A stitch in time: The importance of timing in managing business cash flow
[bctt tweet=”#MotherlandMoguls be aware that poor cash flow management could ruin your business” username=”SheLeadsAfrica”] A stitch in time saves nine…whoever said that was right. The saying is a warning against procrastination. Putting off doing important stuff until it is more convenient is never a great strategy in personal life and especially in business. When it comes to your business, it needs to have a minimum amount of cash to remain afloat. Maintaining liquidity requires intentional effort and coordination to ensure that you meet this requirement. Poor cash flow management has been known to floor businesses. At the root of the famous Enron scandal was the management of cash flow. That is why #MotherlandMoguls who are their own #Bosses need to pay attention to it. Managing your business cash flow There are three major warning signs you need to pay attention to when managing your cash; Slow Collection: When your sales are not moving as fast as you expected them to or you are not making sales at all. Excessive short-term debt: “Short term” usually refers to debt that is due in 90 days or less. The larger this figure is, the higher the chances that your business is cash strapped. Overtrading: Making sales is a good thing; the problem is having more credit sales which means that the cash your business should have is stuck with your customers. Sometimes what happens is that businesses ignore some warning signs and fail to respond to them on time which leads to bigger problems. One of the most important things to do here is to monitor and coordinate when money comes in and when it goes out. The moment you recognise a situation that is likely to put your business at cash flow risk, deal with it at the earliest opportunity. This is one of the lessons that Julia learned. [bctt tweet=”Timing is everything when it comes to managing cash in a business” username=”SheLeadsAfrica”] A business at standstill We met Julia in one of our Financial Education workshops. Julia runs a small milk delivery business and she was having a few challenges with her cash flow. A majority of her customers bought her milk on credit which she let them have for a period that was not specified. When we met her, her main problem was that she was not able to pay her milk suppliers because she didn’t have enough cash on her. Some of her customers owed her for more than two months and the fact that she could not pay for the milk meant that her business was at a standstill. Julia also rents a storage unit where she stocks up her milk; she was in arrears for one month and was about to throw in the towel when we met her. Lessons from Julia Timing is everything when it comes to managing cash in a business, you must be sure about the dates when major payments (out and into the business) are expected and when. Some of the tips we gave Julia for her business were: First to consider taking a loan as she tries to stabilise her cash position Not to rely on her sales to make basic payments such as rent and wages since Julia might not always meet her sales targets. Rather she should have savings that she can dip in when the going gets tough. This savings can be built slowly over time when business is good. Not to order excess milk if she doesn’t think she can sell it. To compare the credit terms of different suppliers and pick the one that works best to her advantage. [bctt tweet=”One way to ensure money moves through your business is by saving up to make basic payments ” username=”SheLeadsAfrica”] A couple of months later, Julia who had decided to continue her business reported that her business was doing much better as she had found another supplier who had better credit terms. She also instituted stricter credit terms with her customers. If your business is cash-strapped consider taking on some of the tips we have given and you just might end up with a smile on your face like Julia did.
Biabu Shaffi: The difference in winning and losing is most often, not quitting! So, don’t quit.
[bctt tweet=”If you have identified a problem, look for a solution & turn it into a business @BiabuShaffi” username=”SheLeadsAfrica”] From the coastal part of Kenya, Biabu Shaffi is among many things a passionate baker and a cooking enthusiast, always looking to try new recipes. For the past 3 years, she has been baking cakes, cookies, and other pastries to earn an extra shilling which she has used to fund her degree in Business Management. After being approached by several family members and friends looking to find suitable housekeepers, Biabu realized that there was a gap in the market and she decided to fill that gap by launching Pristine Housekeeping Agency. Through Pristine, Biabu hopes to establish a one-stop shop that Kenyans can look to for all their household needs: cleaning, babysitting, shopping…you name it, Pristine will offer it. What’s her mantra? Biabu believes that if you have a passion, you should pursue it. What was the inspiration behind the birth of Pristine Housekeeping Agency? The idea of running a housekeeping agency came from a comedy series entitled “Devious Maids” lol. There is this character called Marisol Suarez, who started an agency for maids. People go to her to look for maids. Initially, I thought