Keeping a close eye on the day-to-day happenings of a business is key to becoming a good entrepreneur. But just what to you need to monitor?Entrepreneur DARLENE MENZIES, CEO of SMEasy gives five steps to help owners keep their company going.
Abraham Lincoln said, “Give me six hours to chop down a tree and I will spend the first four sharpening the axe.” Lincoln’s productivity secret was good preparation and using an effective tool for the task. It’s the same for entrepreneurs, adequate preparation and effective tools are key to business success.
Here are a few tips to help you become a more efficient and productive entrepreneur.
Be well prepared at the start of the week: A very helpful tip for entrepreneurs is to set aside your Sunday afternoon to prepare for the coming week. Attend to the emails you haven’t answered, write checklists and prioritise them – including setting time aside to communicate with clients or staff who need your attention or instructions. Doing your Sunday prep will clear your mind for the coming work week and will ensure that nothing slips through the cracks if the week becomes chaotic. “The only way to be proactive is to prepare. Positive ordinary preparation precedes extraordinary accomplishment.
Check your bank statements every morning: Cash flow is the life of any business and without sound money management things will unravel quickly. Keep an eye on what payments have been paid, what payments are outstanding and determine how much cash you still need to bring in for the month to meet your commitments. Staying on top of the business’ financial status will ensure that you can easily detect anomalies and take the necessary steps to correct them immediately and also give you the necessary time to arrange finance to bridge any cash shortfalls you may have.
Your mobile phone is key: Mobile phones are important business tools for every entrepreneur, ensuring you can get hold of clients and they can get hold of you is paramount. Your mobile phone is crucial to maintaining good relationships and eliminating delays in communication when it comes to urgent issues. A flat battery during your business day can be very costly. A helpful tip is to buy a spare battery for your phone and to carry it with you at all times, that way you are never unreachable when your clients need you. Sending your email to your mobile phone is another helpful way to make sure you are kept updated at all times and can be in constant contact with your staff and clients.
Raising finance: When trying to raise finance for your business, potential lenders want to look at both your business finances and your personal finance to gauge your eligibility for the loan. As such, it is important to ensure that your salary payments from the business are paid consistently each month into your personal bank account. If your salary is not reflected each month then it is likely that your business loan will be rejected. A tip if you have a month when the business can’t afford to meet all it’s month end expenses is if it pays you your salary is to make sure your salary payment is done first before all the other business expenses are paid. Then once it is reflecting in your personal bank account you can then loan it back to the business so it can cover the other expenses. By doing this you are providing proof that your monthly salary is guaranteed which will assure lenders that you are low risk. In so doing, securing finance will become much easier.
Offer early payment discounts to clients: Most clients make payments 30 to 90 days after receiving your invoice. That’s not a problem if your company has a large cash reserve to cover expenses, however, if you don’t have a cash reserve, you could run out of money. This is a common situation for many businesses and affects small and large companies alike. There is a simple solution to this problem: offer your clients an incentive to pay quickly. Offering a discount to clients for making immediate payments can improve your cash flow, often in a short period of time. It’s simple to implement and very effective. While you may receive less money, you will have the available cash needed to cover month end commitments. It can prove cheaper than paying interest on bridging finance.
If you are running a small business, then becoming a better entrepreneur should be your goal. Make sure you prepare well for each new week, keep on top of your finances and your email admin and look out for effective tools and smarter ways to grow your business.
Naspers feeds into Latin America’s tech funding
Movile will get $400m funding from the SA-based technology investment giant for iFood expansion.
Movile is to receive US$500-million in funding for iFood in the largest tech funding in Latin America to date. Naspers and Innova Capital have committed to invest $400m of new capital into Movile to use for further investment in iFood, the leading online food delivery platform in Latin America, of which Movile is a majority shareholder.
Movile and Just Eat have already invested $100m in iFood during 2018. iFood’s extraordinary growth and the vast market opportunity in Brazil and more broadly in Latin America has driven the increased investment commitment.
iFood’s monthly orders in Brazil have fed more than 9 million customers in the past twelve months, 16 times the nearest online competitor, in terms of daily active users. This means its partner restaurants are serving the biggest population of consumers ordering food in Latin America. iFood has 50 000 restaurant partners and uses 120 000 couriers.
The increased investment commitment from Naspers, Innova and Movile is expected to accelerate growth, speed up product development and innovation, and fuel geographical expansion for iFood across the region. The company’s vision is to gain deeper knowledge of consumers through artificial intelligence technology, to personalise the food delivery experience – and at a reduced price, because of improved logistics.
“Movile is very fortunate to have long-term investors who have supported us for the past decade to help achieve our goal of transforming the lives of more than one billion people and thus we are able to continually back iFood to ensure it remains the market leader,” said Fabricio Bloisi, Movile CEO.
