Business
10 Takeaways from Seven-Up Bottling Company’s SMEs Bootcamp
Seven-Up Bottling Company, in partnership with Zenith Bank and the United Nations Industrial Development Organization (UNIDO), recently organised a two-day Scale-Up Bootcamp for small and medium-sized enterprises, to provide them with needed information and strategies to scale up their businesses.The two-day session saw the Chief Executive Officers of 80 SMEs benefit from the growth experience of experts such as the Managing Director of Seven-Up Bottling Company, Ziad Maalouf, and GM of Marketing Seven-Up Bottling Company, Segun Ogunleye. The bootcamp also had impactful sessions facilitated by the GDM, Zenith Bank’s Head of Retail Banking, Lanre Oladimeji; National Director, UNIDO, Oluyomi Banjo; former Chief Executive Officer, the Federal Competition and Consumer Protection Agency, Babatunde Irukera, and the Founder, Thrive HR, Adeshola Aliogo Scale-Up Bootcamp 1.0 provided attendees with the requisite corporate, people management, and financial management strategies crucial for scaling. Below are ten key insights from the bootcamp:Identify your ‘sweet spot’: According to Ziad, a business aiming to scale must have the right combination of experience, passion and value to meet a global need. This combination provides the sweet spot. Ziad advised entrepreneurs that if their current business fails to match all three aspects, reconsideration is needed. Loan access tips: Presenting tips on how businesses can boost their chances of accessing loans from financial institutions, the Zenith Bank Head of Retail Banking, Lanre Oladimeji, said business owners need to be conversant with the five Cs of credit and know that character is key to accessing loans. He said, “SMEs must have a business continuity and succession plan and know the type of funding available to businesses in their sector.” He further explained that to access loans, “an applicant needs to help the banker understand the business and explore the options they provide to support the business. Make every effort to service existing loan obligations. If loans go bad, stick with your bank and work out a remediation plan. In this digital era, there is no running away when a loan goes bad.”Fear breeds errors: Entrepreneurs were also cautioned on the need to understand that employees will make mistakes and must learn how to manage people when such occurs. According to Aliogo, zero tolerance for error breeds error. When people are too afraid, they won’t try new things and growth won’t happen. Hence, entrepreneurs are advised to make their team learn from mistakes and become better.Team evaluation and incentives are crucial: While fresh and quality recruitment might be needed to drive business growth, there is also the need for critical evaluation of the team. According to Ziad, there’s a need to evaluate the team based on performance and value. Those below average should be allowed to go and the average and high performance should be motivated. “Create a performance and incentive framework. The majority of employees are not motivated by salary. Convert your employees to shareholders with incentives for performances and watch that team you think is average produce results that scale your business,” he said.Wrong recruitment costs more: In her people management session, Founder, Thrive HR Nigeria, Adeshola Aliogo, said employee engagement is a major growth driver for enterprises. She described engagement as the level of enthusiasm and dedication a worker feels towards their job. She said this occurs when employees find MAGIC – Meaning, Autonomy, Growth, Impact, and Connection in the business. She advised that entrepreneurs should set their value standards, and then find workers with the same level of enthusiasm and who understand how everything they do ties to the growth of the business. “The cost of not hiring right is more,” she stressed.Look-alike recruitment breeds stagnation: to scale your business, you need to have the right combination of people. To have the right mix, entrepreneurs should avoid the lookalike requirement trap. To drive business growth, a SABI(Strive, Accountability, Bonding and Innovation) formula was recommended for SMEs. The team should consist of stivers who get things done, the accountable ones with strict adherence to processes; the social ones and innovators who are the ideation hub of the business. SME funding opportunity at UNIDO: National Director, UNIDO, Oluyomi Banjo, at the bootcamp, announced that UNIDO is committed to advancing Sustainable Development Goal Number 9, which advocates industry, innovation, and infrastructure in Nigeria through its various initiatives such as the Global Cleantech Innovation Programme. He said participants who own waste recycling businesses, and others who fit into the sustainability space, should take advantage of the GCIP, to access business support for scale-up.Increase willingness to pay: This is tied to creating value that will make the customer want to pay more for your product or service. Maalouf said businesses willing to scale must provide functional, social, and emotional value. “What many entrepreneurs don’t know is that customers are willing to pay more if you offer the value. This is what gives an edge over a competitor. When you have the value that the world needs, customers will neglect other products for yours.”Regulation rewards innovation: former Chief Executive Officer, the Federal Competition and Consumer Protection Agency, Babatunde Irukera, while explaining the regulatory framework to attendees, noted that regulation is an existential threat to businesses worldwide. He however stressed that without regulation, SMEs won’t have a level playing field to survive and scale. Regulation secures everyone. Your businesses won’t grow if there is no regulator to check competition. It is important to keep everyone accountable to certain standards,” he said. He enjoined entrepreneurs visualize their growth and understand the regulatory scope within their business space. Explore incremental and architectural ideas: Entrepreneurs don’t necessarily need radical ideas to scale. Value doesn’t always revolve around novelty and disruption. Improving an existing product or service to make them better, faster, or cheaper is another route to scaling. You can also apply existing ideas or technology to new areas to create value for growth.