I could do the same but after some consideration, I decided not to –I didn’t see the need then. But then one day, it happened that my cousin, my sister, and aunt were looking for house-helps and they just couldn’t find one that would fit their need(s). And there I was, again, thinking, if I start a housekeeping agency, train the ladies/gents on the basics, like how to clean the house, do laundry, cooking etc. I would really be making money. Then I remembered that people here travel to other countries, especially the Middle East, to clean houses for money and some end up getting hurt, others even get killed. So, Pristine will also be creating/providing employment to the unskilled, jobless youths and women and in the long run, grow a skilled community, end crime and poverty. What was the need you saw lacking in the Kenyan housekeeping industry that made you want to pursue this idea? In your view, what is it about Pristine that sets it apart from other similar ventures? First the Kenyan housekeeping industry only concentrates on commercial buildings –like offices, malls and supermarkets, hospitals, and hotels. Not one person has thought of venturing into house cleaning services, NONE! Pristine will do the household chores for you. From cleaning, cooking, shopping to babysitting. Lots of people look for professional house-helps –one that can do the house chores without needing someone breathing down their neck. I haven’t seen any agency like Pristine except when seeking employment in the Middle East. Pristine’s vision is to be the best housekeeping agency in Africa by 2030. How far have you gotten with the development of your idea into a fully functioning agency? What would you say have been some of the biggest challenges that you have faced along the way? Winding up on the proposal, working on the logo and registration. I am done with the name search so I am waiting for the response. So far, the challenge I have faced is time. I must juggle in between my full-time employment, cake orders, school, volunteering and researching on Pristine. It has been and is still is a very big challenge. Finances too have been a challenge as I use my savings to get things done, so hopefully, I will get some funding or someone with a good deal to invest in my business. When it comes to opening a business, where/who would you say you have received the most support from? How have you been able to capitalize on that? I have a colleague, who is also my mentor, who said that gone are the days when people started businesses just to make a profit and become wealthy. These days it is more about “what problem are you solving?” or “what are you doing for the society?”. I saw a need in my community, the need for good and professional help, and I believe that we, at Pristine, are going to satisfy that need. [bctt tweet=”Challenges are opportunities in disguise @BiabuShaffi” username=”SheLeadsAfrica”] Starting a business can be a daunting process for many young women. As someone who is currently going through the process, what would be your advice to other young women in your shoes looking to embark on a similar adventure and become business owners? Yes, it is a daunting process. Especially if you have a full-time job and other things running. What I can just tell other women out there is; Never give up! Challenges are there to make us stronger. In fact, challenges are opportunities in disguise –grab them and face them head on. You know why you started, and what you are looking at achieving in the short and long run. And always remember that the difference in winning and losing is most often, not quitting! So, don’t. With regards to Pristine Housekeeping, what would you say are your top three goals for 2017 and how are you planning to accomplish them? Get registered as a limited liability company by March – I have started on the registration process and I am at least half way. Recruitment and placement of at least 20 youth and women – I will be training them at my home before I secure a perfect place for this –I am also working on the plan. Funding/Donors/Investors – This is in order to be financially stable and/or get an investor. You are also in the process of completing your degree, how are you managing to handle it all, finishing school, starting a business and presumably trying to have a social life and pursue your other passions. I am a very good multitasker and all this is because I am self-motivated. In other words, my passion drives me to work harder and move, despite loving my nap times,
You vs Them: Staying relevant in the dawn of rising business competition
