Sep14Is the Customer Always Right? - Exploring the Age-Old Myth
An Examination of the Origins of this Adage The phrase "The customer is always right" is a well-known mantra in the realm of business, often guiding customer service policies and practices. But where did this age-old adage originate, and what precisely does it signify? To delve into this, we must journey back in time to understand the origins of this belief. The notion that the customer occupies an almost sacred position in the realm of commerce can be traced back to the early 20th century. It initially gained widespread recognition through the pioneering efforts of successful retailers such as Harry Gordon Selfridge, the founder of London's iconic Selfridge's department store. Selfridge's innovative approach to customer service helped popularise the concept that businesses should prioritise the satisfaction of their clients above all else. This philosophy emerged during an era when retail was rapidly evolving, and a focus on customer satisfaction became a strategic differentiator. Selfridge firmly believed that by placing the customer's desires and needs at the forefront, businesses could not only thrive but also cultivate a loyal customer base. His approach resonated with both customers and fellow retailers, cementing the idea that customers should hold a special status within the marketplace. Over time, this concept traversed the Atlantic to the United States and various African countries, where it became deeply ingrained in consumer culture. The phrase found its way into advertising campaigns, training manuals, and the ethos of businesses aiming to attract and retain customers. Nonetheless, the history of this adage is not without contention. While it has been embraced by many businesses as a guiding principle, some argue that it oversimplifies the intricate dynamics of customer-business relationships. As we delve further into this age-old myth, we shall unravel the complexities behind "The customer is always right" and scrutinise its relevance in the modern business landscape. The Application of this Myth in Contemporary Times Imagine this scenario: You are a salesperson who has endured an exceedingly long day at work. It is merely 30 minutes until closing time, and you are fatigued, eagerly anticipating the end of your shift. Suddenly, someone storms in. The door swings open with great force, and you look up to see an individual shouting at you at the top of their voice. They wish to return an item they purchased a week ago because it has become damaged and soiled. You explain that regrettably, you cannot assist them, as your company's policy explicitly states that "Purchased Items Must Be Returned in Good Condition to Qualify for a Refund." They counter by asserting that it is due to your company's use of substandard materials that their purchase has deteriorated. What course of action do you take? To comprehend this myth fully, it is imperative to first acknowledge the symbiotic relationship between the Business and the Customer. Both are mutually dependent for their survival; there is no disputing that fact. However, does one of them depend on the other to a greater extent? If so, which one? Answering this question will address the unspoken dilemma. The relationship a business shares with its customers is directly proportional to the financial well-being of the business. Customers depend on Businesses to meet their needs, and in turn, Businesses rely on customers to achieve their profit margins and targets. According to Business Insider, the practice of whether the Customer is right or wrong varies from one geographical location to another. In many places, the customer is viewed as royalty and is treated accordingly. The customer can hardly ever be wrong. Their every word is heeded, and the Business goes to great lengths to satisfy them. In contrast, in other regions, the Business takes precedence. The Business's policies are upheld and strictly adhered to, even if it results in losing a customer. In this perspective, they believe that there are plenty of other customers in the sea. Perhaps we ought to examine the root cause of this issue. "The Customer is always right" has nothing to do with determining right from wrong. Its objective is to "Satisfy" the customer and attain their contentment. It is by no means a competition between the Business and the Employee to establish who is actually "right." When a customer presents a grievance, they seek a resolution to their concerns. This can be achieved in multiple ways that are acceptable to both the business and the customer. Businesses bear a social responsibility to provide optimal services to all who enter their doors. They should not discriminate, they should not pass judgment, and they should treat each customer equitably. They should decline service only when they feel their rules and regulations have been violated. Just because something looks unconventional does not mean that it is morally wrong. Customers who push the boundaries of a business to extract everything they can deserve to be directed elsewhere. Customers should also be made to feel that they have received value for their money. They should sense that they have received a service well executed by a Business. This sense of value will encourage them to become repeat customers of the Business. Now that this is clarified, it is crucial to shift the focus away from the notion of right or wrong and begin to assess whether the Customer is satisfied and whether the Business has achieved its targets. In this equation, there is no party deemed right or wrong, just two entities engaged in a standard mutually beneficial relationship. So, is the Customer Always Right, or is it a delicate balance of power in this symbiotic exchange between customers and businesses?
Sep14Monetising Your Community Workshop Recap
We're gradually walking into a connected world; it's a lot easier now to have a thousand more people in your network than it was two decades ago. Spurt!’s "Monetising your community" workshop was an exploration into the depths of community interactions, Spurt! hosted Ife Durosinmi-Etti and Ibi Fiberesima as they shared their insights, experiences and even personal accounts in an exciting masterclass to explore the ways to build and maintain thriving communities and how to monetise those communities. We had a clear mission: 1. Encourage Community Engagement: We set out to fan the flames of community engagement, essentially working to create the spaces where like-minded individuals or groups could gather, connect, and share common experiences. 2. Empower Community Members: Empowering our community members was a top priority for this workshop with which we sought out strategies to make them feel like a part of something important, encouraging them to join the party and feel valued in it. 3. Incorporate Community Feedback: We aimed to let our community play an active role in building our brand, essentially giving them a backstage pass to our brand's inner workings and get their thoughts on things. 4. Select the Appropriate Platform: Selecting the right platform is a bit like picking the perfect venue for our set-up. Getting a place where our brand's values and our audience's tastes sync up to make for a more cohesive experience. 5. Leverage User-Generated Content: We explored the options of user-generated content, using the power of our community's creativity to elevate the authenticity of our interactions. 6. Establish a Social Mission: We set out to leverage the power of a clear cause that would resonate with our community member, something they believe in. 7. Chasing the Money: We explored all the ways we could cash in on our community - from digital creations to sponsored posts or events, job boards, exclusive memberships, and even selling merch. 8. Attract Partners and Sponsors: We explored the idea of networking, learning how to convince partners and sponsors to pitch their tents with us and our causes toward mutually benefiting outcomes. 9. Learn from Real-Life Examples: We looked at establishments like Apple and Beyonce, who've leveraged their communities to a cult following and brands like Starbucks and Playstation who have made their businesses more community oriented. 10. Embrace the Human Element: In all of this, we embraced the human element; It's not just about platforms, it's about the people, the shared passions, and the thrill of experimenting. What We Discovered: 1. We learned that creating a special space for community interaction is the first step and while it could be organic or engineered, it still requires intentionality and care to create these spaces. 2. Rewarding our community members is a good way to build loyalty and encourage retention. 3. Involving our community in brand development helps to build their value and encourage ownership on their part. 4. Choosing the right platform makes for a more seamless experience and improves cohesiveness. 5. User-generated content is a great way to ensure that the content is what the users enjoy and want to see. 6. A social mission is the heart and soul of our brand, striking a chord with our community towards a shared cause. 7. We discovered a treasure trove of monetisation strategies that fit our community's interests. 8. We were given tips on best practices in attracting partners and sponsors that can help build our reach and credibility among other things. 9. Real-life examples like Apple, Starbucks, Playstation and Beyonce are great examples on how to monetise a community to build a cult following. 10. We learned that shared interests and a human touch make our community more cohesive and endearing to be a part of. In Conclusion: Ife Durosinmi-Etti and Ibi Fiberesima's were gracious as they shared these insights with us, taking our questions and sharing their own personal experiences on their respective journeys toward monetising their communities. Whether we're on a global scale or a local radar, creating value, empowering our community, and fostering that sense of belonging is imperative to community building, only then can we hope to monetise them. Our building a community isn't just about making money; it's about building a loyal base and leveraging on the value exchange we facilitate in the spaces we create while generating wealth.
Sep03Unveiling Gender Dynamics at Spurt!
Having worked at Spurt! for over 2 years, I like to describe Spurt! as an ecosystem where new ideas and advancements come together. As we step into the world of new technology, creativity, and teamwork, we find ourselves in a place where how people of different genders behave and what's expected of them is changing. This is redefining what it means to have a job and do well in the 21st century. Spurt! takes immense pride in being a breeding ground for fresh and extraordinary ideas but more than that, I see it as a community that celebrates diversity, ensuring that every individual feels not just included, but valued. Spurt!’s commitment to inclusivity is evident in the way individuals of various genders interact within its ecosystem. Here, I have been opportune to work in a place that can be said to be a haven of flexibility, where the true currency is the unique blend of talents, skills, and passions that individuals bring, unburdened by stereotypes Allow me to share a facet of Spurt!’s philosophy that I find particularly exhilarating – its approach to leadership. The paradigms of the past restricted certain genders from leadership roles. But within its walls, leadership transcends gender boundaries. It's about competence, innovation, and the ability to shape a brighter future. Collaboration is the lifeblood of Spurt!, where and I feel very comfortable working here knowing fully well that all perspectives are greatly valued. Team composition isn't dictated by gender, but by proficiency and aptitude. This leads to creative solutions that go beyond what's normal. Now, on the various teams I work with, we have lots of new ideas that come together, leading to amazing results. I am particularly thrilled that Spurt! really care about how each person is unique and how value is placed on who each person really is, encouraging everyone to be themselves. This goes beyond how people dress or look, it's also about how people feel inside about who they are. This welcoming attitude makes me feel like i belong and encourages me to do my best work and I believe this is why the people who work here are motivated and excited to do great things. In its unwavering quest for progress, Spurt! is mindful that there's always more ground to cover. Its commitment to a supportive environment never wavers. It's a dialogue that echoes in everything we do, shaping our policies, all to ensure that everyone within our fold thrives. While Spurt! champions technological advancement, it is equally devoted to fostering a paradigm shift in how people engage with one another. Spurt! is a place where creativity flourishes without constraints, where the limitless power of ideas prevails. Welcome to Spurt! – where the future is forged through unity, innovation, and boundless imagination.
Aug29Embracing Diversity: The Power of Gender-Inclusive Hiring
Today, fostering an inclusive and diverse workplace isn't just an ethical imperative; it's also a strategic advantage for companies looking to attract the best of the job market. Gender-inclusive hiring stands out as crucial for achieving workplace equity and enabling recruiters to tap into broader, perhaps even new, talent pools. During a recent masterclass hosted by Spurt! on inclusive gender hiring practises, three distinguished facilitators – Kelley Clayton, Lillian Ngala, and Marian Osasenaga – took the virtual stage to share their expertise on fostering diversity and equal opportunities in the workplace. Lillian Ngala commenced the event by getting into the concept of "Building an Equitable Gender Culture." She dissected the essence of equitable gender culture, shedding light on the origins of gender bias and its profound impact on those affected. Lillian went on to explore actionable steps for cultivating such a culture, culminating her insights with a resonant quote: "If you play your part… One day we shall all be employees, there shall be no male employee or female employee… just employees." Kelley Clayton followed with a comprehensive exploration of "Designing Inclusive Hiring Processes." Kelley skilfully guided attendees through the labyrinth of understanding inclusive hiring, outlining key strategies while candidly addressing potential barriers and challenges that organisations might encounter. Marian Osasenaga concluded the masterclass by spotlighting "Gender-Inclusive Hiring Strategies for Fostering Diversity and Equal Opportunities." With a spotlight on underrepresentation of certain genders across industries, Marian addressed the hurdles in gender-inclusive hiring. She unfolded strategies to surmount these challenges, emphasising the importance of fostering diverse multinational teams and adopting gender-neutral job titles to level the playing field. By implementing gender-inclusive hiring practises, companies can tap into a wider range of perspectives and experiences, leading to more innovative solutions and better decision-making. Diverse teams are better equipped to understand the diverse needs of a global customer base, and this can translate into improved product development and customer satisfaction. To adopt gender-inclusive hiring, organisations should start by reviewing and revising their job descriptions to eliminate gender-specific language. This ensures that the language used does not deter anyone from applying due to an unnecessary sense of exclusion. Furthermore, companies should offer diverse candidate slates for all positions, ensuring that interviews consist of individuals from a variety of gender backgrounds. Transparent and unbiased evaluation criteria are paramount. Implement blind recruitment processes that remove personal information such as names and gender from resumes. Focus on skills, qualifications, and experiences to truly identify the best-fit candidates. Employee resource groups and mentorship programmes can play a pivotal role in creating an inclusive culture. These initiatives offer networking opportunities and support for individuals of all genders, helping to break down gender-based barriers and create a more cohesive workforce. In conclusion, gender-inclusive hiring isn't just a checkbox to mark; it's a commitment to embracing the richness of human diversity. By fostering an environment that values all gender identities, companies can harness the power of varied perspectives, leading to greater innovation, improved employee morale, and enhanced business success. As we move forward, let's remember that a workplace built on inclusivity is one where everyone can thrive and contribute their best.
Aug07Grow Your Business With Spurt! Tools
When we set out to build Spurt! we did so because we wanted to trigger exponential growth in businesses led by African entrepreneurs. This is why we chose the name “Spurt!”, (shortened from a growth spurt) to exactly embody our mission as a venture. We built an incredible team in the time that followed, and our commitment to leveraging digital technology and data led us to an important discovery — businesses struggled to grow for many reasons, but at the root of all their challenges were people. We saw it time and time again as small businesses struggled to effectively harness their people’s potential for productivity and profit. Furthermore, we committed ourselves to finding and/or building solutions that helped propel our clients and other businesses forward. This journey led us to spin out a new arm of our business focused entirely on people operations tools. Over the past year, the Spurt! team has worked tirelessly to develop the flagship product for that arm, called Sync! which is a digital workspace for new and/or small businesses. Sync! distinguishes itself from other platforms and resources by enabling team leaders and business owners to perform end-to-end business operations on one platform. You can invite your colleagues to collaborate on new or existing projects or leverage our talent marketplace to find freelancers. The platform enables robust task management and messaging features, which make communications around project coordination seamless We have also enabled features on the platform that allow you to tie performance directly to compensation via milestones and escrow payments. What this means is that you can easily transition your KPIs or OKRs from each department or individual to the platform for effective performance management and goal-based compensation. One of the hallmarks of our private beta was our appreciation of the way that Sync! enables companies and freelancers to thrive despite local and global upheavals in the nature of work. By using our platform to coordinate your team’s activities, you eliminate the performance anxieties of hybrid/remote work and the frustrations of wasted resources. We invite any hustling solopreneurs, small business entrepreneurs, and team leaders to sign up to enjoy a free trial. We built this for you. Welcome to the future of collaborative work. About Spurt! At Spurt! we leverage digital and social technologies to trigger and nurture the transformative growth of businesses. Our group’s operations are clustered into five operating arms: Solutions, Paperclip, MadeIn!, SpurtX!, and S.T.E.P. To learn how Spurt! can help your business grow, watch this video.
