Top Trends Shaping Africa’s Small Business Landscape This Decade

Top Trends Shaping Africa’s Small Business Landscape This Decade

Article credit: Sage 

The World Bank has forecast economic growth of 3.6% in sub-Saharan Africa for 2019-20, making Africa home to some of the fastest growing economies in the world. Rapid development, a growing middle class, and business-friendly market reforms are generating welcome opportunities for regional small and medium-sized businesses (SMBs).

Here are some of the emerging trends, and a look at how businesses can benefit:

 

1. The ease of doing business is set to improve

As governments across Africa see the economic growth and job creation potential of the SMB sector, they are making it easier for entrepreneurs to register and operate their companies. According to the World Bank Group’s Doing Business study, both Nigeria and Togo have shown remarkable improvements when it comes to ease of doing business.

A pilot portal, allowing business owners to register a company online in a single day, also recently launched in South Africa.

While many African countries have a long way to go in terms of minimising red tape and upgrading infrastructure, they are certainly taking steps in the right direction.

What business owners can do: Get acquainted with the digital tools available in your area of operation that can help you to streamline processes like business registrations, filing tax submissions, and opening business bank accounts.

 

2. Admin loads are lightened by automated software

Tools that were previously too complex and expensive for smaller businesses are becoming more affordable and accessible. These days, most businesses in Africa have the budget to automate their payroll and accounting with a business software solutions.

Small businesses are even considering advanced tools such as artificial intelligence (AI) to automate processes like:

  • Email marketing
  • Data entry
  • Accounting
  • Customer service

What business owners can do: Look for automated software solutions for manual processes, like making calculations and keeping records. The hours you free up can then be used to focus on sales or billable work.

 

3. Connected customers are information seekers

Modern customers use their mobile phones as portals to knowledge and information. Whether they are researching big-ticket purchases, making inquiries, posting complaints on social media, or providing user reviews on Google platforms, consumers use digital channels to access what they desire from companies of all sizes.

With over 525 million Internet users in Africa – approximately 40% of the population – small businesses cannot afford to ignore this trend.

What business owners can do: Use digital technologies for marketing and customer services. Chatbots can answer customer queries in real time; you can create interesting web content using tools like Piktochart; and you can use a Google My Business Account to create a free online listing, which makes your business searchable.

 

4. Trade to expand

With the Continental Free Trade Area (CFTA) intending to simplify importing and exporting across the continent, Africa is set to experience more intra-Africa trade. Over 40 countries have signed the agreement, and those not yet part of it are still likely to join. This could aid continent-wide economic growth while reducing costs as we start to use products from neighbouring countries as opposed to ones from other continents.

What business owners can do: Consider the opportunities of cross-border trade and how it will affect your supply chain. Look to build relationships with suppliers and customers in other countries, and contact their chambers of commerce and international trade departments to take advantage of any opportunities they might present.

 

5. Fourth Industrial Revolution – why the hype?

There has been much hype around the “Fourth Industrial Revolution”, also known as “Industry 4.0” or “4IR”. This industrial revolution is driven by connected devices and sensors, known as the Internet of Things (IoT), advanced robotics, intelligent software, AI, virtual and augmented reality, 5G, 3D printing, and a host of other technologies.  

While some African cities still face challenges with reliable electricity supply or fibre access, technologies are becoming more and more affordable and accessible to small businesses, allowing them to compete effectively with larger companies. Knowing when to come on board is where the trick lies – not too soon for your customers, but not so late as to miss the wave.

What business owners can do: Investigate how small businesses in Africa are using technology. What kind of opportunities could AI and business solutions offer you? Could robots enable new manufacturing options for your company? And most importantly, what effect could this have on your customers and workforce?

Leading Africa’s growth

Small and medium-sized businesses in sub-Saharan Africa are known to be resilient, making this time of fluctuating economic and social trends, changing consumer behavior, and evolving technology burst with opportunity for your small business.

With Africa on the rise, it’s a great time to be an entrepreneur.

About Us
Kiteview Technologies (Pty) Ltd was founded in May 2010 to provide the Sage Evolution Business Management solution to the SME market. The management team of Kiteview have combined +30 years of experience in the delivery of small to mid-market Financial & Business Management solutions. This experience, combined with a sound project implementation methodology has helped in Kiteview’s growth, becoming a Platinum status partner for SAGE Pastel within just 1 year.