[bctt tweet=”Never, ever, lose sight of your business game because of the competition” username=”SheLeadsAfrica”] Competition is everywhere. These days, everything is basically a competition in business, from online DIY blogs and vlogs giving clients all the information for the same services you render to the new enemy in the block rendering the exact same services or product your offer. On the bright side however, competition can be healthy for your business and customers too (they literally pray for it). Every customer loves to have a wide range of options and the universe is big enough to accommodate you and a million others to do business. So rather than putting all your energy in prayers for your competitor(sss) to fold up pretty soon, it’ll be much better for you to start pouring all that energy into keeping your business relevant and on top the lighthouse, and here’s how: First things first, avoiding irrelevance is the first major step to take in staying relevant So at every point, always halt and ask yourself (with or without the competition) if your business is still relevant. You should also ask if your relevance is slowly fading out. This helps you understand and reinvent your business better to fit the changing times. Keep your eyes on the game: Never let your competitors get you all jerky and stuff. Stay focused on your business, consolidate on your strengths, and work on strengthening your weaknesses. Think about: What you can be doing to ace up your product and service How to top up your customer service (veryyy key) How to improve on your quality and business value How to expand and reach more markets and more people Build integrity for your business and keep it that way. Say what you have and offer what you can give, this will keep your customers coming back to you even after checking out a new competition. Never, ever, lose sight of your game because of the competition. Do a Lil’ Checking Out: Eyes on your game all right, but a lil’ spying never hurt anybody. Take a moment to check out your competitors, do some quick research, find out all you can about them especially their greatest strength and weakness. Leverage on their weakness and see what you can do about their strength. However, don’t panic and copycat the enemy in desperation. Don’t go slashing your prices when you clearly don’t need to, because your competitor has done so. Do Not Be The Last To Trend: Time waits for no one and so does technology. Whether it’s a start-up or full grown business, don’t stay sleeping on your achievements and get left behind. Be innovative, research on the latest technology, (and the ones to come) and constantly build your brand to fit in before you walk into a Kodak moment. This also involves understanding that diverse locations have diverse customer needs. Know your customers and know what is in trend for them, like if they more concerned about service or quality, or price. Spice Up Your Marketing Strategy: Constantly make an effort to spice up your marketing strategy. It could be with a re-branded logo or a new tag line, loyalty discounts and promotions on your services and products, collaborating with other products or services related to yours, anything to customizing your bottle with individual consumers’ names (we know who did this one). #MotherlandMogul key word: Keep it spiced up, don’t hang on stale strategy (even if it was once a major hit). Take Care Of Your In-House: Treat your employees great and make them understand the goal, cause employees can make or mar your business, sista. You don’t want your employees telling your clients (through words or actions) why patronizing your competitor might be a better idea. We know the competition can be fierce sista, but so are you. So, put on some stilettos, and get to work; today is for good business *raises glass*
Webinar with Samke Mhlongo-Ngwenya: Planning your personal finance and investments (Mar 23)
It doesn’t matter if you’re making a little or baller is your middle name, we all have to deal with important money matters such as investments and personal finance. If you’re climbing the corporate ladder, trying to launch your own business, or managing your family independently, join us on Thursday March 23rd as we discuss personal finance and investment options for young women. We’ll be chatting with Samke Mhlongo-Ngwenya, one of South Africa’s most recognized personal finance experts who offers one-on-one personal finance consultations through her company TNC Wealth. Samke obtained her expertise in debt management and wealth creation during her 7-year tenure as a private banker, now she engages in corporate speaking, panel moderation, career management and women’s issues as well. Register below to get the exclusive link to the webinar. Some of the topics we’ll cover: What you need to understand about investments 3 financial questions every woman should ask herself Planning a budget Top 3 things to look out for when selecting an investment advisor Identifying your investment goals (safety, income and growth) Webinar Details: Date: Thursday March 23rd, 2017 Time: 12:00pm Lagos // 1:00pm Johannesburg // 2:00pm Nairobi About Samke Referred to by CNBC Africa as a “personal finance goddess”, Samke Mhlongo-Ngwenya is not just a personal finance expert, but also the youngest board member of State-owned mineral technology research council MINTEK, and founder of The Next Chapter “TNC” (coming soon) – Wealth Partners. Samke is also a personal finance consultant, corporate speaker, thought leader, media commentator, and financial inclusion advocate. Armed with an Accounting degree from the University of Cape Town, a Postgraduate Diploma in Management from Wits Business School, and an MBA from the same college completed with a research report titled “Factors contributing to over-indebtedness in black South African females”, Samke aspires to continue developing content that educates, entertains and empowers her audience.
Tshenolo Sebogodi: I found something many yearn for, fulfillment!