Jul27Building an Inclusive Community: Perspectives on the Significance of DEI and Its Impact on Organisational Ecosystems
Building an Inclusive Community: Perspectives on the Significance of DEI and Its Impact on Organisational Ecosystems Our theme for the month of July is Diversity, Equity, and Inclusion (#dei). As a brand, we pride ourselves in upholding #equity and encouraging #diversity and #inclusion in our cultural values. One of the ways we propagate and educate people on different topics is through our monthly Twitter spaces. In a recent Twitter space conversation centered around DEI, several individuals shared their personal experiences and insights, shedding light on the importance of DEI in both personal and professional contexts. Their stories highlight the need for #representation, #inclusiveness, and #acceptance in the workplace, and the role that DEI plays in maintaining the health and resilience of organisational ecosystems. What is the most significant Eureka moment you’ve had regarding DEI in your personal or professional life? Motunrayo Ayo-Akwe, at an event in Lagos, notes that her Eureka moment was when she encountered someone who uses a wheelchair and found it difficult to do anything in his day-to-day life. When she started her NGO career, she realised it was challenging to inspire girls to dream big due to the lack of representation in their environment. Akosua A., while searching for a job, expressed her desire to see people who looked like her. This sentiment resonates with many individuals who seek workplaces with diverse representation. Here at Spurt!, we are very aware of how different every employee is. Akosua A. also touched on an important issue in recruiting, where she noticed female applicants often had lower salary expectations compared to their male counterparts. This observation underscores the significance of addressing gender disparities in compensation. Ifeanyichukwu Eze shared his involvement with Ayoa, a mind-mapping app that supports #neurodivergent individuals in the workplace. He lamented that companies often prioritise cultural fit during the hiring process, which poses challenges for neuro-divergent individuals working alongside neuro-typical individuals. This highlights the need for inclusive opportunities for all within the workplace. Ijeoma Sophia Okeke recalled her first day at work, where the #onboardingprocess was inadequate. This experience prompted her to notice instances where clients requested specific gender, skin color, or body size for certain roles. Ijeoma found this practice absurd and worked with her boss to develop policies combating such biases. Her story underscores the need for organisations to foster inclusive environments and reject discriminatory practices. Helen Majemite, MIWFM, driven by her daughter's experiences as someone who is a slow learner, emphasised the importance of inclusive policies in schools. She highlighted the need for collaboration between organisations and governments to ensure inclusive policies are established and advocated for. It is crucial to engage with relevant stakeholders and advocate for systemic change. To gain a deeper understanding, listen to the full conversation here. For more insightful sessions on various topics, visit our Twitter handles @spurtAfrica and @spurtxtools. The Role of DEI in Organiational Ecosystems When asked about the role of DEI in organisational ecosystems, the participants provided valuable insights. Ijeoma emphasised that DEI encourages creativity and innovation by incorporating diverse perspectives, resulting in elastic and well-rounded decision-making processes. Moruntayo, an HR professional, stressed the need for DEI to be embedded in the fabric of an organisation's culture. She shared the story of a computer-savvy individual with cerebral palsy who struggled to fit into society. Hiring such individuals not only benefits them by boosting confidence and self-sufficiency but also brings diverse talents and perspectives to the team. Practicality and Optics The participants discussed the difference between practicality and optics in DEI initiatives. Akosua stressed the importance of practicality and showcasing tangible actions that foster inclusivity, rather than merely claiming to be DEI-oriented. Helen emphasised the need for genuine acceptance and understanding of differences, citing her daughter's experience of rejection by schools due to learning difficulties. Practicality is key to creating inclusive environments where everyone feels valued. For better context, listen to the full conversation Here. Don't forget to follow our handles @spurtAfrica and @spurtxtools. The Vision of Perfect DEI Implementation When envisioning a world where DEI is perfectly implemented, the participants emphasised the importance of qualification-based opportunities, representation at all levels, safety, appreciation, and increased productivity. The goal is to create an environment where individuals are recognised and respected for their unique attributes, and where diversity is celebrated. Listen to the full conversation here for more insights. Also, don't forget to follow our handles @spurtAfrica and @spurtxtools. The Power of Intersectionality Intersectionality emerged as an important topic in the conversation. Motunrayo highlighted the significance of acknowledging and addressing the diverse experiences and identities individuals bring to the workplace. By understanding and accommodating the behavioural expectations of all employees, organisations can create an inclusive environment where individuals can thrive. Spurt! is an organisation that values authenticity and a sense of belonging among its employees. Here, we encourage and practice DEI in our training process, culture, and development. We also employed the services of Balm.ai, a #health #wellness and fitness organisation to cater to the needs of our employees. As an Afrocentric brand, we strive to employ individuals from different countries in Africa. Our brand is owned and managed by women. We pride ourselves on supporting young people in developing their talents, irrespective of their orientations. We maintain an equal payment structure irrespective of one’s gender. We encourage other African businesses to adopt a culture of inclusiveness and provide equal opportunities to everyone, irrespective of their makeup. For further insights into this conversation click on the link here . Also, don't forget to follow our handles @spurtAfrica and @spurtxtools.
Jul10Spurt!'s Commitment to Building an Inclusive Workforce
Spurt!'s Commitment to Building an Inclusive Workforce In today's rapidly evolving business landscape, diversity and inclusion have become key pillars for fostering innovation, creativity, and success. Companies that embrace equal employment opportunities, regardless of an individual's race, gender, age, sexual orientation, disability, or other protected characteristics, not only demonstrate ethical leadership but also gain a competitive edge. At Spurt!, we are championing diversity and promoting fair hiring practices. Let's delve into how Spurt! is dedicated to building an inclusive workforce that celebrates differences and empowers its employees. Spurt! not only attracts top talent but also cultivates an atmosphere of collaboration, innovation, and success. At Spurt!, equal employment opportunities are at the heart of our hiring process. We ensure that all job vacancies are advertised widely and attract a diverse pool of candidates. We practice blind recruitment techniques which helps remove any bias by focusing solely on the qualifications, skills, and experiences of applicants. This approach allows every candidate, irrespective of their background, to have an equal chance of success. We boast of a highly diverse talent pool of over a thousand talent from 10 countries in Africa and the internal team having individuals from at least 5 different ethnic groups and languages. We understand that a diverse workforce brings a multitude of perspectives and experiences, fostering innovation and driving business growth so we actively encourage candidates from all backgrounds to apply, valuing diversity as a strength. Our commitment to diversity extends beyond recruitment, as we promote an inclusive culture that values and respects every member of the team. The mnemonic for Spurt!’s culture is GROWTH where the “R” stands for Respect. Spurt!'s commitment to equal employment opportunities and diversity is not a one-time effort but an ongoing commitment. We regularly evaluate our practices and policies to identify areas for improvement. Internal team feedback is actively sought and considered in decision-making processes, ensuring that the voices of the team are heard and valued.
Jun18Effective Communication Strategies for Remote Teams
Effective Communication Strategies for Remote Teams In today's remote work environment, effective communication plays a vital role in fostering collaboration within virtual teams. Remote teams, such as Spurt! face unique challenges in maintaining clear and efficient communication. In this article, we will explore some communication strategies that can help remote teams communicate more effectively, enhance understanding, and promote a cohesive and collaborative work environment. Active Listening in Virtual Settings: Active listening becomes even more critical in remote teams where non-verbal cues may be limited. At Spurt! we encourage members of the team to actively listen during virtual meetings and discussions, demonstrate engagement through verbal acknowledgments, ask clarifying questions, and utilize features like the chat box or reaction emojis to encourage participation and show attentiveness. Clear and Concise Written Communication: With the absence of face-to-face interactions, written communication becomes the primary mode of conveying information in remote teams. At Spurt! we encourage team members to express their thoughts concisely, using clear and straightforward language. We have laid emphasis on the importance of structuring written messages logically, providing context, and using bullet points or numbered lists to enhance readability. Effective Use of Video Conferencing: Video conferencing platforms are essential tools for remote teams to facilitate face-to-face interactions. At Spurt! we make use of Microsoft Teams, and we encourage team members to use video during meetings whenever possible, as it helps foster connection, engagement, and better understanding. Leveraging Visual Aids: Remote teams can enhance understanding by utilizing visual aids during presentations or discussions. The use of screen sharing to display slides, documents, or visuals that complement verbal explanations is a normal at Spurt! as it helps team members grasp complex concepts more easily and ensure that everyone is on the same page, even when physically distant.
May22Nurturing Your Wellbeing the Spurt! Way
Nurturing Your Wellbeing the Spurt! Way Welcome to the month of May! As you begin our daily routine, we want to bring your attention to an essential aspect of our lives that often gets overlooked amidst our busy schedules and responsibilities: Self-Care. At Spurt!, we believe that taking care of ourselves is important to our overall well-being, productivity, and happiness. So, let's talk about some simple yet impactful ways we can prioritise self-care in our lives. Spurt! recognises that employees are not just workers but individuals with unique needs and aspirations. By fostering a culture that promotes self-care, we set ourself apart as an employer that genuinely cares about the well-being of its team. Let's delve into the different dimensions of self-care that we encourage our team to embrace: Physical Self-Care: Spurt! understands the importance of physical well-being and encourages members of the team to assess their overall health. We recognise that small lifestyle changes can have a significant impact on physical health. Whether it's getting enough restful sleep, nourishing the body with balanced meals, staying hydrated, or engaging in regular exercise. Emotional Self-Care: Acknowledging and honouring emotions is an essential part of self-care. We encourage members of our team to find healthy ways to express and manage their emotions. By setting aside time for activities that bring joy, practicing self-compassion, and cultivating gratitude, team members can nurture their emotional well-being. Spurt! recognises that maintaining a positive mindset and building resilience are vital to overall happiness and productivity. Mental Self-Care: Nurturing the mind is crucial for personal and professional growth. Spurt! believes in the power of intellectual stimulation and mental relaxation. We encourage team members to engage in activities that inspire creativity and critical thinking. By taking breaks to clear the mind, practicing mindfulness or meditation, and limiting exposure to negativity, members of the team can foster mental well-being and maintain a healthy work-life balance. Support and Connection: At Spurt! the power of teamwork and support is deeply ingrained in our values. We recognise that supporting one another is vital for individual and collective growth. Team members are encouraged to reach out to each other, offer a listening ear, and extend kindness and empathy. By fostering meaningful connections at work, we create a supportive environment where everyone can thrive. By prioritising self-care, we invest in our team and creates a positive ripple effect that extends beyond the workplace. Our commitment to our team’s well-being goes beyond mere words; it is reflected in our actions and initiatives. We understand that members of our team deserve to be cared for and nurtured just as much as they care for others.
Apr26Spurtans! in the Spotlight: Their Work, growth, and Impact
Spurtans! in the Spotlight: Their Work, growth, and Impact At Spurt!, having a team that can adapt and excel in a dynamic environment is crucial. Luckily, we have a team of talented individuals who bring diverse skills and experiences to the table. We prioritize investing in our employees, and Opeyemi and Toyin are two examples of this. They began as interns but quickly caught our attention with their exceptional work ethic and dedication to learning. Opeyemi now serves as a Product Support Analyst, utilizing her problem-solving and customer service skills to navigate complex technical issues. Toyin has transitioned into the role of a Product Management Analyst, where her attention to detail and strategic thinking have made her an indispensable member of our team. Both individuals are integral members of our team, and their success is a testament to our commitment to growth and development. To learn more about their experiences at Spurt!, we sat down with Opeyemi and Toyin for a chat. Toyin Opeyemi Can you tell us a little bit about your role at Spurt! and what you do? Toyin : I work as a Product Management Analyst and I do some product support work too. I basically direct how we build our product with data and user feedback. On the support side, I test and create customer support content. Opeyemi: I work at Spurt! as a Product Support Analyst. As a product support analyst, it is my job to ensure our customers' satisfaction and that they have a seamless experience with our brands and products. 2. What inspired you to apply for a job at Spurt!? Toyin: I announced myself on a group I joined, and my boss found me. It was really interesting that she wanted to give me a chance even when I was someone without experience. The recruitment process was rigorous. I figured I liked challenges and I continued with the recruitment process. Opeyemi: It was during my NYSC. I saw a tweet that there was an internship opening for NYSC corps members and honestly i’m so glad that i applied and got the job. After my internship, I got retained and promoted to an analyst position. 3. Can you tell us about a time when you faced a challenge in your role and how you overcame it? Toyin: I have faced a couple of challenges at work, but the very one time would be when I sensed that I was being moved to the product team from the growth team. I over came it by taking a product course and speaking to my boss about my fears. Opeyemi: A challenge I faced was when i transitioned from my role as a growth analyst to a product support analyst. Product/customer support was a new territory for me and I had difficulties settling into my new role. However, with the help of Kristin and my teammates, Ndi and Toyin, I was able to find my way and figure things out. 4. Can you tell us a little bit about the company culture at Spurt! and how it has impacted your experience working here? Toyin: Spurt! Company culture is quite rigorous. We have to read and summarize an article daily. That has really expanded my knowledge base. We do daily scrum updates too. I personally feel like I'm being watched so my daily scrum is a very good way to hold myself accountable. Team bonding events are great. Then there's the personal development where I get to explore, learn and better myself in my role at Spurt! as well as other roles under my role. Product management is an umbrella of roles. Opeyemi: The culture at Spurt! is quite different from a lot of companies. As a remote company, a lot of things have been set in place to encourage team collaboration, rather than working in silos. My experience with our team culture has taught me to take accountability and pride in my work. I have also learnt how to work better in teams. 5. Can you describe your experience with our company's recruitment process? Toyin: The recruitment process, like I said earlier was rigorous. I cried. One little secret is, I kinda abandoned it, till someone reached out to me to complete it. I'm grateful for that person. You'd have to submit your CV, go through an interview, do a couple of take home assignments. I had to do three. Then you'd attend an onboarding session, the recruitment process is finalized with a trial week. It is really a trial. Opeyemi: For me, it was seamless. I was given an assessment to do, after which I had my interview and I got accepted. 6. How would you describe our company culture based on your experience so far? Toyin: I think it's thorough. However, I promise that if you take it seriously, follow all processes, etc. you are actually developing yourself. Although, we can skip the part where we use Trello and have to attach the link in our task updates. Opeyemi: One word: growth. The company culture has definitely improved from what it used to be a year ago. It can also be intense at times with the several processes we have to go through: The daily article summaries and scrums, weekly task updates, weekly meetings, OKRs, leaderboard score. However, with time, you get used to them. 7. What are some of the things you appreciate about working at Spurt!? Toyin: I like that it's remote. I like that you can ask anyone for anything. I really like that one because I want to be able to feel free enough to ask any question. No matter how stupid. Although I ask Google first l, but when I still don't understand I can ask any, I mean any of my teammates. Opeyemi: It’s the growth for me. There’s no way you’ll work at Spurt! and you won’t grow both personally and professionally. I also love that it’s fully remote. I also love the autonomy we are given. I have been able to explore, experiment, make mistakes and learn from these experiences. I also love working with my teammates. Everyone is so dedicated, supportive and always willing to help. I really appreciate my growth. It's a loop of learning. It never stops. I have been able to develop myself a lot under Spurt! I think Spurt gave me a reason to develop myself. Even if it's just for personal development reports, I am still developing myself. 8. Have you had any opportunities for growth and development at Spurt!? If so, can you describe them? Toyin: I have. A whole lot of opportunities. I know how to use Canva now. I even teach people how to use it. My PowerPoint presentations are way better. I definitely have acquired; strategy, planning and documentation skills. That's literally our logo at Spurt! I have Community management skills too. I woke up one morning and saw it on my OKR, after the interns casually suggested it. So yeah! I built a community and managed it. I even get community management offers. I didn't like public speaking, but when I saw myself as the speaker and host of some of our workshops, twitter spaces and events, I learnt it. Proactivity and ownership, I definitely learnt that at Spurt! As well as some technical/hard skills I learnt in the name of my personal development. Opeyemi: Yes. I used to work with the growth team at Spurt! and at the beginning of this year, I expressed my interest in customer support. I was given the opportunity to transition into a different role. I was also provided with enough support to excel in my new role. Since I started working at Spurt!, I have been able to improve my communications skills. I used to be really shy and now I speak confidently with both clients and consultants. My research and writing skills have also gotten significantly better. 9. What do you think sets our company apart from other companies you've worked for? Toyin: Spurt! is invested in your professional growth. That's what sets them apart from the other company I worked for. Opeyemi: Spurt! is the only company i’ve worked for. 10. Would you recommend our company as a good place to work to your friends or colleagues? Toyin: It depends on what they are looking for in a workplace. If they want growth. Fast and intense growth, I would recommend it. Opeyemi: Yes, definitely!