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7 Reasons Why Sage 200 Evolution CRM Is The Ideal Choice

7 Reasons Why Sage 200 Evolution CRM Is The Ideal Choice

Article credit: Sage 

Sage 200 Evolution’s CRM is meeting the needs of over 15,000 companies around the world by being affordable, easy to use and adaptable. Using Sage 200 Evolution’s CRM our customers save time, increase productivity and gain greater visibility across the business for actionable decision making. Whether you’re just starting out or have grown to several hundred employees, Sage CRM can help accelerate your business success.

1. Intuitive CRM your teams will want to use

At Sage, we believe modern software shouldn’t be difficult to learn, hard to update or challenging to use. This is the approach we took when we created Sage CRM. It’s an intuitive CRM solution for growing companies, and one which you and your team can get started with and experience within minutes. And because Sage CRM offers a cloud-based solution, you don’t need to worry about patches or updates; it all happens automatically.

2. Give your teams the tools they need to succeed

Sage CRM supports your business by giving your staff, whether they work in sales, marketing, or customer service, a tool that can help them get their job done quickly and efficiently. Your sales team can sell proactively, identifying cross-sell and up-sell opportunities, progressing opportunities from lead to close. Your customer service team can manage customer cases effectively, while your marketing team can easily manage their campaigns and generate a quicker return on investment.

3. Sell smarter and accelerate sales team performance

Your sales team drives the growth of your business, and they need to know they are working on the right leads at the right time. Using Sage CRM, you and your teams can review the stages of various sales deals, shorten the length of sales cycles and increase revenue opportunities. With access to a wealth of information about their sales pipeline, key opportunities and account activity, your salespeople are equipped to sell smarter and more efficiently, accelerating your sales performance.

4. Gain valuable business insight

As the owner or manager of a successful business, you depend on up-to-date information and analysis about your sales, marketing and customer services activities and performance. Sage CRM supports management with access to important information about their business KPIs in real-time so you can see how your business is performing and take corrective action when needed.

5. Work anywhere, anytime with mobile CRM

Modern business takes place inside and outside the office and beyond the nine to five. Using mobile CRM, you can access up-to-date customer information and prepare for important meetings while on the road. Salespeople can easily manage sales activities and follow-up actions and identify sales issues in real-time on any mobile device. And, your customer service team can act on key customer information while on-site visits.

6. Collaborate effectively across teams

Employees shouldn’t have to spend time updating various databases, stitching together information systems and ensuring their files are up to date. With Sage CRM, you and your team can collaborate on and share up to date business information and put processes in place that help everyone become more productive and efficient.

7. Adapt Sage CRM to suit the needs of your business

Sage CRM is a highly flexible and adaptable solution designed to meet the needs of your business today and adapt to your business as you grow. Sage CRM
is an ideal solution for companies looking to manage multiple areas of their business. Using Sage CRM you can plan events, oversee business projects, track competitors and more. With Sage CRM you can easily establish standard workflows around key business processes and base follow-up activities on your unique business needs. This way, you can ensure your business is running as efficiently and effectively as possible. The adaptability of Sage CRM helps ensure you get the most from your CRM investment.

About Us
Kiteview Technologies (Pty) Ltd was founded in May 2010 to provide the Sage Evolution Business Management solution to the SME market. The management team of Kiteview have combined +30 years of experience in the delivery of small to mid-market Financial & Business Management solutions. This experience, combined with a sound project implementation methodology has helped in Kiteview’s growth, becoming a Platinum status partner for SAGE Pastel within just 1 year.

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Chart Your Journey To Business Success [Infographic]

Chart Your Journey To Business Success [Infographic]

Article credit: Sage 

Starting a business has never been easier, thanks in large part to new technologies that have lowered barriers to entry. Just because entrepreneurs can get started quickly and relatively inexpensively, however, doesn’t mean you can ignore the fundamentals of running a business.

When you find yourself with real customers, real revenue, and challenges you might not have anticipated, what comes next? We’ve created a new infographic designed to help startup and scale-up entrepreneurs identify and address some of the key challenges facing small businesses today.

What do your fellow entrepreneurs think about their prospects for success? You’re part of an optimistic group: 75% of you are confident in your business’ future, with 58% expecting increased gross sales or revenues in the coming year.

Yet, you have a clear view of your challenges, including hiring and keeping good employees (48% say it’s an impediment to growth) and securing financing (43% of entrepreneurs say they can’t get the financing needed to grow).

As the old business saying goes, “Revenue is vanity, profit is sanity, and cash flow is a reality.” There are many different variations on that adage, but they all point to the same question: Are you dedicating enough time to planning for adequate cash flow? Did you know that 80% of businesses that plan their cash flow monthly are still surviving after five years? Did you know that 60% of businesses that plan their cash flow only once a year fail within five years?