[bctt tweet=”More than anything I believe I was called to do this, I have found my purpose.” username=”SheLeadsAfrica”] Most of us are familiar with Afro-jazz which is a style embedded in the African traditional music and dance. On the other hand we also have AfroSoul, it’s fairly new and its a blend of African Folk and urban Soul. Tshenolo Sebogodi was raised in this type of genre. She grew up in a township called Montshiwa in Mafikeng, North-West South Africa and generally she is a lover of arts especially music, of course. Despite being a law graduate, the optimist is pursuing a career as a songwriter and Afro Soul/Jazz singer. Tshenolo definitely has big dreams for herself and she says it’s made possible by her child and husband who are her biggest cheerleaders. Tshenolo is also a true believer who lives by faith and with the support she has, there is every reason for her to keep going. Tell us about your album Journo. What is the story behind this name? Journo is my upcoming debut album that consists of songs that l wrote myself. The title Journo depicts articles and journals about my life experiences and those around me in a musical form. It was inspired by the transformations we all go through in life. I seek comfort in music, so all songs have a significant meaning from a particular period in my life. The album is very inspiring and motivational. It talks about hardships we all go through of feeling inferior, being afraid of dreaming , being afraid to have a voice and most importantly not conforming to society’s expectations. It talks about how great each of us are and how we’re all capable of achieving our goals. Also, it highlights the beauty of each season we go through in life and embracing every moment, even the bad times. Have you always loved the art of music? I have always loved the art of music from a very early age and have known all my life that I was born to do this. I was born in a very musical family and was exposed to classical music but fell in love with jazz music when I started performing 10 years ago. My family is also academic, I then had to take a break from active performing to obtain my LLB degree. Even during years of schooling, I knew the end goal was to be a My family is also academic, I then had to take a break from active performing to obtain my LLB degree. Even during years of schooling, I knew the end goal was to be a full-time musician, that’s what kept me going. It was a bit of a shock to everyone when I put aside my qualification to pursue the art of music, still is to most. [bctt tweet=”It was a bit of a shock when I put aside my qualification to pursue music – Tshenolo Sebogodi” username=”SheLeadsAfrica”] How has your life changed since you started your music career? My life changed dramatically when I officially began my music career. It was a pivotal time in my life, more like a make or break situation. My faith, my ability and even my talent was tested. The period of transformation from being a normal individual and completing studies in record time to pursuing music full time was a drastic change. I was obviously expected to practice law and possibly be a judge one day, but that was not what I was called for I believe. In that period, I was questioned by many and was told that I live in an imaginary world of my own. Not only did I have to fight to get my music career off the ground, I had to seek inspiration from within and fight for what I believe in when everyone else thought I am living in dreamland. More than anything I believe I was called to do this, I have found my purpose. With all the challenges and backlash received I found something many yearn for, fulfillment. I have so much joy in my heart, things still aren’t easy but I wake up each day looking forward to another chance to reach my goals. You had the opportunity to perform at the 4th annual Mahikeng Jazz Festival alongside the most revered legends in SA music, how do you do it? When I get the opportunity to perform at jazz festivals such as the Mahikeng Jazz Festival/Mapungubwe Jazz Festival to name a few, I perform along side legends. It does get overwhelming at times, I mean these are people I look up to and have been following for years. It gives me affirmation that I am heading towards the right direction. I definitely still observe and take tips and learn how they perform so that I’m able to be a legend one day. You have gained a lot of support from family, friends, and even strangers. What does this support mean for your journey as an aspiring Singer? Although self-belief comes first, getting support from my loved ones means everything. It means the world when your support structure is solid. There’s so much uncertainty that comes with the job, it really is crucial to have those that have your back no matter what. It took my family and most of my friends time to understand and eventually lend their support. There had to be a family intervention before my parents eventually understood, my husband had to help me take them through it. Today my family and friends are my biggest supporters and I draw strength from their words of encouragement. Getting support from strangers was overwhelming in the beginning, unlike family, they don’t have to listen to me. When I see strangers paying attention and enjoying my music, I get goosebumps and literally get more inspired to give it my all. It truly does boost my confidence on stage and as a songwriter. I just want to get better
Caroline Numuhire: If you want to be a human rights advocate, just do it
[bctt tweet=”Work on your gifts and then the universe will grant you wisdom to shine.” username – Caroline Numuhire=”SheLeadsAfrica”] Global health and creative writing go hand in hand for Caroline Numuhire. From Kigali, Rwanda, Caroline got her start in global health as an intern with Save the Children Rwanda. She went on to address childhood malnutrition as a Global Health Corps (GHC) fellow at Gardens for Health International (GHI) in 2014 before joining GHC staff as a Program Associate last year. Caroline regularly contributes to ECOFORUM and Environmental Africa in addition to penning inspirational short stories. She is currently working on a novel and pursuing a Master’s degree in Global Health Delivery at the University of Global Health Equity in Kigali. You are both a global health practitioner and a writer. How do you juggle your main hustle and your side hustle? Is there overlap in these seemingly disparate worlds? My professional life in the global health domain matters a lot to me to feel fulfilled as a human being as this is my contribution to build a more just world. I enjoy sleeping at night knowing that I spent a day achieving a good goal. If I was ever asked to pick one job, it