Now that you understand personal finance, let’s explore the importance of setting financial goals. Establishing clear, actionable objectives is essential for effective money management and long-term financial success. Here’s a structured approach to help you define and achieve your goals:
- Define Your Financial Goals
Identify your financial aspirations, categorizing them into short-term, medium-term, and long-term goals:
- Short-Term Goals: Achievable within a year, such as building an emergency fund or saving for a vacation.
- Medium-Term Goals: Targets spanning one to five years, like purchasing a new car or funding education.
- Long-Term Goals: Plans for over five years, such as retirement savings or establishing a substantial investment portfolio.
- Make Goals SMART
Enhance your goals using the SMART framework:
- Specific: Define your objectives clearly, e.g., “Save NGN2,000,000 for a vacation.”
- Measurable: Ensure quantifiable goals, like “Save NGN100,000 monthly.”
- Achievable: Set realistic targets based on your finances.
- Relevant: Align goals with your values, ensuring they matter to you.
- Time-Bound: Establish deadlines, e.g., “Save NGN2,000,000 by December 2026.”
- Create an Action Plan
Break down goals into actionable steps:
- Budgeting: Track income and expenses to identify savings opportunities.
- Saving and Investing: Allocate funds to suitable accounts and consider automating contributions.
- Debt Management: Include a plan for reducing debts, prioritizing high-interest loans.
- Monitor Progress and Adjust Regularly review your progress:
- Track Milestones: Set interim check-ins, such as quarterly savings reviews.
- Adjust as Needed: Modify goals if financial situations change.
- Celebrate Achievements: Recognize milestones to maintain motivation.
- Seek Professional Advice
For complex goals, consider consulting a financial advisor. They can provide personalized guidance, incorporating factors like inflation and exchange rates into your strategy.
Conclusion
Setting financial goals is crucial for effective money management. By defining SMART goals, creating actionable plans, and regularly monitoring your progress, you can achieve financial stability and work toward your long-term dreams. Remember, financial planning is an ongoing journey, and commitment to your goals will lead to a secure future.
FBNQuest is a leading Merchant Banking and Asset Management group in Sub-Saharan Africa that delivers a wide range of financial services through various businesses – Corporate and Investment Banking, Investment Management (Asset Management, Alternative Investments, Agency Services and Trustees) and Institutional Securities (Structured Products, Fixed Income, Currencies & Treasury and Equities) | https://fbnquest.com
Now that you understand personal finance, let’s explore the importance of setting financial goals. Establishing clear, actionable objectives is essential for effective money management and long-term financial success. Here’s a structured approach to help you define and achieve your goals:
- Define Your Financial Goals
Identify your financial aspirations, categorizing them into short-term, medium-term, and long-term goals:
- Short-Term Goals: Achievable within a year, such as building an emergency fund or saving for a vacation.
- Medium-Term Goals: Targets spanning one to five years, like purchasing a new car or funding education.
- Long-Term Goals: Plans for over five years, such as retirement savings or establishing a substantial investment portfolio.
- Make Goals SMART
Enhance your goals using the SMART framework:
- Specific: Define your objectives clearly, e.g., “Save NGN2,000,000 for a vacation.”
- Measurable: Ensure quantifiable goals, like “Save NGN100,000 monthly.”
- Achievable: Set realistic targets based on your finances.
- Relevant: Align goals with your values, ensuring they matter to you.
- Time-Bound: Establish deadlines, e.g., “Save NGN2,000,000 by December 2026.”
- Create an Action Plan
Break down goals into actionable steps:
- Budgeting: Track income and expenses to identify savings opportunities.
- Saving and Investing: Allocate funds to suitable accounts and consider automating contributions.
- Debt Management: Include a plan for reducing debts, prioritizing high-interest loans.
- Monitor Progress and Adjust Regularly review your progress:
- Track Milestones: Set interim check-ins, such as quarterly savings reviews.
- Adjust as Needed: Modify goals if financial situations change.
- Celebrate Achievements: Recognize milestones to maintain motivation.
- Seek Professional Advice
For complex goals, consider consulting a financial advisor. They can provide personalized guidance, incorporating factors like inflation and exchange rates into your strategy.
Conclusion
Setting financial goals is crucial for effective money management. By defining SMART goals, creating actionable plans, and regularly monitoring your progress, you can achieve financial stability and work toward your long-term dreams. Remember, financial planning is an ongoing journey, and commitment to your goals will lead to a secure future.
FBNQuest is a leading Merchant Banking and Asset Management group in Sub-Saharan Africa that delivers a wide range of financial services through various businesses – Corporate and Investment Banking, Investment Management (Asset Management, Alternative Investments, Agency Services and Trustees) and Institutional Securities (Structured Products, Fixed Income, Currencies & Treasury and Equities) | https://fbnquest.com
Business
Interswitch Group Returns as Headline Sponsor for Africa’s Biggest Tech Product Conference – Inspire Africa 2024
Interswitch Group, one of Africa’s leading integrated payments and digital commerce companies, has been unveiled, for the 2nd year running, as the headline sponsor for the Inspire Africa Conference, the largest gathering of product professionals in Africa, organized by the Silicon Valley Product Group (SVPG).