Check out the infographic below and chart your journey to business success. Let Sage be your guide!

About Us
Kiteview Technologies (Pty) Ltd was founded in May 2010 to provide the Sage Evolution Business Management solution to the SME market. The management team of Kiteview have combined +30 years of experience in the delivery of small to mid-market Financial & Business Management solutions. This experience, combined with a sound project implementation methodology has helped in Kiteview’s growth, becoming a Platinum status partner for SAGE Pastel within just 1 year.

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How To Create A Business Budget

How To Create A Business Budget

Article credit: Sage 

Starting and growing a business is an exciting but challenging prospect. While you may be a skilled leader or have a great idea for a product or service, the financial side of your operation is not always something that comes naturally. Even after you secure funding, you aren’t done yet. You need to correctly allocate your funds for best results. If you don’t have a budget, you could end up spending more than you take in. You need to anticipate and plan for your future needs to maintain a strong cash flow.

Similar to your business plan, a budget sets a framework that helps you move toward your goals. However, unexpected events can throw a wrench in your plans. It’s important to realize that your budget is never static. There will be unforeseen changes, and you will need to make adjustments along the way.

Where to start with your budget

If you are just beginning the process of opening a business, a budget can help you estimate the total startup costs. A realistic budget also tells you the profit you can expect to bring in. Your initial budget should include all your revenues, costs, cash flow, and profits. After accounting for costs, you can determine if you have any funding left over for capital investments.

Small business owners often think they don’t need a business budget because they keep rough financial numbers (income and expenses) in their head. The problem with this approach? They’re likely to adjust the numbers to paint a more ideal view of business financials —or their recollections aren’t accurate. Committing budget numbers to a document and working with it through the year ensures accuracy (and, yes, honesty).

While budgets need to be calculated at least once a year, it may be better to update it once per month, or even daily.

Checking your budget regularly can help you make more accurate estimates based on the current status of your sales pipeline. You can also identify areas where you are at a risk of overspending and cut back before you go over your allocated totals.

One of the reasons you should review your budget is you can see the impact your decisions have made in the short term. You may discover you aren’t spending enough on marketing. Or you may be spending too much on certain marketing channels that aren’t generating a high return on investment. It’s important to consider your sales and referral channels. Additionally, you may be able to make adjustments to invoicing so payments can be sped up, enhancing your cash flow.

Don’t overlook often-forgotten expenses or revenue

  • To make sure you don’t miss any expenses, use bank statements, credit card statements, and receipts to assemble a comprehensive list.
  • Commonly missed expenses include bank/financial fees, interest, local and sales taxes, and home-office costs like utilities and rent/mortgage.

Prepare for the unexpected with a strong budget

Business moves at a quick pace, and sudden changes, such as a client cutting its budget or reducing an order, can harm your cash flow. You need to assess your budget to determine how the loss of revenue will impact profits and how long you expect the effects to last. Do you need to reduce marketing expenses or hiring costs until you can recoup the loss? Your budget needs to be flexible.

About Us
Kiteview Technologies (Pty) Ltd was founded in May 2010 to provide the Sage Evolution Business Management solution to the SME market. The management team of Kiteview have combined +30 years of experience in the delivery of small to mid-market Financial & Business Management solutions. This experience, combined with a sound project implementation methodology has helped in Kiteview’s growth, becoming a Platinum status partner for SAGE Pastel within just 1 year.

Contact Us

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A New Generation Of CFO Can Drive Digital Transformation

A New Generation Of CFO Can Drive Digital Transformation

Article credit: Sage 

Digital transformation has risen to the top of the corporate agenda. Whatever the business vision at the top, innovation should figure highly. That’s because today’s connectivity supports new ways to engage with customers, with data insight being used to increase productivity and efficiency.

Technology and business strategies are interlinked. Top-level C-suite executives are now tasked with achieving better results through data and technology. And those that don’t do this successfully are at risk of being left behind. According to a 2017 study by Forrester Research, 38% of business and IT decision-makers believe that technological change such as digital transformation will have the greatest impact on their decision-makers over the next 12 months.

Digital transformation is a complete reimagining of work; an opportunity to re-write the rules of business. It allows any business to shorten the distance between what it wants and what it can get. But it also means that competitors are just as capable of taking advantage because they’ll have access to the same tools.