Feb07Trickle-down economics works about as well as trickle-down tech ecosystem funding
Trickle down economics works about as well as trickle down tech ecosystem funding… At Spurt! we are continuously looking for ways to highlight advancements in the start-up space. This week we reviewed “How fintech and serial founders drove African pre-seed investing to new heights in 2020” by Tage Kene-Okafor for TechCrunch”. In less than a decade, seven-figure seed investments in African tech start-ups have increased probably due to Paystacks immensely successful seed investment of $1.3 million in 2016. This investment was one of the largest disclosed rounds of that stage in Nigeria. Today other African tech companies have similar stories; Egyptian fintech start-up Cassbana raised $1 million in pre-seed investments in 2021 and Kuda raised $10M in 2019 making it the largest seed round in Africa. In the past, pre-seed rounds usually raised about $25,000-$150,000 however, this paradigm is changing as investor appetites for a share in the African fintech market increases. Over the last two years, Venture Capitalists (VCs) who usually fund seed and Series A rounds have begun participating in pre-seed rounds with investments over $1 million. VCs change in appetite can be boiled down to three main points which are expanded upon below. Photo by Riccardo Annandale on Unsplash Firstly, an increase in founder credibility. The seed-stage start-ups mentioned in this article, are founded by already existing founders and serial entrepreneurs. It is important to note that their socioeconomic position and experience were essential to securing larger deals. This pattern of re-investment reaffirms the elitism in the global tech space. Amongst many founders are Adedayo Amzat, founder of Zedcrest Capital, who is also the lead investor in Talent QL’s round. Mono co-founder and CEO Abdulhamid Hassan who was the co-founder of Nigerian fintech start-up OyaPay and Fara Ashiru Jituboh of Okra who also founded Shixels Studios. Secondly, higher Returns on Investment (ROI). Paystack’s exit was highlighted by an exceptionally high ROI for early investors. Some angel investors had an ROI of more than 1,400% according to Jason Njoku in his blog post. Njoku, who took part in the round as an angel investor, is also the CEO of IROKO. The recycling of funds within the same entrepreneurial cliques has also produced a low-risk atmosphere. Smaller investments go-to problem solving, low returns innovations and larger investments go to fintech and its related organisations who have a higher ROI. Start-up’s building payment infrastructure is more noticeable because they cater to the need for advancements in credit and banking systems across the continent. However, further insight into how their actions are of benefit to more than the top 10% of society could help us understand how their services are enabling marginalised communities in Africa. Lastly, investor ‘Fear of Missing Out’ (FOMO). Visa’s $5.3 billion acquisition of Plaid resulted in the knock-on effect of drawing other investors to the potential profits they could make in Africa. The term ‘raise entrepreneurs’ has been coined to represent entrepreneurs whose primary aim are building companies for sale without building sustainable businesses. This behaviour is enabled by VCs who tend to focus on funding start-ups who can raise capital and exploit financial markets. It is arguably more beneficial to the continent if VCs also funded start-ups with positive social impact. At Spurt! we provide services that enable MSMEs and start-ups to raise adequate funds and establish exceptional businesses. We are passionate about building long term companies and upscaling African talent. The economic development of the continent is at the forefront of what we do. Spurt! constantly pushes for the wealth and prosperity of all Africans not just a small section of the continent. We are genuinely excited about the increased funding for African entrepreneurs because more capital is good for everyone. Spurt! will continue to work to ensure that African entrepreneurs get the attention they deserve and that our local companies become global giants.
Feb07The Spurt! Consultant Pool acknowledges the reality of expatriation and enables African professionals to give back
The Spurt! Consultant Pool acknowledges the reality of expatriation and enables African professionals to give back Every day, Africa loses its best academics, scientists, doctors, nurses, technicians, amongst other sought-after professionals through a brain drain as they seek out better pay, more stability and sometimes just safety and well-being for themselves and their families. Last year for instance, in response to the mass murder and maiming of Nigerian citizens during a fateful EndSARS protest, Nigerian applications for asylum and residency in Canada skyrocketed. As this World Economic Outlook report shows, brain drain is particularly acute in sub-Saharan Africa. In a January 2014 World Bank report, legal migrations out of Africa were shown to have doubled between 1980 and 2010 reaching 30.6 million. This represents around 3% of the continent’s total population. The global trend shows skilled professionals from developing countries migrating to fill the gaps in the labour market in developed countries. The world’s youngest continent has approximately 10 to 12 million young Africans joining the labour force each year. Yet UN and World Bank data show that the continent is only able to create about 3 million jobs annually. With limited economic opportunities, many young Africans migrate to Europe, America and lately Asia in search of economic opportunities. Only a fraction of them have plans to return and even fewer will actually return. For nations that have a limited pool of qualified individuals to begin with this loss of skilled workers has historically had negative repercussions for the continent’s economic development. This is true even if in some of these countries remittances from those who leave do outpace FDI and often replace defunct or non-existent safety nets. In fragile states like Nigeria and Somalia, remittances often make the difference in survival for those who are not connected. Additionally, the migration of highly skilled and experienced workers comes at a high social cost creating an imbalance of expertise, knowledge and wisdom in African communities. The higher concentration of educated migrants in the diaspora in comparison to their counterparts in developing economies has real effects on the quality of young professionals nurtured in subsequent cohorts. As such, the departure of doctors and nurses from Malawi and Zimbabwe, or the departure of technical engineers and information technology experts from Nigeria and Kenya should not be taken lightly. In 2015, the number of African-trained International Medical Graduates (IMGs) practising in the US alone reached 13,584 — a 27.1% increase from 2005. This is equivalent to about one African-educated physician migrating to the US per day over the last decade. The impact of brain drain is felt especially in the health and education sectors. It is estimated that Africa loses around $2 billion through brain drain in the health sector alone. We are building an ecosystem to facilitate the growth of MSMEs and Early Stage Ventures Fortunately, some African countries are taking intentional steps to attract talent back to the continent and specifically to their countries. Ghana’s excellently executed Year of Return in 2019 and Rwanda’s state-led efforts to hold on to its best and brightest have shown remarkable success. When we founded Spurt! in 2016 on the premise of a remote working talent network, we did so in direct response to these trends. We know that critical to repatriating African talent to the continent is enabling these professionals to work from anywhere in the world in service of the continent. African professionals can lend the skills and knowledge they have acquired to entrepreneurs and businesses on the continent without compromising their safety, emotional well being and prospects. By joining the Spurt! Consultant Pool, a dynamic consortium of professionals keen to collaborate with African entrepreneurs you can help us build more efficient, more productive and more strategic African businesses capable of creating prosperity for all rather than a fortunate or connected few. At the core of Spurt!’s practice is our mission to build an ecosystem that connects talented and experienced African professionals working and living across the globe to small and or emerging African companies. We are looking for professionals to join our movement — sign up for the solution!
Feb07Building Trust and a Collaborative Culture as Employees Remain at Home During the Pandemic.
Building Trust and a Collaborative Culture as Employees Remain at Home During the Pandemic. Many offices remain closed as cities (and citizens) navigate various levels of lockdown and social distancing across the continent. Businesses for whom working from home is a new practice might be worried about staff productivity outside of the office environment. Apart from infrastructure concerns — power and sufficient data connection — some employers wonder how much work their employees will actually complete. Many establishments are toying with the idea of surveillance software as a result and justifying it with arguments about paid property and time. Companies are fully within their legal rights to do so. We would like to offer an alternative framework for company and team leaders. While it is true that the laptop might have been paid for by the company and the hours contracted in the form of wages or a salary, it is important not to forget the crucial role that trust and collaboration have to play in supporting company morale — especially at a time like this. Building a safe, open and collaborative culture might be a much better approach than resorting to surveillance as a solution. Managers should be able to engender collaboration and proper communication, hallmarks of strong teams, which will serve organisations well during and after the pandemic. As an employer, you have a range of surveillance software at your disposal: you can track and log your employee’s mouse movements, keyboard keystrokes, web page visits and even download screenshots of your employees’ computer screens. If you want to, you could install the software that enables the computer webcam to take pictures of the employee on a timed loop whilst tracking their location via a web or mobile app linked to GPS. You could also go low-tech and insist that employees stay on video throughout the workday or simply monitor when an employee is online. Depending on how much foresight your company lawyers displayed, your hiring contracts might entirely permit the use of such tools with little to no limitations. Ultimately, the argument for such surveillance is that it helps to improve efficiency and productivity. Surveillance can be an effective motivator and/or deterrent and the HR Daily Advisor website mentions a few conceivable uses including identifying when work needs to be redistributed. In so doing, you might minimise waste of company time, highlights bottlenecks as well as increase invoicing and billing accuracy. In fact, there are employee surveillance practices which we routinely accept and even expect. For instance, expect service industry players to record customer service calls to ensure customers are being addressed in a manner aligned with company policy and values. But also, in theory, for training purposes. However, whichever path you take as a company, it important to implement with longterm team morale and company health in mind. Building a culture of trust and collaboration is important, especially if you intend for employees to demonstrate reasonable levels of autonomy and responsibility for their work. When surveillance of employees is not thoughtfully implemented and carefully managed, employees inevitably begin to feel resentment. Surveillance culture within a company can create volatile teams and lead employees to develop entirely transactional relationships with their employers and companies. At Spurt! we care about organisations’ focus on building trust and collaboration alongside better communication because our view of entrepreneurship is for the social good. Entrepreneurs build businesses not just to print money, but to solve real problems. Teams that have low trust, faulty collaboration and wonky communications will not be successful in solving problems. Without trust and collaboration, you cannot leverage your people’s individuated efficiency to create synergies. To build truly impactful organisations that positively affect lives and livelihoods the whole must be a good deal greater than the sum of the parts. Micromanagement and eroded team trust will inevitably undermine company growth as employees struggle to be personally invested and become increasingly apathetic. More than technical skill or knowledge, psychological pressures disturb team productivity. Design, recruit and train your team so that your organisation has minimal need for surveillance technology, even at a time like this. Given the issues of employability, we know that this is easier said than done. However, organisations must hire expecting and planning to upskill their staff whilst tapping into their ingenuity, creativity and grit. As entrepreneurs and leaders, it is worth developing management styles and company cultures where employees understand the ‘why’ (and ‘what’) of their deliverables and are positioned to thrive. Within the context of the lockdown, there are a host of technological platforms centred around the promotion of collaboration and communication. Everyone already knows Zoom, and most are familiar with Microsoft SharePoint/Teams and OneDrive, so there is no need to rehash them here. However, employers might want to look into becoming familiar with software like Slack, Asana and Trello as well as with using the Google G Suite at the enterprise level. These software packages still track workstream progress, but they do so without the inherent risk of creating problematic power dynamics or suggesting eerie surveillance dystopias. It is clear who is doing what and when, and you can still deploy them in ways that help employees prioritise the right work on schedule and at quality. We think that surveillance and micro-management mostly stifle freedom and creativity and have little positive impact on the long-term growth and sustainability of a business. Organizational Psychologist and Professor at the Wharton School in the University of Pennsylvania, Adam Grant, tweeted: “Attention micromanagers: if you can’t trust people to work from home, you: a) Probably shouldn’t have hired them in the first place b) Haven’t done a good job motivating them c) Might be projecting your own work habits into them d) All of the above” How are you building a culture of trust, collaboration and open communication in your firm? And if you need help, you can always reach us at admin@spurt.group
Feb07Building a Supportive and Open Workplace Culture Can Help Minimise Your Cybersecurity Risk
Building a Supportive and Open Workplace Culture Can Help Minimise Your Cybersecurity Risk In an age of increasing technological reliance, many business leaders underestimate the value of seeking growth and excellence in the non-technical areas of their venture development. These ‘softer elements’ are just as if not more important for any venture looking to achieve sustainable success. Building an organisational and workplace culture that is supportive and encourages learning is critical not just for the well being of employees but also for the organisation’s growth and sustainability.Africa’s most prominent technological ecosystem, Nigeria, is vulnerable to cyberattacks over past the years. As the number of remote working rises, companies are faced with an increase in cyberattacks. A recent report released by Sophos, a cybersecurity company shows that 70% of organisations suffered a public cloud security breach in 2019. Nigeria has the second-highest percentage (88%) of organisations that suffered cloud security breaches in that time. In 2020, Deloitte predicted that the main targets for cyber attacks would be cloud-based systems, user mobile devices and the systems of Small & Medium Enterprises (SMEs) especially organisations in the non-financial sector. The increasing digitisation of SMEs’ business operations has created an opportunity not just for revenue growth but also for hackers. This cybercrime is not just targeted at the financials of such SMEs, it is often designed to also put their customers at risk. For instance, the hacker accesses an SME’s client database and sends emails to their customers under false pretenses. Early detection of data breaches can prevent more damages. Employees have access to businesses’ sensitive information and may fall victim to phishing emails and other online scams. Where workplace culture is toxic, an employee might be too scared to report this promptly. And especially where structures for effective communication and feedback do not exist, it might be too late before the breach is detected.If companies create a culture of openness, supportiveness and communication, employees would be more comfortable reporting issues and asking questions to avoid making bad decisions. It does not matter how credible your technical security system is, the weakest link in any security system will always be its human element. The stronger the human element the stronger the overall security measure.The fight against cybercrime must therefore evolve as new threats and methods arise. Company leaders must regularly train their employees to expect attacks and prepare for them. Staff need to be able to identify threats and handle them accordingly whether this means deleting an email or passing it along to the IT team. Generally, maintaining up to date software and using two-factor authentication is also a great measure of protection.Our principle at Spurt! is to always keep people’s well being as well as overall human capital development at the center of our drive to propel the growth of African businesses. We offer a range of services including information and data security trainings and tools to venture leaders looking to safeguard their businesses. Summary The human element plays a significant role in the development and growth of an organisation. It can also be the weakest link in the security system of the organisation. One of the effects of the COVID-19 pandemic as a result of remote working is an increase in cyberattacks such as phishing and data breaching of companies’ sensitive information. It is advisable for companies investing in cybersecurity to consider training their staff in data protection skills and organisational behaviour. Employees should be adequately equipped with relevant technical skills in an organisation.