would be a hard decision because I am passionate about my work as well as my writing. I always feel lucky to live in a world that allows me to practice both. When I believe in a cause or a profession, it becomes so easy to handle it because I understand why I invest every drop of energy and I ensure that I find time to juggle and work on my passions. The reason why I (agronomist and writer) smoothly fit in global health is because it is not and has never been an isolated technical field. Communication, writing, and public speaking are some of the key tools that allow me to be an effective advocate for global health issues. There’s still a huge need to write about these issues that are affecting humanity. Agriculture, nutrition, and the environment are often overlooked aspects of health and wellbeing. Why are you passionate about these issues? The simplest answer would be that I have an educational background in agriculture, rural development, and global health delivery. But the true answer is more complex. Sometimes when we talk about good health, we think about the absence of diseases and when it comes to wellbeing, we picture cash in our minds! In Rwanda, communities of farmers are the first victims of climate change effects and of malnutrition. In the early days of my career, one of the startling realities I faced in the field was that farmer communities suffer from malnutrition while they produce all the beautiful and healthy food that we consume and consequently they face poor health outcomes. In my eyes, it was an obvious facet of social injustice that I had to dedicate my efforts to. You work with Global Health Corps fellows in Rwanda, many of whom are new to the health sphere and even to living and working on the African continent. What’s been your most challenging experience in this role so far? The biggest challenge of my work is to work with smart, energetic and result-driven young people who want to observe the impact of their fellowship right away. It requires a form of art to help them understand that once you sow a tree seed it takes days, weeks, and most of the time years to yield flowers and then fruits. And your most rewarding? The most rewarding part is to see fellows graduating from the fellowship as empowered, more resilient leaders who are ready to continuously change the face of poverty and inequity wherever they are heading. It is a true transformation! [bctt tweet=”Caroline Numuhire says ‘Don’t fear that there are so many human rights advocates already – they are not YOU’” username=”SheLeadsAfrica”] Professional women are often stereotyped and coerced into looking, acting and being a certain way. How do you stay true to yourself in the face of societal pressure to conform? Oh, that’s a poisonous disease! Yes, we live in a society with predetermined norms. Yes, we want to experience the feeling of belonging. Yes, we have so many excuses, right? In the last 20+ years of my life, I have played the card of likability. You know what? I lost, miserably. Just because I failed to please the only person who matters to me: myself. It’s so easy to be a submissive, scared, shy, soft, incompetent, slow, lazy woman (beauty being tolerated!) and be accepted, included and appreciated. But if your inner voice tells you that you are something else, then be exactly that person. For yourself. Don’t fear making men feel insecure because of their own weaknesses. It’s not your role. If you want to look sexy, smart and happy, be sexy, smart and happy. The formula is simple. I intimately know that I’m an energetic, hard-working, empathic and imperfect girl and I totally, shamelessly and unapologetically embrace myself. What other people think of me is their own right but not a business I manage. A woman has to value herself and if you don’t know how you can start reading or watching Louise Hay’s meditation videos as well as learning about other women who understand the secret of true self-love. What advice would you share with other young leaders who want to use their gifts to make a difference in the world? First of all, work hard on your gift. The world will respect you if you respect your gift. We are all talented. God created us with tremendous reserves of amazing aptitudes and gifts. Just find your own, refine it and it will blossom to heaven. Epictetus said, “If you want to be a writer, write”, so if you want to be a human rights advocate and you believe that this is your call, your life purpose, just do it. Just do it and dare to believe
Jacqueline Shaw: Pioneering a movement for “fashion made in Africa”
[bctt tweet=”I was inspired by the possibility of creating something new @jacquelineMshaw” username=”SheLeadsAfrica”] Jacqueline Shaw is the Founding Director of Africa Fashion Guide (AFG), a social enterprise and fashion sourcing agency. She has worked and designed for various fashion companies around the world. Companies such as PUMA, Russell Athletic, Ocean Pacific, Fila and Chilli Pepper to name a few. AFG is a unique platform that promotes and supports the supply chain of Africa’s fashion and textile industry. AFG supports SME’s by offering online courses providing them with relevant skills, knowledge, understanding and opportunities to network in the African market. Jacqueline is also a published author. She wrote, curated, produced and self-published the coffee table book “FASHION AFRICA- The Visual Overview Of Contemporary African Fashion”. The book launched at The Fashion Africa Conference, which brought together key industry leaders from African fashion and ethical fashion. Since the conference’s launch, there’s been an array of high-street brands and retailers such as ASOS, H&M, NEW ERA as well as press including Financial Times, Guardian and more attending this conference. SLA contributor Neo Cheda recently met up with Jacqueline and here’s what Jacqueline had to say. What inspired you to get involved in this industry? I have always loved textiles and as a child, I used to sew and make clothes for my toys from scraps of fabric. I believe I was inspired by the possibility of creating something out of something else. Getting close up to hand-made textiles for me was a dream. I feel some textiles should not be cut or passed down but celebrated with stories for generations to keep their craft alive. What would you say is the innovative idea behind Africa Fashion Guide? We are a team of disruptive innovators. As a recent CNN Africa report said, “A disruptive innovation is an innovation that shakes up an existing market”. I have worked in a market dominated by Asia and am presenting a new market to this industry, one that has been overlooked and considered “dark”, “poor”, “bad in quality”, and “unable to perform”. I believe