The annual conference, which is enjoying keen support from the Interswitch Group for the second consecutive year, is slated to take place from Tuesday, October 15, 2024, to Friday, October 18, 2024, at the Eko Convention Centre, Victoria Island, Lagos.
The 2024 edition, themed “Product is Hard”, highlights the challenges and intricacies of product development while showcasing innovative solutions and best practices from industry leaders to empower Africa’s product community.
The conference aims to bring together global product leaders and professionals to empower Africa’s product community and drive sustainable growth in the digital payment space, offering practical training and expert guidance for the product community in Africa.
Interswitch’s sponsorship of the conference underscores its commitment to nurturing talent within Africa’s tech ecosystem, actively supporting the development of the next generation of product professionals.
Interswitch’s sponsorship of the conference underscores its commitment to nurturing talent within Africa’s tech ecosystem, actively supporting the development of the next generation of product professionals. Christian Idiodi, Partner of Silicon Valley Product Group and Co-Founder of Inspire Africa Conference, said, “We are so grateful to have such a strong partnership with Interswitch. Mitchell, alongside his product and innovation teams, continue to support how we drive innovation in Nigeria and across Africa. With their partnership we are able to continue to build the next product leaders who are building tech to solve problems in Africa, for Africa.
Interswitch recognizes the vital role that product professionals play in shaping the future of technology and business. By supporting the conference, Interswitch aims to propel the growth of these professionals, fostering a dynamic community of innovation that transcends boundaries and drives meaningful change across the continent.
Speaking about the sponsorship, Tomi Ogunlesi, Divisional Head, Brands & Communications at Interswitch Group, said,
“At Interswitch, our commitment to fostering digital transformation in Africa drives us to equip product experts with the essential skills needed to thrive in an ever-evolving landscape. This sponsorship underpins our dedication to nurturing a vibrant community of innovators. We are excited to contribute to the growth of African talent and innovation, ensuring that Africa’s product professionals are fully prepared to meet the challenges of the future.”
The event will feature a host of local and international product leaders including Marty Cagan, Christian Idiodi, Chidi Afulezi and other partners from the Silicon Valley Product Group (SVPG).
Participants will gain valuable insights during the four-day event, which features engaging panel sessions, fireside chats, masterclasses & workshops, and networking sessions led by founders, product leaders and professionals from the product ecosystem, all dedicated to upskilling African product experts.
The Inspire Africa Conference has built a reputation for bringing together the brightest minds in the tech product space, offering a unique opportunity to exchange ideas, share insights, and explore cutting-edge solutions that will define the future of Africa’s technology ecosystem.
By throwing its weight behind initiatives like the Inspire Africa Conference, Interswitch is reaffirming its belief that empowering Africa’s product community will unlock unprecedented opportunities for growth, innovation, and economic transformation on the continent.
Notes to Editors:
About Interswitch
Interswitch is a leading technology-driven company focused on the digitization of payments and commerce across Africa. Founded in Nigeria in 2002, Interswitch disrupted the traditional cash-based payments value chain in Nigeria by supporting the introduction of electronic payments processing and switching services, and launched Verve, Africa’s premier and leading domestic EMV-standard chip and pin payments card scheme.
Today, Interswitch is a leading player with critical mass across Africa’s developing financial ecosystem and is active across the payments value chain, providing a full suite of omni-channel payment solutions. Interswitch’s vision is to make payments a seamless part of everyday life in Africa, and its mission is to create transaction solutions that enable individuals and communities to prosper across Africa. Interswitch’s broad network and robust payments platform have been instrumental to the development of the Nigerian payments ecosystem and provide Interswitch with the infrastructure to expand across Africa. See more at www.interswitchgroup.com
About Inspire Africa Conference
The Inspire Africa Conference brings together local and international product and training leaders to drive impact in the African product community and is organised by a few amazing companies ( Silicon Valley Product Group, Product Leadership Accelerator, Innovate Africa Foundation, Innovate Africa Fund & Work Nigeria); all working to upskill African product experts.
The second annual Inspire Africa Conference comes on the tails of a wildly successful conference in 2023. The event continues to be the only one of its kind on the African continent with robust product training opportunities and offers:
– Upskilling by world-renowned product experts
– Job readiness training by Worknigeria and employment partners
– Networking opportunities in Africa and around the world
– Insight into career opportunities for product experts
– Paths to funding for Founders
This year’s conference focuses on how to build and lead when solving complex problems in challenging landscapes and how hiring top talent, optimising product teams and leveraging new technologies like AI can drive success.
Visit inspireafricaconference.com for more details about the conference.
For more details of the companies behind the conference visit:
svpg.com
innovateafricafoundation.org
innovateafricafund.com
worknigeria.com
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