Feb07Team Resilience is Dependent on Enabling Relationships Between Colleagues
Team Resilience is Dependent on Enabling Relationships Between Colleagues At Spurt! we are constantly looking for ways to improve our team. This a week we reviewed 7 Strategies to Build a More Resilient Team by Keith Ferrazzi, Mary-Clare Race, and Alex Vincent for the Harvard Business Review. The article identified four crucial features of a resilient team: candour, resourcefulness, compassion, and humility. It also suggested tried and tested ways leaders can cultivate practices that are radically adaptable, easy to implement a yield a high volume of co-elevating behaviours amongst team members. Leveraged in addition to other best practices, they ensure an organisation is protected against unprecedented challenges. One of these unprecedented challenges has been the COVID-19 pandemic which has hit organisations hard leading them to for look innovative interventions which would bolster productivity through co-elevation. Apple amongst many other businesses has attributed their success to resilient, high-functioning teams. A team’s resilience and efficiency require a great deal of personal empathy, self-awareness, and dedication from its members. By implementing practices which encourage co-elevating relationships leaders of organisations can create teams which make better decisions, build sounder relationships, and communicate more successfully. It is important to note that the aforementioned personality dynamic may not come effortlessly to all team members or even their leaders, which is why it is important that they thoroughly asses where they are and cultivate strategies that will enable them adopt practices that promote team resilience and coworking. These strategies include inviting outside experts to offer an objective perspective on team dynamics, encouraging teammates to express their fears and concerns with each other and ensuring the leaders regularly express their interest and dictation to their teams progress as well as other excellent practices shared in this article.“Team resilience is similar to a battery. It needs to be restored and recharged regularly”. It is important that teammates are ready to grow not only as individuals but as a team. Spurt! offers a special suite of services focused on helping MSMEs develop processes for a company culture that ensures not only that team members value themselves but also the work they do together.
Feb07Enabling Africa’s digitalisation through capacity building
Enabling Africa’s digitalisation through capacity building. At Spurt! we are always looking to amplify solutions to critical and specific problems in sub-Saharan Africa. This week we reviewed Three ways West Africa’s digitalisation can improve by Alain Faujas @TheAfricanReport Across the world, but notably on the continent, the COVID-19 pandemic created strong incentives for a shift to digital. Unfortunately, this shift highlighted the digital divide on the continent and its multifaceted barriers to digital transformation. Nonetheless, the continent boasts 640 technological hubs and over 500 fin-tech companies. West African countries are taking the lead with 142 technopoles, over 200 fintech start-ups with some raising over a $1mn in funding, 50+ inter-continental incubators and a rising internet penetration rate. There is definite growth on the continent but is it sustainable? Over 50% of educated Africans lack digital skills or access to digital learning platforms. Also, the brain drain of the few citizens with advanced digital skills, further depletes the continent’s resources. The AU and the Organisation for Economic Co-operation and Development (OECD) published a report titled The Digital Transformation and Job Quality aimed to serve as a loud plea to develop Africa’s digital economy. The report suggested 3 ways to train, connect, invest, and protect the continents young workforce. Firstly, schools are urged to steer more pupils towards STEM subjects and governments are encouraged to build distance learning centres in rural areas. However, they should also introduce appropriate technology which is relatively user friendly and easier to adopt thus leading to the adoption of other technological products. Strategic partnerships with enterprises can also enable pupils to establish links between general and technical education. Good examples can be found in Côte d’Ivoire’s and Ghana’s school-enterprise models. We would also argue that there needs to be a larger buy in form organisations who seek staff with digital skills. They should partner with universities to ensure that students are better prepared for the digital working world.Secondly, the continent needs to adopt alternative energy sources which are a fundamental part of the infrastructure needed to boost digitisation as over 48% of West Africans lack access to power. This is done by adopting solar power projects like the Akon’s Light Up Africa or the Desert to Power (DTP) Initiative. Countries could also implement policies against monopolies in the energy sectors as Nigeria has done.A missing point though was the growing number of partnerships between internet and electricity providers. These innovative tech collaborations are digitising often overlooked and underserved communities. For example, Fenix International partnered with MTN, to integrate mobile money systems and financial platforms.Thirdly, there must be a greater investment into communications infrastructure which will cost approximately $3.1bn to provide 4G coverage to the whole region by 2025. However, more should be done to invest in all key aspects of digital infrastructure such as network infrastructure, data centres, fixed broadband, and internet backbones.It is also important to note that some of this infrastructure is not economically viable in rural areas so there also need to be focused investments into alternatives such as Google’s Loom or Huawei’s RuralStar Lastly, west African nations need to double down on creating laws against cybercrime and developing policies around digital security. So far, only Benin, Ghana, Côte d’Ivoire, Senegal, and Gambia have adopted legislation protecting the entire sector which is poor considering cybercrime ‘early career Yahoo’ cybercrime is synonymous with Nigeria. The Spurt! People Development Programme (PDP) is designed to close the wide gap between the professional capabilities of recent graduates/early career individuals’ and current corporate expectations. One of our key modules is Digital Skills For The Modern Professional as we truly understand that local business need to digitise to become global giants. An essential component of the training process is the development of an awareness of contributing to the African continent in an impactful and meaningful way such that, in every task they undertake our analysts do so with a sense of purpose, and a consciousness of their contribution to the organisation in which they work, and to their country and continent.To learn more about the Spurt! PDP contact us at talent@spurt.solutions
Feb07China may be a global heavyweight but Africa can still create its own destiny with AfCTA
China may be a global heavyweight but Africa can still create its own destiny with AfCTA Will China help or hurt the AfCFTA? African countries plan to improve trading with their partners across the continent through the African Continental Free Trade Area (AfCFTA) agreement. The AfCFTA is the largest free trade area in the world when measured by the number of countries participating. Founded in 2018, with trade commencing on 1 January 2021. It covers 54 of the 55 African nations and connects over 1.3 billion people. With the potential to lift millions of Africans out of poverty this article highlights the ways in which progress may be stunted by Africa’s trade relations with China. The AfCTFTA will involve China in two main ways: Firstly, China is the largest investor in African infrastructure and will likely play a key role in the building the trade corridors and infrastructure required. For example, China financed the construction of Kenya’s standard gauge railway (SGR), the Mambila hydropower project in Nigeria and the Addis Ababa-Djibouti railroad. China is presently involved in infrastructure projects in 35 African countries. The competitiveness of the Chinese construction industry has the potential to limit the growth of African construction companies and create barriers for entry other top construction firms form France, India or Turkey. However, it is important to note that these infrastructure projects allow exporters and companies from across the world better access to African goods. Secondly, China, is the continent’s largest trading partner. East African imports from China have risen by 40% since the introduction of Belt and Road Initiative (BRI), which aims to create a new ‘Silk Road’. As a result, many argue that China’s role as ‘the world’s factory’ has stunted the development of African businesses. On the contrary the intention for AfCFTA is to eliminate tariffs on goods (services to follow) and make it easier for African countries to trade amongst themselves. African nations are yet to develop the capacity to meet regional demands and even when they do, there are ways to mitigate any potential issues that may arise. For example, the East African court cases of over $500mn in unpaid annual taxes to counterfeiting are now being addressed. At Spurt! we are focused on being #AfricanBusinessGrowthPartners. All too often micro, small and medium sized enterprises (MSMEs) are left out of the conversation about intra-regional and intra-continental trade agreements. We understand that SMEs are the essential building blocks for trade at all levels. We recommend local businesses take advantage of the opportunities brought by the AfFCTA by: 1. Getting to know the continent and its industries better. 2. Building networks among potential suppliers and customers from other countries. 3. Monitoring opportunities created by the AfCFTA and gathering inspiration for competitors. 4. Encouraging innovation within their organisation to take advantage of this new opportunity.
Feb07Long Term Strategies for An African Recovery from COVID-19
Long Term Strategies for An African Recovery from COVID-19 At Spurt! We are always looking to amplify solutions to critical and specific problems in Sub Saharan Africa. This week, we reviewed Long Term Strategies for An African Recovery — A CEO’s perspective by Ashish Thakrar. The Brookings Institution has been proactive about putting out research material that focuses on African growth and potential each year. Expectedly, the content with a focus on 2021 heavily tackled what recovery from the aftershocks of the COVID-19 pandemic would look like from a business leader’s perspective. This article tackled the intricacies of playing the long game in ensuring that African countries are able to build resilient economies with all the complex nuances of individual countries considered. The three-pronged approach touches on the reconfiguration of value chains, intra-regional collaboration and increased digitalization and how the three intersect to exacerbate certainty, stability and ease of doing business. There’s also a crucial case to be made for the private sector and public sector partnership in fortifying the economic recovery of the African countries. Agreeably, there needs to be a more guided focus in ensuring that value chains across different sectors can be harnessed further encouraging the need to collaborate. It is also important to pay attention to other factors that might hamper the complete integration of the three approaches. Factors such as regional relationships within certain blocs determine to a large extent how successful these efforts could be. Recently, the East African community has been hitting the headlines with strained diplomatic relations between Kenya and Tanzania curtailing the ease of movement between the two countries. It certainly becomes clear that with such dramatic differences in approaches towards similar situations, the three-pronged approach can only go so far in cementing rebuilding efforts. For more resilient systems to be built, the future cannot only be dependent on the private sector. Partnerships between the public and private sector will go a long way in full proofing economic systems across the board. At Spurt, we are a platform that convenes, develops, and excites the best young African thinkers who are passionate about working for the economic development of their continent. We are facilitating a new wave of growth by enabling local SMEs. Our objective is to help build local large companies with sufficient scale and capacity to add value locally and regionally.
Feb06Venture-Backed Vs Lifestyle Business: What’s The Way Forward for Entrepreneurs?
Venture-Backed Vs Lifestyle Business: What’s The Way Forward for Entrepreneurs? At Spurt! We are always looking to amplify solutions to critical and specific challenges in Sub Saharan Africa. This week, we reviewed The Difference Between Rich Founders and Poor Founders, From an ex-VC written by James Skylor. The article explores some fundamental reasons behind entrepreneurs starting their ventures. Ideally, anyone who decides to start an entrepreneurial experience would be keen on finding the freedom to control their approach to the problem they choose to solve and how they spend their time. When starting their businesses, entrepreneurs could choose to go with the venture-backed route, where there’s a 90% chance founders will net out at $0 compared to the 50%-75% chance of success when founders decide to build a lifestyle business. Building a lifestyle business will force you to create a product or offer a service that customers want. In the short term, the market may value hype and narrative, which the founders seeking the venture backing might capitalise from, but it always loves real traction, revenue, earnings, and margins in the long term. James Skylor makes a valid point about building a business for durability by providing customer-centric products/services. While there are nuances to the rich founder/poor founder analogy depending on the part of the globe you are in, there’s certainly been a spike in the number of businesses that secure venture funding in Africa. The growth in the number of venture-backed startups leaves us wondering to what extent founders proactively seek to start businesses for the sole aim of being venture-backed. Perhaps the investing appetite from these VC funds will provide insight into what the future might look like for African founders. According to a recent report by Partech, African tech startups are experiencing astronomic growth in raising funding. In 2020 alone, there were 359 equity rounds (44% YoY growth) and $1.9 billion worth of venture funding invested. The VC activity is likely to create an appetite among founders to capitalise on all the hype around acquiring financing. On the flip side, Africa has a longstanding culture of looking to entrepreneurs to solve complex pressing challenges. Companies that can gain traction and maximise revenue and earnings don’t stand to benefit the founders alone; there’s the emergence of an eco-system where new businesses grow. As a result, there are more employment opportunities. Still, there are several benefits realised with employment opportunities created. There is a marked boost in the level of commercial activity driven by these companies, leading to a rapid flow of income in the economy, which goes a long way in the continent. While building businesses with a clear value proposition for the customer is likely to be the norm and not the exception, it is essential to highlight founders still face herculean challenges when building their ventures from scratch. In the past five years, 42% of the venture deals executed in Africa have come from foreign-owned firms, primarily from North America. African Private Equity and Venture Capital Association cite that only 20% of the funding came from local investors. With very few local investors in the space, most local entrepreneurs will still find that their access to financing will be limited. There are new models of funding emerging as angel investor communities continue to grow. With an abundance of alternative funding avenues, venture capital remains one of the many options African entrepreneurs have. In Africa, especially now during a global pandemic, being venture-backed and solving a core problem can happen concurrently. Most venture-backed companies win score with investors primarily because they are solving specific fundamental issues at scale. Lifestyle companies and venture-backed companies do not have to be mutually exclusive. In some instances, building small profitable companies doesn’t necessarily require all the effort it takes to grow a venture-backed company as the end goal is sustenance. With all the noted constraints of building a venture-backed company, companies on this track already have to care so much about the problem they are solving. This is why entrepreneurs in the continent have to stay put and focused on why they are starting their ventures in the first place.
Feb06Effects of The Pandemic on Household Savings
Effects of The Pandemic on Household Savings At Spurt! We are always looking to amplify solutions to critical and specific challenges in Sub Saharan Africa. This week, we reviewed Kenyan’s with over $1000 in the bank by Charles Mwaniki from Business Daily. According to the Central Bank of Kenya, the number of accounts holding $1000 and above increased by 8.7% to 1.69 million, representing the highest number of high-quality accounts the country has experienced in the past three years. It was expected that with the layoffs, job cuts and closure of businesses, the number of accounts holding more than $1000 would decrease, however, analysts attribute the increase to reduced spending by salaried workers. The imposition of lockdown measures and restriction in movement also meant that reduced economic activity led to subdued demand for certain goods and services that could no longer be accessed. While the increased household savings is an interesting surprise, it is critical to note that this only represents 0.035% of Kenya’s population. According to data from the World Bank, the gross domestic savings rate of Kenya, which represents savings of household sector, private corporate sector and public sector, stands at 4.5%. This means that the increased savings during the pandemic year represent a very small section of Kenya’s population. Sub-Saharan Africa has a lower savings rate compared to other regions in the world. According to estimates by the World Bank, gross domestic savings in the region averaged about 21% of GDP compared with 40% registered in the Middle East and North Africa and 35% in East Asia and the Pacific. In some countries, the rates are even on the decline with attribution to different factors. South Africa accounts for almost 40 per cent of sub-Saharan Africa’s total GDP, yet the savings rate has declined from around 25% in the 80s to a meagre 15% in 2019. Savings woes in South Africa, similar to anywhere else in the continent, is attributed to high unemployment; over-indebtedness; economic uncertainty, and lack of sound knowledge around saving products among many other reasons. A study done on the implications of COVID-19 on household income and food security in Kenya and Uganda found that the loss of income heavily affected people working in informal sector jobs, whose wages are usually earned on a hand-to-mouth basis. The stringent lockdown measures across both countries meant that more families were food insecure with limited amounts to spend on sustenance. With food insecure households increasing by 38% in Kenya and 44% in Uganda, households have been in survival mode trying to figure out how to get their next meal. The subdued consumer expenditure and an uptick in bank savings indicate that wealthy individuals and firms are opting to save rather than seek new areas in which to invest. This cycle is likely to have dire consequences on small businesses which take a larger share of economic activity in most African countries. A study done by Brookings exploring the effect of COVID-19 on small businesses in Uganda showed that micro and small businesses have experienced a larger decline in business activity compared to medium and larger firms. These findings are expected as micro and small businesses are more vulnerable to cash flow issues and have limited resilience capabilities compared to large firms. Micro and small businesses also face an uphill task in accessing credit during periods with reduced economic activity because they don’t have a wealth of assets or projected business activity that would enable them to meet the credit requirements, which most times favour medium and large enterprises In order to free up more cash in the economy and boost economic activity, governments need to follow through with an extended period of tax rate reduction, reducing taxable income, offering tax credits, and offering tax refunds. The case in Kenya has unfortunately been different with the reprieve extended to businesses and individuals taken away in December 2020. With the country still facing curfews and limited movements, the situation is likely to get worse. The government should be more proactive in implementing reprieves based on prevailing economic circumstances to safeguard the livelihoods of a large portion of the population facing difficulties as the global pandemic continues to show no signs of dissipating. Incentives should also be introduced by the government to financial institutions that are proactive in lending to micro and small businesses. These efforts can go a long way in building more capabilities for businesses and improving economic activity. The informal sector in sub-Saharan Africa which is dominated by micro and small businesses accounts for 70% of employment on average, according to AfDB. Extending more robust and proactive interventions in supporting this sector of the economy will only yield great results not only for the economy but for individual households that make their day to day livelihood from micro and small businesses.