that Africa is a continent of future leaders. Hence at Africa Fashion Guide, we have pioneered a movement for “fashion made in Africa” and not just that but ethically, sustainably and responsibly. What challenges have you faced in the fashion industry? Fashion in itself is an industry that takes a lot more than it gives. One really has to prove themselves and that can take years. But above all, you have to maintain the belief in yourself to do well as you can face a lot of rejections too. There are also general challenges of systems and finance invested to support the industry. I found that working out of the continent, I am challenged to persuade the general industry of the African opportunity and to get them to invest in that. [bctt tweet=”Fashion in itself is an industry that takes a lot more than it gives – Jacqueline Shaw” username=”SheLeadsAfrica”] How have you managed to stay the champions within Africa’s fashion supply chain? We do not do fashion shows but we are here to talk business and to get the message across that Africa is, has been and will always be open for the fashion business. We have also focused on sustainability. I personally made it my effort to research, investigate and network with this community. I am even called to talk about this internationally. With a Masters in Ethical Fashion and then completing an MSc in Social Research, I understand the importance of understanding the market and sustaining that market through responsible sourcing. Lastly, because we are consistent in what we do, we have gathered a strong following and a lot of respect too. We are not newbies to the field but have spent time digging deep to build the right foundation for building up our company. [bctt tweet=”@jacquelineMshaw here to talk business & let people know that Africa is open for fashion ” username=”SheLeadsAfrica”] Advice to young women looking to venture into the fashion world: Network: Build a strong community of people, supporters, mentors and those with skills you don’t have. Always be willing to learn, be humble and know that real wisdom comes from acknowledging that you don’t know everything. Grow a steel spine because there’s a lot you will have to overlook and ignore. Many opinions could make or break you but the key is to believe in yourself. Read up on everything to do with your craft whilst perfecting it because as a mentor once told me, “The best leaders are the biggest readers”. If you’d like to share your story with She Leads Africa, let us know more about you and your story here.
Cash is King, don’t ever ignore it
[bctt tweet=”A #MotherlandMogul who underestimates the power of money sets herself up for failure” username=”SheLeadsAfrica”] Phones are ringing, orders are streaming in and your sales department is a beehive of activities. Your business is doing well, the mood is ecstatic. The store person walks to you and breaks unpleasant news, stocks are exhausted. You quickly ring your suppliers and each supplier, as if choreographed responds, “We can’t supply till you pay the outstanding amounts”. You call your accountant and ask her how much money the business has. She says there is very little cash, but quickly assures you that there are receivables which if you collect; the business will have more than enough money to buy stocks. You ask your assistant to call all the debtors and collect outstanding money. Meanwhile, you call the bank, for quick working capital. In your mind, either of these two must come through for you. By end of day, you call your bff to explain you have no money to buy stocks and you have lots of orders pending. She does not have any cash either; all orders for that day are delayed. The next day is no better, and customers start asking for alternatives, to which you direct them to your competitors. It is a sad state of affairs and each passing day, the mood in your business dampens, and activities slowly grind to a halt. Where did I go wrong? you ask yourself; with no answers. Many times we hear an investor say, I will make loads of cash from this idea, so let me put in all the money that I have. Yet she doesn’t consider the day to day cash needed to sustain the business and her life. Such a #MotherlandMogul who underestimates the power of money sets herself up for failure. Money dictates the pace of growth for our businesses, and also the pace of progress of our lives. The absence of money brings business to a standstill and slows our lives down. Planning cash flows is tantamount to respecting the King. Cash must circulate in your business, from your financiers and customers, to be used for purchasing inventory or stocks, investing, paying for labour and some lying around in a bank account to handle emergencies. All these activities are so important for your business survival, neglecting any of them, or leaving it to chance is a quick way of muzzling your business to death. In this series of articles and guides, we are going to breakdown cash flow management’s concepts to help you manage your King in a way in which he will flow, without any turbulence, and provide your business with the much-needed growth. [bctt tweet=”Learn the basics of cash flow analysis with @SheLeadsAfrica & @StanChartKE #MoneyMakingMogul” via=”no”] Tight Money (Guide) The cash flow cycle explains the physical flow of money in your business, from the moment you receive it, through utilising it to pay for your expenses, all the way to banking and using it to produce goods and services. Show Me The Money (Guide) We then delve into the best time-tested strategies for managing cash. Here, we discuss how much money you need to have idle around your business waiting to be spent, what you need to do to manage suppliers and the people who owe you, when to turn to debt and when to dispose your inventories, even if it is at a loss. A stitch in time… (Article) Timing your cash flows to coincide with your outflows is quite a serious strategy in the process of managing cash. It is important that your big expenses are undertaken when you are expecting your big payments from your customers or an inflow from your financier, be it a loan or a grant, or an injection of capital. Read up on how to time your cash flow here. Cash in itself can be an investment. That means by having liquid cash, you can keep it in a form in which it earns interest instead of keeping it under your mattress. Money can be invested to earn a return while waiting to be used in the business. Concepts around managing liquidity, investing excess cash, earning or paying interest and banking will be discussed in our last article on cash flow management. Cash is King. No queen ignores the king. If a #MotherlandMogul ignores the King, it can only be to her own detriment.