“Our entire ecosystem of companies is focused on allocating resources and energy towards our one billion people goal. iFood is leading the way, fueling unprecedented growth through its innovative technology platform, providing consumers, couriers and restaurants with the best experience in food ordering and delivery.”
Larry Illg, CEO of Naspers Ventures, said: “iFood has established itself as a technology leader in Latin America and its success stacks up with some of the most innovative food companies that are leading regions in North America, Europe and Asia. We have been impressed by their execution in Brazil and remain committed to backing the company on its path to transform the entire food chain to better serve consumers.”
Online food delivery is experiencing massive expansion globally. According to latest reported results, Grubhub grew daily average orders 39% year-on-year, reaching over 416 000 orders per day. In Latin America, iFood has reached 390 000 orders per day just in Brazil in the last week of October, compared with 183 000 in October 2017, representing 109% growth.
iFood CEO Carlos Moyses said: “We want our consumers to have an amazing delivery experience from the moment they order their food to the moment it arrives. Our partners – the restaurants and delivery fleet – make that happen by living our purpose of improving people’s lives using our services.
“iFood exists for our customers and, with an increased investment commitment of this size, we will be able to build out our state of the art technology platform, and increase our courier and restaurant partners to even better serve our current and future customers in Latin America.”
Hide your sheep, Spyro is reigniting
Spyro, the iconic purple dragon that entertained living rooms worldwide in the late ‘90s, is making a return with the release of Spyro Reignited Trilogy.
Spyro Reignited Trilogy introduces players to a fully remastered game collection with a re-imagined cast of characters, animations, environments, new lighting and recreated cinematics—all inHD. Now fans can explore more than 100 lush environments filled with new detail, that brings the Dragon Realms and Avalar to life . The trilogy is available for PlayStation 4, PlayStation 4 Pro and the family of Xbox One devices from Microsoft, including the Xbox One X.
South African distributors Megarom provided the followjng information:
In Spyro Reignited Trilogy, lead developer Toys For Bob is giving fans an all scaled-up version of the original three Spyro games that started it all, Spyro the Dragon, Spyro 2: Ripto’s Rage! and Spyro: Year of the Dragon, but with a modern-day feel that makes it fresh and fun for today’s player. Adding to the fun, voice actor Tom Kenny is returning to the franchise as the voice of Spyro in all three remastered games. Longtime fans will be treated to Toys For Bob’s reimagined version of the classic soundtracks, in addition to an all-new title-screen theme from original soundtrack composer Stewart Copeland.
Additionally, the new game brings an in-game audio feature that allows players to switch between the original and the newly remastered soundtracks, for those who want a more classic gameplay experience. Players can simply fly in to the “options menu” at any time during gameplay, unleash their preferred nostalgic or scaled-up groove, and glide right back into the Spyro action without losing saved data.
“It’s been a real pleasure to bring back one of most iconic video game characters of all time through the Spyro Reignited Trilogy,” said Paul Yan, Co-Studio Head at Toys For Bob. “We’ve poured everything we’ve got into making sure every detail was done right to deliver a great Spyro experience for fans. We hope players will have as much fun revisiting the Spyro world and characters as we did remastering them.”
In the road up to the official release of Spyro Reignited Trilogy, Activision Publishing, Inc., a wholly owned subsidiary of Activision Blizzard, created a first-of-its-kind, life-sized, fire-breathing and talking Spyro Dragon drone. The drone took off from “Stone Hill” castle near New York City, spreading his wings across the U.S. to explore the cities and iconic landscapes that resemble levels and themes from the original Spyro games. As part of the tour, the Spyro drone chased sheep, fired up some BBQ and delivered an early copy of Spyro Reignited Trilogy to fellow O.G. and entertainment icon, Snoop Dogg. Highlights from the Spyro drone’s delivery to Snoop Dogg can be found here.
“Fans have been asking Activision to bring Spyro back for some time now. The response to Spyro Reignited Trilogy has been great thus far, and we’re absolutely thrilled that we’re able to continue to reimagine and reinvigorate some of the most iconic videogames and characters of all time with our remastered experiences,” said Steve Young, Chief Revenue Officer at Activision. “With this year being the 20th anniversary of Spyro, there’s no better time to pay homage to everyone’s favorite purple dragon.”
The Spyro community is invited to geek out and elevate their fandom even further through the elite global partnerships from the Activision Blizzard Consumer Products Group (ABCPG). Collaborations with Funko, Traly Pins, Exquisite Gaming, KidRobot, USAopoly, Trends International, Rubber Road, and Changes have created new avenues for fans to share their love for the return of Spyro, the original roast master. Spyro consumer products across apparel, collectibles, figurines and more are now available at retailers worldwide. Fans can also take advantage of the GameStop exclusive Spyro TOTAKU Collection.