Feb06What it means to Freelance in Africa
Freelancing in Africa The employment problems of university graduates have increased in the 21st century. A retrospective analysis shows that another 30–40 years ago, there was a state distribution of graduates, and the students were confident of their future employment. In connection with the changes that have taken place in the country, young people in the 21st century have more opportunities and ways to integrate into society. Still, the same situation has led to the erection of certain barriers to employment. This article is devoted to studying this form of self-employment of the population, dubbed Freelancing. A freelancer or a free worker is a term characterizing a person who is not employed permanently for a specific employer in the long term. Freelancers often offer their services on specialized online resources and seek jobs through newspaper ads or word of mouth. In some cases, freelancers are represented by a company or temporary agency that resells freelance work to customers (a form of outsourcing). Others work independently or use professional associations or websites to get jobs. Freelancing also allows people to get a higher level of employment in isolated communities. Relationship between freelancing and MSMEs Due to the introduction of new technologies, talented professionals can now farm out their expertise and experience to companies and business owners without necessarily having fixed employment with them. This is especially seen with MSMEs that do not yet have the financial muscle to hire full-time staff, so they prefer to have short-term contracts with freelancers. Aided by technology, remote working has become very common in Africa. Professionals in industries such as web development, research, writing, and consultancies prefer to have online spaces rather than physical offices. Now that MSMEs have also decided to use the online marketplace, it has been a great convenience to them and the freelancers. Advantages of freelancing to MSMEs Special expertise and flexibility Hiring freelancers allows a business owner to get the best skill set at any time they want. In addition, freelancers are usually available on very short notice. They may also be able to complete some tasks that full-time employees may not be able to complete. 2. Reduced risk Technically, freelancers are not company employees. This, therefore, means that the company does not have risks that they have with other employees. If a freelancer is not meeting the company’s expectations, it is easier to terminate their employment. 3. Reduced costs Hiring freelancers instead of full-time workers helps an employer reduce costs since they can forgo the benefits they have to pay full-time employees. Furthermore, most freelancers work from home and would therefore not require office space which would help the business owners save on costs again. 4. Large market Working with freelancers allows you to access a large market and from anywhere in the world. This is different from full-time workers who have to be located within your reach to come to work. Disadvantages of freelancing to MSMEs Hiring freelancers can be disadvantageous to companies because: It can be challenging to get a candidate who meets your expectations and who works diligently. They could disappear on the business owner. Since there isn’t direct communication, it is easy for a freelancer to go, leaving the business owner stranded with nothing to do. They may not be as loyal as regular workers since they have many clients they are already working for and could therefore fail to put in enough effort towards building the business owner’s company. General problems faced by Freelancers in Africa Finding enough work- One of the biggest challenges for freelancers is maintaining a continuous flow of work. Getting clients to give them work is challenging, and sometimes clients disappear. Instability- Most African freelancers have to deal with inconsistency and instability when it comes to getting jobs Distractions and time management- Most freelancers work from home. This creates room for many distractions and is a great challenge. Internet connection- In most parts of Africa, there is an unstable internet connection. This poses a great challenge to freelancers since they mostly work online. Payment methods- Many payment methods are now available online. However, some of them have issues, and African freelancers sometimes face problems when it comes to withdrawing and sending money. Top 5 freelancing skills in Africa: Web and mobile development Research Data entry Graphics designing Consultancy Here’s why Freelancing is becoming popular in Africa. 1. Lack of jobs Youths are graduating out of tertiary institutions only to be met by lack of employment. As a result, many of them opt for freelancing. 2. Lower charges African freelancers charge way less than those from the other continents. Clients, therefore, prefer to contact them rather than contract other freelancers from other continents. 3. Internet and globalization Digitization and the internet have relatively flattened the global labor market and allowed employers to hire workers from almost any corner of the world. This, in turn, has allowed many Africans to leverage their skills, knowledge, and lower cost of living to capture a slice of the global digital economy. Conclusion Today, among all the unemployed, every third is a young specialist with a higher or secondary vocational education. Graduates’ ideas about future work are only half the time justified to one degree or another. Young people finishing school do not fully understand the proper professional activity. In the educational process, it is necessary to pay more attention to form ideas about their future profession following the situation in the labor market. Freelancing, therefore, has come as a relief for both unemployed youth and small business owners.
Feb06Meet the game changers in Africa’s HR Saas scene
Meet the game changers in Africa’s HR Saas scene TechPoint Africa describes the HR Market in Africa as an emerging market. One in which there is excess room for growth. With ups and downs, various challenges and wins recorded, the market thrives still. The arena would not be recognized if it weren’t for the gladiators that lay within. In this article, the spotlight rests on Key Players in the market, their wins so far, and their plans for the coming decade. With that said, the big players who are also forerunners in Nigeria’s promising HR Market include the following companies. 1. SeamlessHR SeamlessHR, dubbing itself as ‘Workday for Africa,’ helps medium to large-sized companies automate and optimize their entire HR process from recruitment to offboarding. In October of 2020, they were able to raise Seven Figure Funding to push their course further. As CEO Dr. Okeleji notably says in an interview, the company aims to broaden its clientele and become a unicorn- a $1B valued company within the next decade. 2. PeopleHum PeopleHum is a one-view integrated platform for the complete employee experience and journey from hiring to offboarding. They aid businesses and organizations in optimizing effectively for the entire process, providing meaningful analytics that improves decision-making for the organization’s overall growth. Although their goals for the coming decade aren’t set in stone for the public to see, they have developed an efficient content marketing strategy where they discuss problems pertaining to HR and offer their products as solutions. This is an efficient growth strategy. 3. SystemSpecs Based in Victoria Island, Nigeria, SystemSpecs was founded in 1992 by John Obaro. HumanManager, payroll, and the goal management package are features, first developed by the indigenous company. It is the African software pioneer with almost 30 years of robust solutions to business organizations — small, medium and large, and federal, in Nigeria and Africa. With a goal to expand into other continents and dominate by 2028. SystemSpecs aims to become a giant in the HR space with time. 4. Accur8HR Accur8HR is a cloud-based people management solution built into a Microsoft Azure system that addresses today’s business challenges. It is a one-stop human capital solutions partner for Nigerian organizations owned by OnePyramid Consulting Limited. They have succeeded in tailoring their software to the Nigerian market-specific requirements. As a result, the software offers unique and economical technology products and services that enable Nigerian companies to achieve their business goals. And while they aim to invest heavily in brand awareness, the technology will become heavily embraced. Of course, there are other software types popular among African companies but not made by Africans. This preference occurs for various reasons that differ from company to company. Nonetheless, the coming decade should bring more innovation towards the HR Market in Africa and steer companies to invest in “Made in Africa” software.
Feb06Market struggles of HR SaaS Companies in Africa
Market struggles of HR SaaS Companies in Africa In another article, we focused on the Key Players in the HR Market in Africa, and now the lens will be shifted to the market conditions. More specifically, the market challenges. We shall seek to address the following What Challenges to Growth do the key players face in the market? Why do these Challenges exist? Are there any plans for the challenges to be overcome? What can be expected from the market in the coming decade? Challenges in the HR Market From research, articles, and interviews with key leaders in this space like the CEO of SeamlessHR, Dr. Emmanuel Okeleji, the challenges HR SAAS companies face, can be summed up into two categories Economics Trust Trust There is a prominent lack of trust that is hindering progress in the HR Market. This issue stems from the target audience. Consumers do not trust the technology for two reasons: Data Security Concerns: These are valid because SAAS is primarily cloud-based. Even in this state, being cloud-based does not hinder the technology from being susceptible to attacks and cybercrime. This concern has been a recurring one as the conversation of cybercrime in Africa resurfaces frequently. Companies and would-be customers fear that entrusting SAAS tools with company data may put them at risk. Brand Credibility: This borders on the brands and players involved. Customers need to know whom they are purchasing goods and services from, and while key players like Seamless HR have put effort into their branding needs, there is still a lot more work to be done. Economics This problem deals with the cost of things. Being cloud-based, SAAS comes with a hefty price tag, and companies and consumers must get their dollars ready. Unfortunately, with this being the case, the software solutions provided by companies do not seem attractive anymore when consumers learn of the costs involved. At the Local level, companies have the advantage of providing low-cost software solutions in their base currency to customers. However, the fact remains that cloud services used to build the software are expensive. If the SaaS Company fails to acquire enough customers to make up for its running costs, then it also explains why there aren’t more disruptors aiming to build in this space. Another angle from the consumers’ end is that using the HR SAAS Tools also increases Internet costs. Why Do these challenges exist? Most companies are slow to adapt to the HR SAAS software, which can be narrowed down to one key phenomenon — the Environment. In Africa, many businesses that ought to optimize employee experience by using the right software are not sold on the idea. A combination of unawareness, lack of trust, and perhaps costs, in some cases, hinder getting the right resources they need to move forward. There is also less incentive on the company’s part to optimize the employee experience and maintain high performance since a great mass of the population is unemployed. The number of individuals willing to jump at an employment offer, even with unfavorable conditions, is massive. Therefore, employee experience is not necessarily a top priority for these types of companies. Remedy Plans to the Problems faced in the HR Market There are no openly aired remedies to the challenges; however, I would suggest that the main priority of the players in this space would be massive brand awareness and product localization. If the prospect doesn’t know who you are, they will not be a customer. Thus, the need for prospects to be heavily educated on the benefits of leveraging such technology is evident. Also, there has to be some system that enables the pricing to be localized and attractive for would-be clients. Growth Projections for HR SaaS Tools Market The HR/SaaS Market in Africa is experiencing significant growth, with key players and more on their way. It’s a space to watch in the coming years. The market has the potential to increase productivity and employee experience amongst multiple industries from Health to Finance and Tech. The technology has immense potential. The central tipping point would occur if the players in the market invest heavily into their marketing and brand awareness strategy, and by doing so, they would enable more clientele growth and eventually match up to global standards.
Feb06Leverage this Growth framework also used by Fortune 500 companies
Leverage this Growth framework also used by Fortune 500 companies In 3 minutes, you will understand what the PPT framework is and how you can leverage it for growth. What is the PPT Framework? The PPT Framework simply means the People, Process, and Technology Framework and has been in existence since the early 1960s. This framework is usually used by successful INC 5000 companies to decide whether to purchase or implement new technologies. Why is the PPT Framework important? The three (3) elements of the PPT Framework are required to align properly for effective results. The absence of one of these elements may be described as a standard tricycle where one wheel is missing leaves the tricycle with 2 legs, allowing it to wobble and rendering it irrelevant for its required purpose. This analogy simply describes how the three elements in this framework work in harmony. Where, if one element is not properly aligned or in place, other elements will not function as effectively as they should. An organization that lacks efficient processes may result in ineffective people, thus affecting existing technology that has been put in place. While technology helps to Simplify tasks and monitor operations in real-time, businesses need to understand and fix major loopholes that may hinder the effective running of implemented technology. How can businesses leverage the PPT Framework for growth? To get the PPT framework to work effectively, companies should be able to identify their weaknesses and aim at solving them. According to Rick Morris, owner of R2 Consulting, an experienced project manager and public speaker, he says and we quote, “ In an attempt to adopt the PPT Framework, it is important to focus on the People first, then the Process second all which are required to ensure that the appropriate resources are available before taking into consideration Technology which should be the last of all 3 elements.” People form an integral part of any organization, and this element is also the most important element of the PPT triangle. They should understand what is required of them to drive the process put in place. Without people, nothing can happen. The process is a series of steps or actions that must be carried out to achieve set objectives. The process cannot execute itself without the involvement of people. Technology is there to ease operations and activities; however, technology cannot run itself without the right people and processes within the organization. Companies need to be able to identify Technology that meets the business changing needs before acquiring and implementing it. The PPT framework is a very interesting and effective framework that enhances a business. All that is required is for a business to identify loopholes that may hinder the efficiency of this framework and fix it almost immediately to enjoy the huge benefits that come with it.
Feb06The difference between Information Technology and Information Systems- What you need to know
The difference between I.T and I.S- What you need to know Information Technology and Information Systems are not necessarily the same thing but they are mixed up all the time. Let’s unpack the difference shall we? Did you know that Information technology is a subset of Information systems? If you didn’t, well here’s how it works. Information Systems and Information Technology Have been used over time by many people interchangeably, however, these two terms are different and one happens to be a mother bud carrying the other. While people believe Information Systems are mainly computer-based, hence the difficulty distinguishing from Information Technology, Information Systems can be simple tools put together to create a system to achieve something or an output. What Is Information System (IS)? Information System is simply a general term for People, Process and Technology designed to establish/create, store, give out information. Although Information Systems rely heavily on computers and other technological equipment, however not all Information Systems are computer-based and some are non-technological systems and an example of this is the Management Information System (MIS) which is a system that helps a business make decisions, improve performance and also analyze and coordinate information. Technology comes in as a support and helps facilitate the employment of the system. This means the MIS is an Information System on its own without technology but technology comes afterward to aid and facilitate the system. What Is Information Technology (IT)? Information Technology is simply the design, implementation, transfer, accessibility and management of computer-based information systems. It falls basically under the IS and focuses mainly on technologies with an existing system. IT encompasses hardware, software, networks and databases. Information Technology being a subset of Information systems focuses on managing technology within the system and helping users make the most out of its availability and adequacy. The key difference between information systems and technology Information System is an umbrella that absorbs the PPT (People, Processes and Technology) involved with information, a reason why Information technology is an arm of Information systems. Information Systems encompass all. Information Technology on the other hand involves the design, transfer, implementation and accessibility of information within the information system. This means that for Information Technology to exist, there has to be a system that is generally referred to as an Information system. The system drives the People, Processes and Technology. Information System Professionals can utilize both technology and other systems to drive an organization and achieve overall business goals and objectives. While Information Technology professionals focus more on building the software and hardware or any technological machine put in place which helps and serves an organization but with restrictions to the machines and wares and not the system at large. Summarily Information systems (IS) is a broader approach to Information Technology (IT) which is a subset of Information systems (IS). Now you know.
