor Statistics cites two primary reasons why businesses fail — lack of proper planning and poor leadership. In a way, both these factors are tied to the decisions made by the business owner. Poor decisions, like too much debt or unviable investments, can dramatically alter your company’s fortunes. In this article, we’ll take a look at some ways business owners can keep their financial books in the black through smart planning and earnest leadership.

1. Equity vs. debt.

One of the perennial dilemmas that business owners face while raising funds for their business is the choice between equity and debt. Raising funds by giving up equity might seem attractive to a risk-averse startup businessman. However, giving up too much equity dilutes your own stake in the company and can be a bad choice over the long term. Debt, on the other hand, can be repaid and lets you retain your control over the business. In other words, although raising debt can be painful in the short term, it protects your stake in the long term and can thus reap larger dividends.

2. When to choose debt over equity.

A number of startups in the web and tech space today do not have a clear monetization policy during the launch phase. Companies like Twitter went through several rounds of fundraising before they started making money. It is a good idea to give up equity in such instances since these businesses do not have a clear revenue stream in place to start repaying their debt. However, if you are a startup or a small business with an established revenue stream and a steady cash flow, there is no reason why you should choose equity over debt.

3. How much debt is too much?

There is a limit to how much debt a business can take. It is worthwhile to note that business income is not always going to be consistent. Market forces outside your control can grow or dent the demand in your product or service. It is hence a good idea to only take debt that can be paid back even if you stop making money for a month or two. A good business owner knows to maintain a fair balance between money raised through debt and cash infused through the sale of equity.

4. Keep low working capital.

Working capital is the cash necessary to simply keep the business operating. It is essentially the value of your current assets minus your current liabilities. Building your product requires capital infusion and without a paying customer, your product is a liability waiting to be liquidated. Businesses that offer lengthy credit periods to their customers require high working capital. On the other hand, if you demand upfront payment for your product or service, then the liquid assets in your system are higher than liabilities. You would hence require low working capital. Tweak your business processes, including credit periods, to bring down the working capital required to run your business.

5. Insist on recurring invoices.

Modern invoicing software applications let customers set up automatic invoicing on their purchases. There are two big pros with using recurring invoices for your clients. Firstly, it brings down the accounts receivables of your organization. Although it is customary to mark accounts receivables as an asset in your accounting books, it can be a liability for small businesses that do not have the resources and the means to get paid on time for their rendered services. Secondly, automated payments establish a level of consistency in your income statements. This helps your business plan with better demand planning and logistics management.

The tips provided above can help your organization bring down the owed debt without compromising too much on your business ownership. Also, by tweaking your credit practices, it is possible to set up a healthy business process that is better suited to take on the vagaries and fickleness in the market and ensure survival for the long term.

Article by www.entrepreneur.com

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April 17, 2019 / No Comments /  

3 Important Ways To Foster A Successful Future For Your Business

Article by entrepreneurmag.co.za

For any successful business, safeguarding its future through careful succession planning should be an important focus. This applies whether you’re running a large listed business, a family owned business, or a small to medium sized unlisted business. There are interesting parallels to heading a successful family and preserving long term family wealth.

This was borne out in our latest survey of over 150 ultra-high net worth individuals, many of whom run or have run successful businesses, often across jurisdictions and generations. Over two thirds of the respondents identified succession planning as their current primary concern in preparing financially for the future. This represents a shift from our 2017 report which identified capital preservation as the primary concern.

What is driving this change? According to our findings, the answer is the rapidly changing and uncertain socio-political and economic environments. Against this background, our respondents said they see a certain urgency in preparing the next generation of leaders to respond to future challenges and opportunities. This means a more sophisticated, better structured and increasingly democratic approach to leadership, greater emphasis on training and development of young people, and better communication and renewed emphasis on long-term planning. The risk of failing to prepare the next generation is now seen as the highest priority for long-term sustainability.

In the family business scenario, and given the rate of technological, social and political change, intergenerational relationships are also transforming. Nearly all respondents agree that the impact of societal change on a family business must be reflected in the way they prepare for the future. Traditional, informal approaches are thus being challenged as families look to more sophisticated governance and communication.

For many of our clients, a successful business is the principal source of wealth and frequently represents a substantial proportion of their assets. Below are some practical, actionable insights from the report that came out of the survey, Four Pillars of Capital: Practical Wisdom and Leadership for Changing Times.

Concern #1: Succession Planning

As mentioned, the survey showed a shift in the primary concern by respondents from capital preservation to succession planning. We found that 69% of respondents identified succession planning as one of their top three concerns for future financial planning, followed by capital preservation (62%) and tax planning (48%).

Our Recommendation: Planning for the long-term is crucial in any business. Discuss strategic planning for future ownership with your Board, your mentor, your family and or key business stakeholders, which could include raising external finance or planning for an exit. Develop a purpose or planned vision for your business.

Partner with an independent professional to help advise and implement suitable and practical strategies to support governance and succession.