Social Media Marketing- What? Why? How?
[bctt tweet=”Social media marketing has gone been perceived as a fad to a must-have for brands today” username=”SheLeadsAfrica”] Let’s start with 2 definitions to answer the What: social media noun websites and applications that enable users to create and share content or to participate in social networking Source: Oxford Dictionary social media marketing noun the process of gaining traffic or attention through social media sites Source: Searchengineland Simple right? Now that we’ve cleared that up, let’s dive right into the Why! Social media marketing has gone from what was perceived as a fad in the early 2000s to a must-have for brands today. Every brand, business, and entity wants to have a presence on every social media platform. Why should YOU think about social media marketing? Well, it starts with you as a brand. Social media is an opportunity for you to build your personal brand, and grow your authority on your subject. Your social media profiles are the first thing to show up in a Google search for your name. These are the best places to start with establishing you as a brand. Twitter is a great place to weigh in with your opinions. LinkedIn is the best place to detail your professional experience and showcase your expertise. Facebook allows you to keep in touch, and share your views. Instagram provides a place to chronicle your life’s journey. When it comes to your business, social media lets you reach a staggering number of people at a fraction of the cost of traditional media. Take Facebook, for example. There are more than 15 million Nigerians on Facebook. For $10/day, you can reach up to 40,000 people. That’s a staggering amount of people and dirt cheap when you compare it to the cost to reach those people through traditional media channels. The best part is you don’t always have to pay to reach them. It’s all about how you communicate with them. The variety of social media channels means you can showcase your business and its personality in different ways. Social media allows you to get in front of your consumer where they are. And believe me, they are everywhere! Social media is becoming an integral part of the marketing funnel. With the advent of messenger bots, live video, and VR, it is now possible to sell a product and an experience without any physical process. That is huge in itself and signals a drastic shift in how consumers’ purchasing activity. [bctt tweet=”Social media is becoming an integral part of the marketing funnel” username=”SheLeadsAfrica”] So how do you start? For starters, do not go and create an account on every social media platform for your business. Yes, that’s right, do NOT. It starts with listening. You understand your business and your target audience. The next thing is to see where your target audience is and what they’re saying. When you’re armed with that knowledge, you can then think about which platforms your business needs and how your business is going to join in the conversation on them. Remember each platform has its own nuances, and it’s best to understand them before jumping on them. Take the time to study each platform. Some tips for your content: Keep it relevant and informative. Statistics show that consumers engage most with relevant and engaging content. Use an 80:20 approach. 20% of your content should be sales focused. The 80% should educate, showcase, inform and entertain your consumers. Always be ready to adapt. What works today might not work tomorrow, and the landscape is always changing. Be ready to change with it. Be conversational. Integrate. Your social media sales communication should not be in isolation of any other marketing activity you’re running. Social media marketing is not a thing of tomorrow, it is a thing of now. And every passing day, it’s evolving. All aboard? – This article was written by Prashant Kirpalani. Prashant is the Social Media Manager at Wild Fusion, Wild Fusion is Africa’s leading Digital Marketing Agency. When he’s not working, he likes to game, DJ, and tweet about Chelsea and fantasy football.