Feb06Scaling in Africa: Practical Strategies to add to your playbook(Part 1)
Scaling in Africa: Practical Strategies to add to your playbook(Part 1) Conducting business in Africa is no small feat and very entrepreneur with skin in the game can attest to this. The business system is truly for the players who will go hard on strategy and execution. Founders have risen, some have fallen, and the playing field will only get tougher. With increased funding, a saturated market, spontaneous consumer behaviour and rapid expansion efforts, the African startup ecosystem has proven many times that your arsenal must be equipped with a variety of growth yielding tactics. This post has practical insight from brilliant startups who have played the game and are still thriving. Here are the insights. Learn to Pivot Your business model is the determinant for your operations. From talent acquisition to partnerships and customer acquisition, the business model is the yin to the yang of your growth. But what happens when there are roadblocks, and your business model isn’t viable for the market? Here is what you can learn from a Nigerian ride-hailing startup turned e-commerce delivery business, Gokada. The ride-hailing business kicked off and received acceptance from its target audience, but everything came tumbling down in 2020 when the Nigerian government imposed a ban which led to a stop in ride-hailing operations for the startup. However, Gokada pivoted from transporting people to transporting goods for SMEs and since their pivot in 2020, they have successfully transported 2million goods for 30,000 merchants. Pivoting is a concept that founders with skin in the game are all too aware of, most businesses do not plan to do so intentionally but when the market demands it, then founders who want to scale follow suit. The ability to pivot is an essential skill in the fierce business scene of Africa. Rethink your Talent Strategy If you pay attention to the African startup ecosystem, you may have heard founders express their views on the talent gap. In a 2020 survey by PWC, founders in Africa said that their talent woes stemmed from hiring and training people, only for them to move on to bigger opportunities. The importance of quality talent cannot be undermined. Who else is going to build that vision of yours and help you accomplish unicorn status in the next decade? “The quality of people you hire is important. We’ve made mistakes with the people we hired, but we’ve hired some very amazing people”- CEO, Field Intelligence. As a founder who aims to win, you need to close the talent gap in your field. How? You can do so in the following ways: By creating a strong employer brand for your business: The pandemic changed a lot of dynamics in the job market. Workers are a lot more intentional about their career trajectory and you must convince them that your company is a right fit for them. By having a great company culture and reputation, quality talent will be attracted. By investing in early-stage professionals: In a recent conversation on tech Twitter, one tweet stuck out to us. “Senior developers do not fall from the sky.” That statement draws light to a core issue in the broader talent gap conversation. Your chances of retaining a senior developer are quite slim, so why not invest in early-stage career development for new entrants and build them up? Andela and Gebeya have been doing this and more recently, AltSchool Africa (for software developers) and EZGrowth School (for growth marketers) have popped up to handle this issue. You can join the bandwagon and create intensive internship and training programs for your company. Easier said than done of course, but the rewards will be immense. Join a Mastermind Group As a founder you are constantly on the go, dishing out knowledge and overseeing growth to your team who are mostly upcoming talents. In retrospect, how often do you pause to learn from people on your wavelength or with more experience than you? A mastermind group is a collection of people who get you completely. They may be founders like yourself or individuals who have built successful companies in the past. A good example of one is Seni Sulyman’s BlackOps Africa community. Seni being the experienced builder that he is created a community dedicated to training African founders and startup executives by pooling resources and insights to help them become world-class. Investing in yourself is key to the continued growth of your business. Invest in Partnerships When you think of WhatsApp messenger, what comes to your mind? Texts, family group chats and annoying broadcast messages are a winner. But South African based fintech startup, Ukhese technologies in a partnership with Telkom, Mastercard and Nedbank created a virtual payment gateway that allows e-commerce businesses to conduct transactions all from WhatsApp. No bank accounts needed. You have heard the saying “Two heads are better than one,” and it could not be further from the truth. If you can secure meaningful partnerships in your field, go for it! Invest in customer success The buyer journey is not a straightforward process and converting a prospect is not the end of the road. You would have to provide a safe landing for that prospect to assimilate to your product or service. Imagine this, you see a catchy ad on Twitter from a company marketing a handy data visualization software, and you are slightly interested. After your research into the software, the company, and a meeting with a sales rep, you buy it. Keep in mind that this process happened over the course of 6 weeks. Now after your purchase, you are finding faults with the software and the onboarding material provided by the company is not helping. You email, tweet, and reach out several times but it is a dead-end with them. What do you do? Of course, you are going to churn. Now if they had a customer success rep, you may have resolved your issues, but you were ignored and are no longer a customer. The lesson: Cater to your audience, post-conversion. It is super important! There you have it! We delivered as promised. This is the first part in our series of insights that will aid your growth as an African entrepreneur. If this resonated with you, share it within your circle and follow us! What other insights can you add to this list? We would love to hear your thoughts.
Feb06Why Business Advisory Should be an Investment for you in 2023
Why Business Advisory Should be an Investment for you in 2023 Let us assume you are an entrepreneur or founder running a small or medium-sized business and you have a lot of factors to consider for growth. There are a lot of numbers to consider, growth opportunities that you know you should leverage but you still get caught up in the day-to-day activities: production, inventory, meetings with clients, meetings with staff, and other areas which are necessary for sustainability in the short term but do not contribute to your chances of scaling. So what do you do in this case? The wrong choice of action would be to continue in “business as usual.” Remember, the business scene is brutal, and changes occur which can negatively affect the business, so you need to stay a few steps ahead. The right choice of action would be to seek business advisory. What Is Business Advisory and Why Should You Care? Simply put, business advisory is a service offered to entrepreneurs and other businesses that helps them measure and prioritize the most important strategies that will foster immediate to long-term growth for the business. Most online repositories refer to business advisory on just the financial or accounting side of things, but it is so much more than that. Granted that a lot of businesses seek advisors majorly for financial purposes but if you also aim to grow in Talent Management, Data Analysis, and Sales and Marketing, then business advisory is for you. According to Nephos, a digital diagnostics firm, business advisory is an investment you make as a business owner to obtain knowledge that helps you make informed decisions. What Are The Benefits Of Business Advisory? Of course, before you make an investment, you must ask, “what’s in it for me?” Here are the benefits of business advisory. 1. Objective Expert Insights Keywords being ‘Objective’ and ‘expert’. As a business owner, you are too close to your business and while that may be a good thing in some cases, in other scenarios like confronting data that suggests your business model may not be ideal for growth, accepting the reality may prove difficult. Sure, you have been doing this for a while and no one knows your business better than you do, but that’s exactly why business advisory is the best bet, as these experts view your business from a completely objective standpoint, analyzing the data and most importantly, ensuring brutal honesty and clarity leads the way as they offer predictive insights for growth. 2. Reduced Wastage of Resources You would agree that trial and error is an essential concept for growth. While this can be harmless for personal development, the fatal truth for businesses is that trial and error costs time and money. Time and money that could be saved or better still channeled to a lucrative venture. For you to scale, your resources need to be maximized and wastage reduced, and business advisory offers help in that regard. By investing in business advisors who offer risk management, industry insights, and guidance, you avoid going into the playing field blind; saving you time, money, and even talent. 3. Data-Driven Approach The numbers rarely lie and data is highly valuable to every business including yours. But data is a lot more than excel sheets and numbers on a screen, it is not about the data but the decisions that are made despite that data. For instance, if you aim to expand your vegetable oil business to a new region and the data shows that that region is saturated and customers are loyal to established vegetable oil brands already, what will you make of the situation? There are multiple answers to this but these answers or approaches exist because the data exists as well. By investing in business advisory, you can be sure to get data-driven suggestions that will inform you of your decision-making process on business operations. 4. Industry Knowledge at Your Fingertips It can be hard to keep up with multiple news insights and run your business at the same time. Laws and policies are ever-changing and the tendency to stay abreast of these insights dwindles over time. In Nigeria, for instance, there was a recent regulatory update to Value Added Tax on businesses and this raised a lot of dust, how were businesses supposed to navigate this law and what would it mean for them? If something of the sort occurred to you, your business advisory team would be your guiding light to ensure that you are following the law and your business remains afloat. The aim of this piece was to demystify business advisory and its importance for business owners like yourself. We hope we have been able to shed some light on the subject and broaden your perspective on the importance of this concept. We are eager to hear your thoughts on the subject, let us know in the comments.
Feb06SpurtX!: The Best Tool For African MSMEs
SpurtX!: The Tool That African MSMEs Have Been Waiting For There’s no doubt that starting and running a business is hard. Your dreams and passions will propel you to start but before you wholly start the business, you already front challenges like funding and talent hunt (if your business requires a team). One cannot begin to list the different problems of MSMEs. For every problem, there is a solution and there have been proposed solutions to the challenges of MSMEs. However, SpurtX! solutions are brand new, innovative, seamless and swift. SpurtX! introduces you to new tools that will solve some major MSME problems. SpurtX tools include: Spot!, Sync!, Spark! and Spur! A certain business man in Lagos was questioned on some challenges peculiar to him as a business owner. He owns a real estate firm in Lagos and he replied that funding and finding the right talent are some of the problems that he dreads. According to him, most of his employees were gotten through referrals. One might say that he is lucky, lucky enough to find himself within a community of people that have access to skilled workers. Although in relation to employees, things are quite comfortable for him but he dreads when one of his employees would have leave. This is because it would be difficult for him to find new talents that would fit into the legacy he is building. Spot! Spot! understands that finding top talents can be very challenging for MSMEs hence it provides a pool of top talents accessible by its users. It makes acquiring and retaining talents easy. These talents are usually tailored to the business’ industry. The talents these businesses would find with Spot! are those that are relevant to the type of activity the business is carrying out. With Spot!, businesses can spot top talents easily and monitor the recruitment process seamlessly. Sync! Funding. This might even be the problem hindering businesses from starting up. Our Lagos Business man also listed funding as part of his problems. From our personal survey, another business man in Port-Harcourt and a business woman in Lagos stated funding as one of their business challenges. Funding is a problem that plagues African MSMEs. Most business owners get their funding from their own savings or family and friends. Funding, in addition to money management, shakes the soil that businesses are built upon. Sync! is an online workspace that provides a money management tool. Also, Sync! users have access to lending platforms. Users of Sync! have access to financial management and security tools. An effective use of this tool might mean NO DECLARATION OF BANKRUPTCY. Sync! has also made project management easy for business owners and freelancers. It is not tasking when business owners use Sync!. Users can monitor their projects, track milestones, and collaborate with their employees or contractors on projects with Sync! The workspace is secure. Information passed across are on an end to end encrypted channel. Nobody can hack Into your workspace. Spark! A great percentage of business owners in Nigeria believe in rewarding their employees for a job well done. Recognizing and rewarding employees display shows respect and gratitude for their effort. Businesses that reward employees tend to input a sense of loyalty in their employees. It makes them trust their employer and this makes them work harder. Rewarding employees can also build a positive work environment, foster company and loyalty, improve employee engagement and boost productivity. With so much good energy in your business, you would attract top talents. Spark! helps businesses create this healthy environment. It helps businesses foster company-employee loyalty by creating an employee reward system. Spark implements a healthy feedback culture that allows your business to thrive. Spur! Another challenge is performance evaluation and management. This is caused by the lack of evaluation metrics and tools. As a business owner, knowing the productivity level of your employees can be very beneficial to your business. This can help MSMEs seamlessly delegate duties. It also aids them in appropriately compensating talents. Spur! solves this problem by helping businesses define their metrics and this ensures every team member is on track to meet their target. In summary, challenges they say, are inevitable. There is no exception to businesses not even small and medium scale businesses. However, with the judicious use of SpurtX! tools you will not have to battle for long, or battle at all. I mean, what else have MSMEs been asking for?
Feb05We reviewed ‘Employee Recognition: Low Cost, High Impact’ by Anne-Marie Mann and Nate Dvorska
We reviewed ‘Employee Recognition: Low Cost, High Impact’ by Anne-Marie Mann and Nate Dvorska In this article, the writer informs us (the readers) of the benefits of recognizing employees, how employee recognition do not take the same form in every company and how money is not the only form of reward. No disagreement is thrown at these writers because they are absolutely correct. However, in this my article, I will subtly inform you of Spark! as we review Anna-Marie and Nate’s article. Spark! Is a business tool for employee recognition and feedback = happiness. The writers acknowledge that talent hunt in the corporate world is a war. They write how business leaders are all about, looking for new ideas and strategies to retain their top performers while increasing organic growth and employee productivity but in their hunt for new ideas, they forget the most easily executed strategy: Employees recognition. The company these writers work for, Gallup, has conducted an analysis in the US and according to Gallup’s analysis, only one in three workers in the US strongly agree that they receive recognition or praise for doing a great job. Further Gallup analysis has revealed that employees who do no not adequately feel recognized are twice as likely to say that they quit in the next year. Workplace recognition motivates employees, these writers insist. Beyond communicating appreciation and providing motivation to recognized employees, the act of recognition also sends messages to other employees on how success feels like. Truth! Think about it. Personally, I would crave that recognition. Imagine your leaders and colleagues clapping for you as you stand in their midst or in front of them. Imagine their hails of a job well done, I would want that and I would be envious of anyone that has that. According to Gallup’s research, when employees were asked what type of recognition were the most memorable, respondents emphasized the following Public recognition or acknowledgement via an award, certificate or commendation. Private recognition or acknowledgement from their boss. Receiving or obtaining a high achievement through evaluations or reviews. Promotion or increase in scope of work or responsibilities as this shows that their leaders trust them. Monetary rewards. Personal satisfaction. Spark! Provides evaluation, review and feedback of employees’ performance. You want to have your employees, clamoring for Spark!’s evaluation and feedback. Employees’ feedback should be frequent. Gallup recommends every seven days. Gallup also recommends that it should be timely to ensure that the employee knows the significance of the recent achievement and reinforce company values. The criteria for recognition should align with the purpose, brand and culture of the company and it should reflect its aspirational identity to inspire others. The writers suggests that recognition can never be too much. As long as it is honest and deserved, it can never be over emphasized. Together with the usage for Spark!, regular evaluation, feedback and recognition, you can offer fun programs or professional/personal development opportunities. You can distribute non-cash rewards by extending their deadlines or you can add 1 week extra to the leave of the highest performing employees. You can introduce something like a casual day, throw a competition or a potluck, and encourage peer to peer recognition or even the simplest thank you. Add thank you! Emphasis on “Add” because only “Thank you” might be mediocre and we don’t encourage mediocrity. Use Spark! And add thank you to be exceptional. Summarily, Anna Marie and Nate Dvrosaka of Gallup have composed an article on employee recognition with a lot of tips on how to do it and its benefits. Backed up with analysis, they have proven that employee recognition cannot be over emphasized. Finding top talent is one thing, retaining top talent is another which is critical to the success of a fast growing enterprise. Spark! ensures that you retain your top talent by providing a feedback and recognition system gotten from the evaluation and metrics it conducts. You should choose from the options they have provided and add Spark! to be exceptional.
Feb03Review of Patience Panashe’s What does entrepreneurship really mean in the African context?
