Come what may…business must go on
To all intents and purposes, many economies on the continent have seen a slowdown. Businesses are being tested for resilience, they are being pushed to the edge, and the strength and acumen of their value chains are being tested. But come what may, businesses must go on. They may not thrive as they when the economy was buoyant, but they must continue in earnest. As I think about these times, two things come to mind. The need to build a strong brand to have a sustainable and viable business in and out of a slowdown. The need to continually prepare and plan to scale your business around the core business activity at the earliest possible opportunity. Building a brand. Building a business What is the difference between a brand and a business? A business is an enterprise that creates an opportunity to trade and generate revenue. A brand is made up of intrinsic values, quality and characteristics that endear clients and aspirational clients to the business. I always say when starting a business, it is crucial to focus on building the brand first, so that you can have a viable, sustainable business in the medium to long term. And building a brand is not child’s play. A business brand is almost always made up of the personal and business values of the CEO. Especially for a small business, it is almost impossible to separate the personal brand of the CEO from the business brand. These become indistinguishable given that the CEO is the face of the business, and most likely the primary client-facing representative of the business. For the business owner and CEO, this brings home the need to reflect on, define and articulate your personal and business values right from the outset. This delivers you your business brand. Understand and define what you are trying to achieve with your business and what values are aligned with that personal and business aspirations. Then, commit to live those values – through how you operate your business, how you choose and interact with clients, the quality of your services and products, how you recruit and engage with staff, how you present yourself to the world – presentation skills, public speaking skills, networking, and personal style. When we focus on these from the outset, we endear clients, and essentially revenues, to our business, create brand loyalty, and, come what may, in and out of recession, we enjoy a level of brand loyalty. Scaling your business Most business start with one core idea, concept, initiative, but there is always an opportunity to scale and expand that business. Think of a fashion brand that starts initially producing clothes, then start to produce and sell accessories, then later on goes into interiors, and maybe even then a lifestyle venture such as a restaurant. What enables such a business to do that successfully is the power of their brand. When a brand is strong, it has a following, and clients will seek out that brand for every aspect of their daily needs. It’s an intentional decision. Many global corporations and their CEOs at one point decided to develop their personal and business values (=brand) to keep their clients and customers hooked. In the event of an economic slowdown or economic upturn, their business, through their brand strength, remains a viable and sustainable enterprise. You can do it! The price of business and entrepreneurship is uncertainty, and the prize is a vision fulfilled, success even in the midst of uncertainty. Someone recently shared with me a precise lesson in living. They said, if we knew the times and seasons, if we knew exactly what would happen to us or our business next month, next year or in 3 year, we would not need faith, we would not need to be resilient. It is often the uncertainty in business and the ambition and determination to curb that very uncertainty that fuels the drive to success. Risk taking buoyed by a strong brand can bring some comforting business stability. When we strive to become better than we are, everything around us becomes better, too – Paulo Coelho, The Alchemist
Smoothie Express: Bringing healthy food to the people
SLA quickly caught up with Tracy and Omowunmi the founders of fast growing fresh food startup Smoothie Express. They shared with us how they developed the idea for the company, how they get around volatile currencies and the best piece of feedback they’ve ever received from a customer. Where did the idea of Smoothie Express come from and how did you get it started? I was trying to do a smoothie detox and my biggest challenge was finding the right time to blend my smoothies as I was still working a 9-5 then. That’s where the idea came up, I had seen a problem that was not peculiar to me alone and I wanted to solve it. So I contacted Omowunmi and we both developed a solution for the problem hence, Smoothie Express. We first of all picked a name, Smoothie Express because we wanted to make fresh smoothies available to customers with minutes. Then we registered the company. We used our savings in starting up the company. We had to prioritize our capital expenditure because funds were limited. Why is healthy food so important to you? As adults, we have the tendency to go by our lives eating any piece of unhealthy food just to keep body and soul going. With lots of diseases coming up and ill health associated with being overweight, the best and easiest way to keep your health in check is to eat healthy. Healthy food plays an important role in our health and it’s important for me to indulge as much as possible. What is the most challenging element of running a food startup? I would say quality control for a food start up. Customers expect nothing less than perfect food/beverage not withstanding anything, all the time. So as a food company, you have to make sure there is quality control checks all day everyday. How has currency fluctuation affected your business and what are you doing to creatively manage it and keep your products affordable? We have always been a company that believes in patronizing Nigerian products. It’s been a struggle everywhere, but we have been able to manage the currency situation because of that. Although, we are struggling with increased prices for a few items. It’s such a shame how dollar still controls our economy this much. What is the best thing and the worst thing about having a business partner? The best thing about having a business partner is that, there is always someone to cover your weaknesses and loops. The worst thing about having a business partner is that you guys get to disagree a lot of times but the ability to push past it makes it worthwhile. What is the best piece of feedback you’ve ever received from a customer? Oh well. A couple of customers say we make the best smoothies in the world. If you’d like to share your story with She Leads Africa, let us know more about you and your story here.
The mentorship advantage
Sugar. Spice. And everything nice. What do you need to be a successful entrepreneur? More than it takes to make the Powerpuff Girls. Some say passion, commitment, and willpower are top of the list —all very true. I believe to be a successful entrepreneur you need a viable business model and a good mentor. What is the role of a mentor? One of my favorite books on this topic is, “Expect to win: 10 Proven Strategies for Thriving in the Workplace” by Carla A. Harris. She defines a mentor as “someone you rely upon to give you good, tailored developmental advice”. According to Futurpreneur Canada, the advantages of having a mentor are described in six points. A mentor helps you: Gain insights and perspective by having someone to bounce your ideas off of Focus on and strategically work towards your business vision Shorten your learning curve Identify opportunities and risk by learning with someone experienced Grow and enhance your business network and acumen Build confidence knowing you have someone in your corner Key traits of mentors As I write this, I think of all my mentors and the two key traits they all share: Expertise and integrity: Find a mentor you believe to be brilliant, knowledgeable and trust worthy. You want your mentor to be someone you will listen to because you trust their expertise Genuine interest in my development: This is what I call the mentor/mentee chemistry. Choose a mentor who is genuinely interested in who you are, understands your strengths and weakness and wants to help you develop and grow. Mentorship is a deep and personal relationship and for the relationship to be truly useful, you both must feel safe sharing the “good, bad and ugly” How to be a good mentee Having discussed the importance of mentorship and what to look for in a mentor, how do you become a good mentee? Listen Consider the advice you get and apply when relevant (This is why your mentor has to be someone you can trust) Set SMART goals and hold yourself accountable Ask for feedback and provide feedback in return Be honest and communicate openly with your mentor Invest time and effort in your relationship Most importantly, as a mentee, remember to pay it forward Peer mentorship is a form of mentorship that is often neglected but I find very valuable especially in my professional and business life. Keep in mind; your mentor must have some expertise and be genuinely interested in who you are and your development from a point of low self-interest. Many times, you can find these qualities in a peer. To my mentors: Thank you for teaching me to be positive and fiercely myself. Reminding me I have all I need, to be who I want to be—a healthy mind and body. Thank you for demanding I think big. Because, why the heck not.