Patience Nkosi: I’m obsessed with making women look extraordinary
[bctt tweet=”In business, one needs to do thorough research and have a plan before executing their idea – Patience Nkosi” via=”no”] Patience Nkosi, makeup artist and founder of PashyN, affectionately known as Pashy, is a small town girl with an unstoppable passion for transforming and enhancing how women look and feel through makeup. Pashy is obsessed with making woman look extraordinary by eliminating self-consciousness in young women one brush stroke at a time. She believes that if you look good, ultimately, you do better. After completing her BSc in Computer Science, Pashy found that her true calling was in makeup. SLA contributor Jeanette Nkwana talked all things beauty, business, and PashyN with her. Have you always wanted to go into the beauty industry? It is true when they say that certain situations only happen because they are all part of the process of leading you to your true path. Being in the beauty industry was never really my plan. I somewhat “stumbled” upon an opportunity which led me to my destiny, a founder of a beauty brand & makeup artist at PashyN. What challenges did you face going into a market (that you have previously worked in) as an entrepreneur? Starting a company isn’t as easy as it may seem. One needs to do thorough research and have a good plan before they execute. One major challenge I came across amongst many others was acquiring startup capital, a setback which delayed my progress. Who do you look up to in the industry and how do you identify with him/her? I’m such a groupie of so many of international makeup artists. I follow them on Instagram, some have worked with famous international celebrities. Makeup artists like Jack Emory, Alexandra Annele, Sonja Deluxe to name but a few inspire me. I draw my inspiration from them and try to incorporate that in my own craft. Literally, I’d spend hours and hours on YouTube checking out their stuff. They pretty amazing. What is the biggest misconception people have about what you do and how do you address it? [bctt tweet=”Beauty is NOT standard, it moves, transforms and differs from person to person -Patience Nkosi (PashyN)” via=”no”] Society has placed us with the burden of enormous expectations of what beauty seemingly is or should be. The popular phrase, “true beauty lies in the eyes of the beholder” speaks to me in volumes. To my understanding, this implies that beauty is NOT standard. It moves, transforms and differs from person to person. Therefore no woman needs to be validated by society norms. Makeup is not a way to hide a woman’s beauty but rather to enhance the beauty that already lies in her. Many women that had never had a single touch of makeup applied on their faces today wear makeup simply because I had taught and made them understand this phrase. You are now an official ambassador for Elizabeth Arden, how did this come about? My first ever job was in retail where I found myself working as a cosmetics generic. Five months in the field, I worked for one of the world’s leading prestigious brands, Elizabeth Arden. Today I am proud to say, in a period of just over a year, I became an award winning Elizabeth Arden Brand Ambassador. This was after long hours of hard work and determination. I set goals and I achieved them, being a go-getter worked in my favour. In our field of work, we are given sales targets which we are expected to meet on a monthly basis. Targets set according to how the counter would’ve performed in the previous year ultimately rounding off to a yearly target. In my first year of being with Elizabeth Arden, my sales performance skyrocketed and I had grown the counter just over and above 60% from the previous year. My performance led me to where I currently am, an Elizabeth Arden Ambassador. What did you do to become a makeup artist? I’ve been trained under Elizabeth Arden as a beauty advisor with the right skills set for a clear understanding of skincare and makeup. However, most of the advanced makeup I practice was self-taught. I believe one can never stop learning therefore, I do dream of someday enrolling in an international makeup institution where I can further my skills. [bctt tweet=”I believe one can never stop learning. – Patience Nkosi (PashyN)” via=”no”] What is the most fulfilling aspect of what you do? Too often we find that we women tend to have a low self-esteem. This may be due to events from their past or present that make us forget to look after the one thing that speaks volumes when we walk through the door, our canvas, the face. A person buys your face before they buy you. It is the reaction a woman shows when she finally get to realises how beautiful she is through my art that’s most fulfilling when it comes to my work. Knowing that I’ve changed one’s perspective about themselves and giving them a dose of confidence in their looks makes my heart complete. It drives me to reach my absolute potential with each client. If you had a time machine and could travel back in time, what would you do differently and what would you do the same? If I had a time machine and could travel back I’d probably believe in and trust myself a little more. I’d use my God-given talents to my advantage as opposed to shying away from them. My teen years were probably the best times of my life and I wouldn’t exchange that for anything, I would relive that time of my life any day. What can we expect from PashyN three years from now? Expect the unexpected. Our ultimate goal at PashyN is to be amongst one of the best leading brands, and with time we can only believe that shall come to pass. Three years, I believe, gives us enough time to build a solid