Review of Patience Panashe’s What does entrepreneurship really mean in the African context? Patience Panashe goes on to begin her article by saying that entrepreneurship is widely recognised in regions like Africa, for economic and other reasons, the public sector has had to disengage and divest from many areas of the economy and allow private enterprise. But what exactly does entrepreneurship mean in Africa? Does it refer to big incorporations and startups or does it extend to the day-to-day enterprises that keep the African home running? Because Africa is different from the western world when it comes to economic infrastructure and political considerations, entrepreneurship is defined in a way that fits our reality. Entrepreneurship Definition Panashe says that entrepreneurship has become a global byword for positivity in business and management. It is the key to building a robust and developing economy. Most people agree that the core of entrepreneurship involves the identification of opportunities in the emerging needs of the population through the assembling of resources and creation of enterprises, how entrepreneurship is operated is highly contextual, and what works in one place may not work in another. After the completion of her innovation and entrepreneurship course for a European MBA, she realised that entrepreneurship in the western world is presented as a sophisticated activity while entrepreneurship in Africa is not the same. I concur with her opinion because Africa has its own unique challenges and running a business here will be very different from running a business in the west. When it comes to making sense of African entrepreneurship there is no clear blueprint that one can use to ascertain the practices and project success. According to the African Development Bank, 22% of Africa’s working-age population are starting businesses. This is the highest entrepreneurship rate in the world. The entrepreneurial rate ranges from 9% in Algeria to about 40% in Nigeria and Zambia. Economies that are poorer tend to have more entrepreneurs often out of necessity. Who is an African Entrepreneur? Panashe states that African entrepreneurs consist mostly of women- 27% of the adult female population and the youth. The continent’s females entrepreneurship rate is also the highest in the world. But these businesses are generally less profitable and provide fewer jobs than their male counterparts. This problem can be traced to the gendering of work and marginalisation of women from the mainstream economy during colonisation. Family businesses are also very important to African entrepreneurship but most of these businesses are informal, which limits their growth. According to Panashe, another area of relative importance to African entrepreneurship is the diaspora, their remittance into the economy is a significant source of startup investment. Some African entrepreneurs are diaspora returnees who decided not to take up formal employment. They rely heavily on networks to ensure the success of their business. With their exposure to the west, foreign entrepreneurs can combine their knowledge with how businesses are run in Africa and can create something sustainable. Challenges for African Entrepreneurs African entrepreneurs appear to have a greater tolerance for risk than non-entrepreneurs and lean towards innovation. Growth based on the global definition is very important for entrepreneurship because it is an important catalyst for entrepreneurial opportunities. Africa’s financial resource constraints seem to stop African entrepreneurs from growing their businesses. Africa continues to change, often in unpredictable ways. These changes are the main source of entrepreneurial opportunity. It is important that we don’t completely rely on the western standard of entrepreneurship but also develop our own which will eventually lead us to have stronger economies. Patience Panashe’s article highlights a lot of the points that African entrepreneurship is quite different from foreign entrepreneurship. This is true, for our businesses to succeed completely we should adopt a model that best suits our environment, especially the collective problems we face as a continent. As an entrepreneur, you can successfully run your business on Sync! With SpurtX! new product- Sync! we are focused on building the African business and managing your dream team. With Sync! you can build your team’s energy, drive accountability, manage resources and stay organised all on one platform. Our platform makes it possible for you to collaborate seamlessly on your team offline and online so you can build the best version of your business. Sign up at www.teamsync.tools and explore the future of work.
Feb03Top 30 Productivity Hacks To Get More Done
We Reviewed Simplilearn’s Top 30 Productivity Hacks To Get More Done In 2023 One can easily relate to the introduction of this article. Sometimes, we leave work feeling futile and unproductive, we wish we could have done more but that is just a wish. Some other times, we leave work feeling very fulfilled. It has happened to everyone, including the most productive man on earth. The writer of this article informs us about productivity, its importance and goes ahead to list the top 30 productivity hacks. Browsing the web, you’d discover that different persons have their top 10 or top 20 or even top 100 productivity hacks and it is delightful to know that despite the fact that productivity can differ based on employment, industry and task, these productivity hacks can be used anywhere regardless of what productivity means to anybody. Here, we would be reviewing the writer’s top 30 productivity hacks and we’ve asked people to rearrange the order. The writer’s number one might be another person’s number 2, and for this article review, I have interviewed a Finance manager, a social media manager and a front-end developer. Understanding that the productivity hacks you see online are just a reflection of what someone does when they feel stressed, regressive and/or confused will make you explore enough to discover your own hack for productively doing things. Read the original article for the order of the author’s productivity hacks. I spoke to the finance manager, Aminat. Aminat is in charge of the expenditure of the company she works for. She manages the company’s revenue, cuts down unnecessary costs, makes budget for the different projects that go on in her company, as well as reviewing the budget made by other employees. Aminat definitely has a lot of things on her plate, so I asked her how she does it. I asked her how she is able to complete her numerous tasks in a short period. We had a long conversation and I asked her to list her top 5 productivity hacks, starting from her number one go-to productivity hack. Aminat said that her number 1 productivity hack would be planning ahead. She gets impromptu tasks too, so she makes provision for contingencies. The last three hacks she mentioned include; Attempting the easy tasks first, Prioritizing and taking regular breaks. Planning ahead has always made her stay ahead, accomplish a lot, and manage her company’s money effectively. Opeyemi is a social media manager. She creates audio, video and written content for her company. Her job does not stop at content creation; she executes, tracks, manages and schedules the publishing of these content on various social media platforms. I asked Opeyemi the same question that I asked Aminat. What is your favorite and most useful productivity hack and she said that taking regular breaks has been very helpful. She for one, didn’t believe in having to look for hacks, but when someone advised her to take regular breaks, which she did, she was able to rapidly and accurately create content. Four other hacks according to priority for Opeyemi include; making a checklist, creating a dedicated workspace, using a productive technique and setting deadlines. The front-end developer, Sonia, always makes a checklist. She says it works for her every time. She lists the tasks for each day and makes a checklist out of it. She uses website blockers because she gets easily distracted, she takes regular breaks, uses a dedicated workspace and avoids multi-tasking. At the end of the day, people have their personal productivity hacks they use in order to be productive. Enterprises cannot choose the hacks they deem fit and enforce it on their employees because individuals work differently. However, businesses can make use of productivity tools to scale productivity. Sync! is a digital workspace that helps you create a checklist, prioritize and set deadlines; all these are productivity techniques that can make your work efficient. Visit www.teamsync.tools to get started today.
Jan31How To Handle Issues Of Black Tax As An African Entrepreneur
How to Handle Black Tax As An African Entrepreneur On one episode of a popular Ghanaian podcast, Sincerely Accra, a young man in his mid-thirties shared how he and his brother were given to their aunt’s care by their parents when they were much younger. The aunt already had many children and having two new mouths to feed caused such a strain on her finances that the older one had to take on the responsibility of caring for himself and the younger brother immediately after he started earning. He has since cared for his younger brother’s needs, including school fees, feeding, accommodation, and other necessities. He reported that his younger brother spent more time in chapels than he did studying and expressed his pain and fears that the sacrifices he had made may amount to nothing considering his brother’s nonchalance toward his education and future. Black tax is a term used to describe the practice of people who have risen to certain professional status providing support and assistance to other members of their families, even to distant relations. Family is a significant part of society, and in many African countries, families share close ties. It is common for families to meet to agree on certain decisions. For example, funerals and marriages. Families are committed to helping and supporting each other through misfortunes as much as they gather to celebrate. It is noble for families to support and build each other up. The issue, however, is when more successful family members become burdened with the obligation of providing for more people than their finances can bear. There is usually a sense of entitlement that develops as families not only expect but also demand all forms of assistance from their more successful members. And when these expectations fail, bitterness, anger, and hatred begin to brew on both sides. These “more successful” members are sometimes merely people who have traveled overseas, graduated from university, or own a car. They may not necessarily be in a position to take on financial responsibilities for other people, a fact that many seem to be oblivious to. As an entrepreneur, you may be even more highly esteemed. You own a business. Some relatives may believe that you should be able to employ your cousins. You should send some goods home to your uncle and his wife at the end of every month. You should be able to pay your nephew’s school fees. Are you able to? Is your business able to? Many businesses struggle to grow because of financial misappropriations and unqualified human resources. Some family members may overestimate the state of your business and have unrealistic expectations of you as a result. It is up to you to make decisions in the best interest of your business. Here is something to consider if you want to be able to build your business without black tax getting in the way: Set systems and checks in place The first thing to note is the business entity concept. The business entity concept states that transactions associated with a business must be recorded separately from those of its owners or other business entities. With this concept in mind, no amount of pressure will drive you to mismanage the assets of your business. It guides you against taking money out of the business wallet to spend on family charity missions. Keeping clean records of all transactions informs you about the expenses and revenue streams of the business, and with that information, you can make realistic projections for your business. If you must, create a social support account for the business to keep a percentage of revenue every month for donations. That account caters to family financial responsibilities and the like. Be disciplined enough not to use money from other accounts once the funds are exhausted. Hiring family and friends Black tax is not only in cash. It could also be in kind. For instance, once your nephew graduates from university, you will be expected to employ him at your company. Neither his parents nor other family cares about his qualifications. Their only thought is AB owns a business and can provide a job for his nephew. It will be unfair to generalize the mistakes of some family members who have failed as employees. If you can find a family member who is open-minded, professional, and qualified in terms of skills-set and knowledge, you may have found the best person for your business. The family has a higher likelihood of having the interest of your business at heart as it may be personal for them to some extent. However, you must not employ a family member just because of the mere fact that they are family. Do it while keeping the success of your business in mind. If a family does not meet your hiring criteria, do not hire. Learn to separate personal matters from professional matters. And if you happen to employ a family member, make them understand that once you get to work, it is a different ball game. Do not mix business with pleasure, especially not in this regard. Develop a sustainability plan What is the big picture? Ultimately, what kind of business do you wish to own? Draw the big picture and discuss with your team and other successful people how you can achieve it. Knowing what you want keeps you in check. So, get the big picture and set SMART and sustainable goals toward it. Your everyday actions and decisions will lead you to your goals. Those successes will then eventually move you toward the big picture.
Dec16Top 10 Lucrative Businesses To Start in 2023 With Low Startup Costs
10 Lucrative Businesses in 2023 with Low Entry Costs Most of us by now are feeling the impact of the global recession. The World Bank predicts that global growth will slow to 1.7% in 2023, the third weakest pace in the last 30 years. That means whether you are unemployed, employed or retired, you probably could do with a lucrative side hustle. Here are 10 Profitable Hustles To Try Out in 2023 1.) Foray into Agriculture With expansive arable land, water and good soil in the North, South, East, and West there is ample opportunity for individuals, businesses and government to make money from Agriculture. What's more, food is a major human necessity so demand is massive for businesses that venture into this area. Here are some of the lucrative agricultural businesses you can start in Nigeria. Livestock Farming Cattle farming is popularised mostly by the Fulani nomads as they can be seen in various rural and urban settlements in search for food. You can buy a young cow for NGN85,000 to NGN100,000 and sell it for as much as N500,000 - NGN700,000( 400kg-550kg). In holidays and seasons such as salah/Ileya celebrations and Christmas; prices for cows are at their peak. Poultry Farming Chickens can be reared from when they are little and raised till they are mature. Through out their lifetime they offer value in eggs and manure for fertiliser. Eggs go for as much as NGN2,600 per crate and can be sold for as much as NGN15,000 per chicken in peak periods. They can be purchased in cartons for as low as NGN28,000 in a carton. This is the total price for all the 50 chicks that come in that carton. Fish Farming This is a popular farming method. You can purchase fingerlings for an average rate of ₦250 and set up a small pond with less than ₦10,000. Cat fishweigh around 500–700g after 4 to 5 months of cultivation and can be sold for ₦1250 on average. Check out this video from a Ghanaian corper who started catfish farming with GH₵200 or ₦7500. Catfish can also be roasted and sent to the market. Cash crop Farming People would always eat, so farmers that deal in cash crops can be profitable with the right strategy. Popular cash crops like yam, cassava, fruits, corn move in the market. Agriculture is capital and resource intensive so there's a barrier to entry but the next business it free to start and you can start being profitable in no time. 2.) Real Estate Real estate investment doesn't have to start from building units of apartment buildings or buying expensive land. If you can recommend friends, prospects to buy property, most developers and companies would willingly give you a handsome commission. Other ways to make money with real estate investment include: Development Property development involves purchasing land, erecting buildings, developing infrastructure, and selling to the buyer either at carcass (lintel level), fully finished, with fittings, plumbings, and so on, or fully finished and furnished. Rentals In Rentals, you buy a property to put on the market for monthly or yearly rental. It has a lot of upsides like; regular cash flow, asset appreciation, collateral for loans, and property can be sold afterward for a profit. Reits Simply put, a REIT is a trust that pools fund from individual investors, acquires, operates and/or manages income-generating real estate. Flipping Also referred to as land/property banking - you purchase a property to sell in the quickest time possible for profit. See How Nola Adetola started started and Veritasi ; one of the most profitable real estate companies in Nigeria. 3.) Furniture and Fittings; The fine Art of Living Nigeria, a country of over 200million people has a housing deficit of 17-21million depending on who you quote. With an ever increasing population growth, Nigeria is a prime investment destination, a ready market for various investments; tech, financial services and real estate investments. As houses are springing up by the day, they will need to be properly finished and furnished. This opens up a huge market in the furniture making industry. In this video Miss Jumoke Dada who is a Nigerian entrepreneur talks about how she built a successful Furniture Manufacturing Business in Nigeria from the ground up. 4.) Nigeria or Ghana Jollof? - Food is Big Business According to SEMRUSH; "Jollof rice", a local Nigerian delicacy has on average; 400,000 global organic searches monthly and on Youtube; it has a combined over 7 million views from two of the top food YouTubers; "Sisi Yemmie" and "Sisi Jemmimah". And this is only one recipe ! With thousands of Nigerian recipes available, opportunities abound in the food industry outside opening a conventional restaurant; you can monetise: a community on a blog, instagram, YouTube or Facebook "How to Guides, recipe books and brand endorsements. You can monetise all of this! Whether restaurants, fast food, fine dining, selling snacks or a community; the food business is a 'moving' business that has consistent cashflow and mouth watering margins. 5.) Logistics and Package Handling Logistics business which include mostly deliveries here in Nigeria have massive potential. Post Covid, lots of businesses and opportunities are open to delivery services so most restaurants, e-commerce stores, vendors have demand for delivery to the customer's door. This means that motocyclists, drivers, riders are in demand to courier products. The minimum amount per delivery nowadays ranges between; NGN1,500 - NGN2,000 for short distances. This business is pegged at volume as you can see decent daily income by the day! 6.) Carpooling or Ride Hailing Uber and Bolt have democratised movement globally and of course in Nigeria. With on demand taxis and cabs available to take you to your destination, guaranteeing prices and safety, it is a very popular option to move around in town. Now even more ride hailing apps like Rida, Anaya, Indriver are popping up daily. The drivers have most of these apps in their phone and can make as much as NGN30,000 daily as net profit. You can also offer your car to co-workers or stranded commuters moving along your daily routes for a fee. Great way to make some extra cash without paying out any commissions to a third party. 6.) Drop shipping According to Oberlo: Dropshipping is a type of retail fulfillment method for online stores, where instead of warehousing inventory, merchants purchase products from third-party suppliers as customers make orders. The products are then shipped directly to the consumer. This way, the seller doesn’t have to handle the product directly. Many Nigerian Ecommerce store owners have become millionaires through drop shipping as they can avoid a lot of the overheads that come with having traditional retail business and only invest in running traffic to their site and making money. Popular wholesale marketplaces for these drop shipping products include: Alibaba 1688 7.) Fabrics Business Fabrics business is the first stage of the fashion business. The food chain proceeds from here. Designers, tailors, have to source textile materials and retailers can acquire from the wholesalers in bulk and markup per yard for profit. The profit to be made in this business is in the volume. A yard of material can be acquired for as low as NGN1,500. 8.) Bedsheet Business After sourcing for textiles depending on the quality and design, they can be cut and sewn to different sizes and types of bed sheets. It's big business many homes have need for several sheets and also folks in the hospitality industry constantly have need for bedsheets. 9.) Fashion Business The holy grail of all things textiles. Whether fast fashion, traditional, luxe; social media buzz, socialite events and hangouts mean people always have to look their best! So providing ready to made or customised clothing is a lucrative business if you can carve out your niche and produce quality wears. Adenike Ogunlesi is the proud founder and creative director of Ruff 'n' Tumble, one of the best manufacturers of children's clothing. 10.) POS Business Fintech has had a bull run over the past few years and even in 2023, only 3% of Nigeria's population has a credit card and only 32% own debit cards. Payment is a lucrative industry in Nigeria with still so much ground to cover. Managing and accessing cash on the go is very vital for our cash based economy. To this end, Point of Terminal businesses; where individuals can withdraw money from the POS machines like traditional ATMs are now mainstream. A commission starting from NGN100 and above is added per transaction based on the volume of cash needed. This is how POS businesses make money! On Jiji, A brand new POS terminal can be purchased for as low as NGN20,000.