Data is at the heart of digital transformation

Data enables new technology. Digital transformation is about businesses becoming data-driven. But perhaps more importantly, it’s about creating insight and value from data. We’re already seeing this with the rise of automation, artificial intelligence (AI), and an ongoing trend of businesses moving their on-premise Enterprise Resource Planning (ERP) systems to the cloud.

Forrester Research says that digital transformation is about investing in systems of insight. Businesses must discover the insights that matter most, embed them into the software that customers and employees use to engage, and continuously learn and measure through results.

Chief financial officers (CFOs) are major stakeholders in digital transformation. Already responsible for overall financial planning, management, and record keeping, their role has evolved, particularly when it comes to data analysis and decision-making. They are the ones who see all vital business data, and should have skills to analyse and interpret it.

Rather than simply reporting on what a business has done in the past, the CFO is expected to use real-time information to guide day-to-day decision-making. They must also be able to find value with efficiencies that can add to the bottom line. The only way to do this is to measure advanced performance metrics, make predictions, and act quickly.

CFOs are in a great position to look at digital projects and assess whether they will deliver a return on investment when it comes to revenue and profit needed to justify a long-term change. They can look in detail at whether initiatives are likely to differentiate the business and result in better productivity and efficiency.

CFOs can lead digital transformation efforts

As part of digital transformation, CFOs should be looking for enterprise technology solutions that can provide fast and easy access to real-time financial data, which they can use to make decisions. As well as ensuring compliance, these tools must allow them to access financial operational data, with automated alerts and capabilities such as scenario planning.

The cloud is a great enabler, allowing CFOs to access real-time data anywhere and anytime. With enterprise cloud solutions now reaching maturity, businesses are now turning away from legacy Enterprise Resource Planning (ERP) systems to more flexible and cost-effective solutions.

The CFO and chief information officer (CIO) must work together to allocate technology investment and prioritisation. For example, they should be looking at where inefficient processes can be automated, rather than increasing headcount, which can be a costlier exercise.

Piers Moore-Ede, head of digital at Company Debt, says: “The biggest challenge for CFOs doing this is managing the increasingly vast amounts of data and gleaning what’s important from it.

“Whatever industry you’re in, you will have to learn to see yourself as a technology company first and foremost. Those CFOs who are at the forefront of this transformation have a grasp on both data analytics and finance, meaning they are in a unique position to grasp and define corporate strategy.”

CFOs can use digital transformation to push through investment in technology such as robotic process automation (RPA) – the use of software bots to automate existing, often tedious, work processes.

This can reduce headcount, which is an obvious financial benefit for a business. It can also free up employees to focus on more valuable tasks, like interpreting and improving business performance, rather than spending time on routine logistical work.

Over the next few years, we will see businesses investing more in AI, or what some have called ‘automation on steroids’. With AI more commonplace, we will likely see lower-level manual tasks disappearing and replaced by technology.

CFOs can also drive Industry 4.0

In industries like manufacturing, data is the driver of the Fourth Industrial Revolution, or Industry 4.0. This is because Industry 4.0 is made possible with the collection of real-time information across the supply chain, whether talking to suppliers or customers.

In industries where Industry 4.0 is on the corporate agenda, like manufacturing, successful digital transformation depends on a CFO who understands the competitive advantages inherent in digital transformation, and who has the capability to drive it.

According to research from Siemens Financial Services, CFOs should have or at least be developing these five key skills for successful Industry 4.0 digital transformation:

  1. Comprehensive understanding of the financing options enabling a commercial sustainable transition to Industry 4.0.
  2. An ability to introduce financing options early in an Industry 4.0 strategy, so that the business can access and take advantage of potential solutions.
  3. Specific industry knowledge and expertise, related to financial, technology, operations, and market analysis, so they can accurately assess digitisation opportunity and risk.
  4. Capability to build predictive Industry 4.0 investment models and performance monitoring processes.
  5. Proficiency to create an effective phased plan to operationalise a move to Industry 4.0.

Today, the job of a CFO is to create better financial strategies that align with the needs of the business. They must in effect become strategic partners, empowered with the real-time analytics and insight that digital transformation can bring.

About Us
Kiteview Technologies (Pty) Ltd was founded in May 2010 to provide the Sage Evolution Business Management solution to the SME market. The management team of Kiteview have combined +30 years of experience in the delivery of small to mid-market Financial & Business Management solutions. This experience, combined with a sound project implementation methodology has helped in Kiteview’s growth, becoming a Platinum status partner for SAGE Pastel within just 1 year.

Contact Us

For An Obligation Free Quote

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