Concern #2: Leadership Selection

We asked families how they selected their leaders and how this should change in the future. One of the most interesting results of the survey is that 28% of families interviewed still currently operate on the basis of primogeniture (the right of succession belonging to the first-born child). When asked about their intentions for the future, however, the figure is now around a third of that at 10%. There is a growing preference for wider consultation for the selection of new leaders, possibly including a formal process. Currently only 13% use a committee to select the leader, however at least a third (33%) expect leadership to be selected this way in future.

Our Recommendation: Our experience tells us that having a clear leadership structure and process will provide the best chance of managing unforeseen risks – both internal and external – pursuing opportunities and ensuring that the business prospers. Most business owners need to employ leaders who can keep pace with the modern world and are able to adapt to a fast-changing environment. This means more broadly-based preparation than in the past.

The counterweight is that there is greater need for leadership responsibilities to be shared with others who have both the knowledge and stature to debate the key areas of risk and ensure the interests of all stakeholders are properly protected. Having an experienced mentor to help think through ideas and handle challenging relationships is invaluable.

Concern #3: Failure to prepare the Next Generation

Respondents identified that the top risks to long-term family wealth relate to family disputes (68%) and lack of planning (67%) as well as the failure to appropriately engage or train the next generation. This happens in businesses too, whether or not they are family businesses. Partners in a business can fall out, leaving the business and its employees to an uncertain future and often resulting in detrimental impact to the value of the business.

Our Recommendation: Increasingly, we suggest that families and business owners should engage in ongoing, regular and transparent communication with all company stakeholders, regardless of their responsibility or position within the firm. Employees should be given an opportunity to contribute towards defining the company’s core values and owners should invest in continuous development training programmes for their younger, more inexperienced employees.

Article by entrepreneurmag.co.za

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February 26, 2019 / No Comments /  

How to Name (Or In Some Cases, Rename) Your Company

Article by Entrepreneur.com

Jennifer Fitzgerald is co-founder and CEO of Policygenius. But in 2013, when her company was starting out, it had a different name: KnowItOwl.

“We thought it was a clever play on the term know-it-all,” she says. The company helps consumers find the right insurance policy for them, so she wanted a name that suggested wisdom and guidance, with a friendly animal like the GEICO gecko.

“Then we started talking to investors, engaging our first users and talking to vendors and insurance company partners, and we just kept having to repeat the name — spell it, explain it. Pretty soon we were like, We’ve got a problem.”

And it’s not an uncommon problem.

A name is one of the biggest early decisions a company founder will make, and many get it wrong. Best Buy was first called Sound of Music. Nike was Blue Ribbon Sports. Google was BackRub. Each was a mistake in some form — too narrow, too generic, too evocative of the wrong thing. (BackRub?) For Know­ItOwl, the problem was being too clever.

So how should a company pick a name? Fitzgerald did some research and came up with this process.

Step 1: The big name dump

Fitzgerald created a shared Google Doc for her five-person team and over the course of a few weeks sent out prompts to focus people’s creativity — asking for portmanteaus (like Microsoft, the merging of microcomputer and software), names with numbers (like Lot18), themes like references to trees and more.

Step 2: Structure brainstorming

One Saturday, she invited friends in the branding and marketing industry to join her team for pizza, beer and what she calls “structured group brainstorming.”

She’d put up a word that related to her business — say, protection. Everyone in the room had 10 minutes to write down 10 protection-related names.

Then they’d pass their list to the person to their left and take seven minutes to create seven names inspired by the other person’s list. They repeated this a few times.

Step 3: Cut the crap

Between the Google Doc and the brainstorming, they had hundreds of names and started eliminating them in phases.

First: “Can you imagine saying your company name to a Wall Street Journal reporter?” That wiped out many. (Bye, “Harmadillo”!)

Then they nixed any similar to competitors’, names that could come off as unintentionally wrong (a classic of the form: Pen Island) and names they couldn’t get a dot-com domain for.

Step 4: Judge by colour

The surviving names were evaluated based on various criteria, including brevity (shorter is better), evocativeness (does it convey meaning?) and searchability (is it unique enough that when searched for, it won’t get lost?).

Each criterion was marked as red, yellow or green. The name Policygenius, say, got a yellow for brevity. Too many reds meant elimination.

Step 5: Test people’s memories

Will people remember a name? Can they spell it, if they hear it? To test this, the team recorded someone saying the finalist names, posted the audio to Soundcloud, and embedded it in surveys that they paid $2,000 to have sent to 1,000 people.

They also asked respondents to write down any emotional associations the names created z- “just to make sure nothing was offensive or conjuring up any emotions we didn’t want to conjure up,” she says.

After this, Policygenius had its name. It now employs 130 people and helps a million people each month find insurance, either through its service or content — success that (ahem) owl started with a great name.

Article by Entrepreneur.com

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February 18, 2019 / No Comments /