Nov24Start-up culture in Nigeria
Start-up Culture in Nigeria Culture is the way of life of a people. Culture defines who we are, it is our identity, it is what we are known for, what we do, and what distinguishes us from others. Start-ups are new and rising industries with unique products in the market. Start-ups and culture are two sides of the coin as they cannot be separated from each order. If culture gives us our identity, then start-ups must take culture seriously. It is true that most start-up cultures are derived from the values of her founders. A charismatic leader will choose values that reflect his/her nature, so also a free spirited founder. What is start-up culture? Start-up culture can be defined as the norms, mode of operation, and client relationship delivered by an upcoming company. Simply put, start-up culture is the way a company operates in general from clients to staff. The start-up environment has been known to encourage innovation and spontaneous reactions to situations in terms of decision-making. It’s an environment that encourages growth and development because a lot of founders are getting a clear picture of the benefits of giving everyone the chance to be innovative. In as much as the culture encourages growth and development, many a time the pressure involved in getting things up and running can be so overwhelming to the point that negative energy begins to brew. This is because many a time, compensation and benefits may not match up with the demand of roles each staff may have to play because of limited funds and resources, a characteristic of start-up companies. To maintain positive energy at all times, founders must have their employees in mind when deciding on their core values. In as much as achieving the goal is a priority, the people to execute that goal must be put into consideration because people make a place. Founders should imbibe cultures that give employees a sense of belonging and good compensation packages as an incentive for the voluminous tasks required to be done. Start-ups should be open for improvement. There should be systems that give room for effective feedback not just on how people see them but mostly on how their employees feel about the company. A company whose vision and goal is not properly understood by the staff will suffer a lot and the people frustrated. In other to avoid this, start-ups must assign roles to employees that clearly state the mission and goals of the company so everyone is aware of the picture and how to get there. Start-ups must put their employees into consideration in whatever decision they are making. Never give your employees the impression that they don’t have a say in decisions taken by the organization. There are times to dictate how things are to be done and also times to let the people voice their opinions especially when it affects them directly. When bringing people in, make sure to be as plain and transparent as you can be and have a work style that doesn’t suck the life out of your employees. One major challenge start-ups face is the issue of compensation and benefit based on performance. Nowadays remote work style is one characteristic feature of start-up companies. While it is advisable to work remotely, team collaboration and performance tracking are major concerns for start-ups. Sync! eliminates performance anxiety, tracks project progress, and makes team collaboration easier.
Jul25How to Reduce Your Startup’s Burn Rate
How to Reduce Your Startup’s Burn Rate Lack of capital has always been known to be a major challenge for startups. Luckily, in recent times, entrepreneurs have had access to funding in so many different ways. Venture capital firms, low-interest loan options, pitch competitions in which winners are awarded seeds for their businesses, angel investors and so many other options.These, however, can still be expensive if you are really low on cash, and getting help from investors can be really tricky if you are not well informed. You may even need to pay a business consultant to guide you through the terms of investments, loans, and partnerships. Talk about spending more while you still have less.If you are starting a business, you want to be able to save as much money as you can and begin generating revenue in the shortest possible time. How can you do that and still have enough to employ staff, manage your team and eventually scale?Here are three simple ways 1. Set Up a digital workspace This may depend on the kind of work that you do but for businesses in categories such as fintech, SaaS, education, entertainment, and the likes, you might want to consider setting up a digital workspace.If you study the trends carefully you would see that the world has smoothly adjusted to remote work as more and more companies are gradually shifting into the different kinds of work models that their employees are comfortable with.In some companies, employees are allowed the flexible option of working from home a number of days a week and being physically present on-site for other days, a style that is termed hybrid.As a beginner, you can set up an office space in your home for yourself and set up an online one where your entire team can collaborate. This has many advantages over setting up physical space. The main costs involved in a digital workspace may be subscriptions for the platform and Wi-Fi. That definitely is cheaper than having to buy or rent a space, buy furniture, pay for transport or buy gas for transport to work every day, consider the cost of transport when determining employee salaries, and don’t forget utility bills. 2. Hiring — Pay for individual tasks done For a startup, you may want to focus on skills-set other than some good-looking academic qualifications. If you are keen on academic qualifications, then you want to make sure that it comes in hand with experience and skills. Usually, people with high academic qualifications demand high pay. Ask yourself if you have the recourses to do that.An easier alternative for you would be to post individual tasks that you want to be performed and get skilled freelancers to work on those tasks for considerable pay. (Where can you find them? I’ll tell you at the end of this article)The advantage that this has over getting full-time employees is that you are sure that you are only spending money on tasks that have been completed and that is relatively cheaper than paying an employee even when there are no major tasks for them to do. 3. Be in Charge The success of your business depends 100% on you. You are the dreamer; the bearer of those business goals and you need to take the reins and drive your team to where you want to get to. Digital workspaces come with features that help you manage your team and drive productivity. You can actually track the involvement and productivity of each of your team members. With those checks and implementation schemes in place, you can be sure that everybody on your team will put in the right amount of work needed for your startup to grow. As I promised earlier, I have just the right platform for you to get talent for your tasks. Spurt! has built a digital platform called Sync!. Sync! is a management tool that helps you build your business and manage your team. With Sync!, you can track milestones, collaborate on projects, and process payments all in one place, and on the go! For hiring, Sync! has a pool of members whom you can invite to work on individual projects with you. All you need to do is to Sign Up as a partner, create a project, load your wallet and put the amount that you want to pay for that project in escrow, and invite a member to work on that based on their skill set and portfolio. You get to break down the project into milestones and track how well your member is working on that project based on their ability to meet those milestones.Welcome to the future of work! Click here to book a demo and find out more about how Sync! works and how it would benefit you as a business owner. You can also visit our website, https://teamsync.tools/ If you found this useful, clap, comment, and share. You should also subscribe to our newsletter to get articles like this one.
Jul22Spurt! Launches Team and Project Management Tool, Sync!
Spurt! Launches Team and Project Management Tool, Sync! Following a successful private beta, Spurt! has announced the public release of its new team and project management tool, Sync!, into public beta. Sync! is now available globally and is free to use throughout the beta period. How Can You Benefit from Sync! Sync! is designed for small businesses or teams of 10 or less and enables end to end team and project management with features for project management, team communication, payments and talent recruitment. Team leaders and business owners on Sync! can engage with their existing teams or find freelancers to collaborate with on projects. Use Sync! to create a project, set specific milestones with timeframes and associated compensation and then invite employees or find freelancers to execute each milestone. The product minimizes the need to micromanage employees and helps drive confidence all both parties by ensuring that compensation is directly tied performance. What Are the Costs? Sync! is free to use throughout the beta period and will subsequently be billed as a subscription product for both businesses and freelancers. Monthly pricing averages as $7/month. How Can You Be Part of This? Visit www.teamsync.tools and sign up as a team leader (partner) or freelancer (member) for free. Watch our demo video to learn more about Sync!
Sep24Signs You Should Rethink Your Employee Development Strategy
Signs You Should Rethink Your Employee Development Strategy The single biggest differentiator between successful companies is not always the product or the technology stack nor is it stellar marketing campaigns. It’s the people. The people build the company and are the engine of the ship which keeps it afloat both during calm weather and rough storms. In the economical side of things, the ‘people factor’ is referred to as human capital, which is a resource that organizations leverage to drive growth. How do successful organizations leverage their ‘people factor’ to drive growth and set new records? Short answer; Human Capital Development. What is Human Capital Development? Human Capital Development is the effort taken by an organization to train and upskill its employees who will, in turn, contribute to the growth in the company with the expertise gained.This development comes in different forms but has traditionally been in the form of training, seminars, and workshop. Why Is Human Capital Development Important? As we have established, the need for a skilled pool of employees will add value to the organization in terms of productivity, growth, and revenue generation. Organizations with crème of the crop employees always see maximum returns in growth. As an entrepreneur or business owner, depending on your level of growth, you would need people to come in and handle different parts of your business while you tend to other affairs.On that note, why then do most businesses struggle to invest in their employees? Billionaire Entrepreneur, Richard Branson says that “your customers come second and your employees come first”. A direct contradiction to the ‘customer is king’ trope. If you are yet to start actively investing in your employees, here are some signs that should make you reconsider. 1. Your employees lack the motivation to learn It’s been acknowledged that a business with lazy employees will not stand the test of time, but lazy employees and unmotivated employees are not in the same category. Lazy equals unwilling to work even though they know what is expected of them. Unmotivated employees on the other hand are employees who are struggling to keep up. Either due to a knowledge gap or an overbearing workload or they may be disgruntled due to a lack of compensation for their efforts. We would like for you to consider this Employee Performance framework which is inspired by Experienced Salesman Simon Bowen. Now on this performance metric, you have four types of employees: The Prisoner - No Passion and No skill as a result The Rookie -Passionate about the job but lacks skill The Voyager - Skilled employee but lacks passion for the job The A Player - Skilled employee who is also passionate about the job We need no magician to tell us that every employer would like to hire the A Player and would like for their current team to all be A Players. But for this context, we would focus on the Rookie and Prisoner tropes.Both employees lack the skill needed for growth but one is passionate and has learning motivation while one does not. You would agree that no employee stays a rookie forever and will grow into expertise with time but how about a prisoner? How can you as an employer infuse learning motivation into employees who can be classified with this prisoner trope. You would recall that Human Capital Development involves upskilling of employees both in hard and soft skills, and confidence in one’s self and the company’s mission is a soft skill. According to an in-depth research report conducted by Digital Commons, the employee’s learning motivation is linked to 4 Psychological factors: Hope, Optimism, Efficacy and Resilience. All of which are qualities that top performing employees possess. So, if an employer observes that their staff are underperforming and are failing to upskill, rather than fire and rehire, that employer can hire a professional trainer that can help move their employees from Prisoner and Rookie mode to A Players. As a business owner, it is your duty to reframe the way you approach employee development, as opposed to the regular firing squad, you can solicit feedback concerning the work environment and factors responsible for employee drawback. Investing in employees means investing in other humans like yourself, and for employees to function, the mental and physical well beings should be accounted for. The second sign would be 2. Your Employee Churn is high And you keep wishing for “Competent talent”.It is tempting to believe that the reason you cannot find competent people to drive growth for your business is because they are rare. While this might be true, there may also be the reality that the expectations set do not match the talent available. In this case, what happens is that people are brought in and expected to figure everything out on their own and when they don’t it leads to churn in 3–6months. Then the cycle of hire and fire begins anew. Most small businesses do not have what is required to attract top talent. Top talent will most times work with a bigger competitor that will pay more and offer better structure. A survey conducted by PWC on MSMEs in Nigeria highlights the complaints of business owners that say once their talent became really competent, they always left. However, every talented player was once a junior that was given multiple opportunities to work, fail and add value. Competence is created over time, not manufactured. So rather than wish for more competent staff, you should consider creating room for your existing ones to achieve the level of competence you desire. Now having read through all this, we believe your perspective has somewhat been reframed to understand your employees a lot better and see Human Capital Development differently. Now it’s not enough that we show you roadblocks in your human capital development plan, we would also propose solutions because that’s what we’re all about at Spurt! What are some ways you can Invest in Your employees? 1. You can invest In the development of their hard skills by purchasing industry recognized courses from Udemy Business, and Udacity. 2. You can also invest in their psychological efficiency by getting them a Mind Coach. A sound mind produces sound work. 3. Team bonding activities should be made priority at work. 4. An increase in pay is also not a bad option. Have a different view? We are happy to chat with you in our comments. Feel free to share this post within your network and ask for their thoughts.
Sep24Some Of The Best (And Affordable) Ways To Create A Healthy Workspace
Some Of The Best (And Affordable) Ways To Create A Healthy Workspace Creating a healthy and happy workplace for your employees do not have to cost and arm and a leg. You do not have to buy your employees food everyday neither do you have to organize a corporate hangout every week nor give them 2 days off in a week. You also do not have to allow them play loud music during working hours to supposedly create a healthy and happy workspace. I mean, I cannot possibly tell you what to do, I only come with facts that might interest you. Maybe this topic has been on your mind for a while now. Just maybe! Don’t worry, this article has arrived to inform you of some of the basic, simple and inexpensive ways for you to create a healthy workspace for your employees. Be healthy and non-toxic for yourself first You might want to start by being in a healthy space yourself. There is a legal Latin phrase, “nemo dat quod non habet” which means: You cannot give what you do not have”. As their leader you have to be mentally stable and happy. You cannot bring your frustration and anger to work every day and expect your work environment to be healthy. You would definitely transfer it. So help yourself so you can help your employees, thus help your business. Take care of yourself, eat healthy, get enough sleep, meditate if that is your thing, plan your day and stay happy. You can only think of innovative ways to keep your employees happy if you are in a healthy space. It is only leaders with clear minds that can think of using Spark! 2. Engage your employees With the appropriate amount of tasks assigned to your employees, you can be sure that your employees will not have time for gossip and other ills of the workplace. When an employee feels engaged in their workplace, the benefits can be numerous. One of the benefits is increased productivity. Employees who feel engaged tend to perform better than those who do not feel engaged. The engaged employees are always in touch with their company’s mission. Plus, they have the zeal, energy and motivation to work. Do you know what tops it? The feeling of fulfillment your employees will have when they have completed their tasks. It might sound ironic but it is the truth. According to Steve Maraboli “Happiness is not the absence of problems, it is the ability to deal with them”. Here I have replaced Marabolis “problems” with “work”. 3. Create a good company culture for your business Evidence reveals that 74% of employees in the US and UK value company culture and 58% of employees will take a job that has a good company culture over a job that doesn’t. How long does it take for employees to get a promotion in your company? How much do they have to work? Do you offer your employees an opportunity to grow? Maybe you should tell them to draft and submit their personal development plan. Maybe you would have 20 minutes in a week where your employees play an intellectual game or maybe you would have a list of welfare questions you would ask your employees in your Friday meetings. In the same vein of a good company culture, recheck your values and policies. Do you have any discriminatory policy? Does it seem like your company is not receptive towards black people, persons with physical disabilities or women? You might want to check all of the above. It is important for your upper management and leaders within your company to recognize their employees for a job well done. When employees are heard, seen, and appreciated, they would be happier in their positions. Spark! helps businesses use the productivity metrics of their employees to give rewards and recognition to whom it is due. In conclusion, making your employees happy is not a difficult task. With the few above tips and the use of Spark! You can be sure that your employees will be like those little kids that anticipate school. It might be because they like their teacher or their classmates. It can also be because they like school itself. Whatever it is, they are happy and your workers can be too.