Investing in Africa – Ozisco.com

Account Management Is Like Riding a Bicycle on a Beach

Account management is about understanding your customers’ challenges and cultivating the right relationships and sales strategies to get them to their desired destination. Going on this journey comes with risks. To mitigate the risk associated with business development, develop the right relationships at the right time.

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When I was eleven or twelve years old, my parents bought me a BMX bicycle as a Christmas gift. The bike was a source of many fun childhood memories growing up in Nigeria. A few weeks ago, while vacationing in South Carolina, I rented a bike and took it for a spin on the beach as part of my morning workout.

As I peddled to the sounds of the waves crashing on the rocks, it dawned on me that my role as an account manager shares two distinct similarities to that moment:

1. Knowing the basics of how to ride a bicycle makes the risk manageable and exciting

2. Spending my time wisely and being decisive on a pathway allows me to arrive safely to my destination

Knowing the basics of how to ride a bicycle makes the risk manageable and exciting

The basics of riding a bicycle are skills that, once mastered, rarely go away. It doesn’t matter if you’re in Lagos or New York, the motions are the same. I can still vividly remember weaving my BMX bike through the dusty streets of Avu in Owerri West (see actual footage of my village in the video below), my hands gripping the handles tightly, as my friends and cousins cheered me on.

Their voices filled the sky with:

“Na you biko!”

“Abeg na me get next oh!”

“Don’t fall, oh!”

The excitement I felt many years ago in my village came rushing in as strangers on the beach in South Carolina cheered me on.

In account management, my customers expect me to have a baseline understanding of the problems they’re trying to solve. Once we set this baseline, they are more willing to collaborate to find a path towards a solution. The route is not always straightforward, which makes the quest for a solution exciting.

One of the frameworks I use to quickly build a foundation for a solution hypothesis is to ask myself: “Is this a People, Process, or Product challenge?” The answer could be one, a combination of two, or all three forces. In my experience, I’ve found that there is often one force pulling ahead of the others.

Following this mental exercise, I consult my internal and external stakeholders to help refine and improve the hypothesis. With each new data point, I’ll reduce the risk and move closer to a solution aligned to my customer’s outcomes.

Interestingly, customers don’t always expect me to have all the answers; instead, they expect me to have an informed point of view which first requires an understanding of the issue at hand.

_{^{Photo by Evelyn Semenyuk on Unsplash}}

Spending my time wisely and being decisive on a pathway allows me to arrive safely to my destination

Distractions and distracted people crowd most beaches. There were many moments on the beach in South Carolina when I almost crashed into something or someone. What saved me was the kind stranger who pointed out my blind spot, allowing me to swerve to safety at the very last second.

One of the early mistakes I made as an account manager was feeling like I needed to have a relationship with everyone.

That was exhausting!

The reality is that while someone may have a big title, to you, they may be a big distraction.

I later realized I only needed to develop and nurture the right relationships with the right people. Trying to create a genuine and mutually beneficial relationship with key executives is not easy and takes time. It also requires a great deal of thinking and giving without expecting anything in return.

In a previous post, I talked about how executives are people. And like everyone else, they have dreams and aspirations, good days and bad days, triumphs and failures, healthy and sick family members.

I’ve learned to be patient with them and, more importantly, be patient with myself. I’m constantly striving to find new and exciting ways to be a giver, practice self-care, and improve myself.

In accounts where I invested the time and effort required to nurture key executives into champions, these executives pointed out blind spots and distractions that saved everyone time and unnecessary emotional bruises.

Even better, these executives helped me be decisive on the right opportunities to pursue at the right time.

_{^{Photo by Sandis Helvigs on Unsplash}}

Action Steps

Experiment with the “people, process, or product” framework when looking at an existing or new problem.
Cultivate the right executive relationships so they can help you win the right opportunities at the right time.
Rent a bicycle, take it for a spin on a beach, and write about the experience 🙂

Godspeed selling!

F.I.V.E Questions With Deon Greyling, Partner, BTS Middle East & Africa

Briefly describe your background.

I started life as the son of a policeman and a typical upbringing in South Africa – at the time the country was divided along racial lines with major divisions and inequalities. Although my father was a policeman in the old government, he taught me the value of the human being, and treating people of all walks of life with the same focus on potential rather than circumstance. I attended a local university studying B.Comm Law – a unique combination of law and commerce. I completed my LLB (Honours in Law) as well as my MBA along the way. Seeking knowledge, interacting with people and being curious about the world around me has driven my work experiences. I started out as a commercial lawyer (largely the fault of the portrayal of lawyers in a US TV Show of the mid 80’s, called LA Law). I soon realized that life was more precisely worded contracts and endless hours in courtrooms and meeting rooms. I joined BTS in 2000 and started a life of consulting. Working for BTS over the last 18 years has presented me with an amazing opportunity to work with some of the most inspiring people (both internally as well as our clients and partners) and continually satisfy my curiosity on how the world works, how strategies are translated into reality and how great leaders inspire and motivate people to be their best.

Flashback and then fast forward to the present, what has surprised you the most about your career trajectory and what tips do you have for other embarking on similar path?

My career trajectory had me as a managing director of a company at the age of 26 and partner in a global consulting company by 35. A couple of learning along the way:

People are as important as performance – care about your relationships with people as much as you care about results.
Never say “no” to learning opportunities that will stretch you.
Focus on your faith, your family and the future – having something that you deeply believe in, that drives your decision-making and value system creates stability and direction in your life, finding purpose in a cause bigger than you and your meager existence helps keep you humble and grounded in the course of life – focusing on family and the future (and not varnishing the past) helps me understand the reason and motivation for getting through the tough times, and for celebrating the small victories in life. Work and life in general would surely be of little or no value if you only lived for yourself and had no cause or direction
Know your values…never sacrifice or trade your values – no matter what your victory, if you have traded your values, you will always feel empty
Know your value – don’t settle for less than you are worth. People will pay you for the job you do – this is defined by market value for the services performed – but never let your job define your worth.

Why is the cause you are pursuing or problem you are solving the most important for this generation?

Helping people do the best work of their lives by providing them and their organization with the required alignment, mindset and capability ultimately helps build more sustainable businesses, and a better planet. By helping leaders see the long-term impact of their decision-making, and then equipping them with the business, leadership and functional acumen to make the right decisions faster will shift not only companies, but countries and markets. The Middle East and African market contains some of the biggest differentials between the “Have’s” and the “Have nots” – reducing this differential and increasing people’s opportunity to actively and meaningfully participate in a global economy lies in developing people and companies in these markets to continue to grow in competitiveness. What we do at BTS helps accelerate this by innovating how companies and their leaders change, learn and improve.

Why is now the right time for the world to pay attention to the Africa market?

The growth in Africa, as with many other growth markets, is not evolutionary – but rather revolutionary. The biggest misconception about growth economies is that they follow the same learning curve as more mature economies. The rate of learning in these growth economies is accelerating and tends to be more “step-changes” and skipping technology and learning curves as the global economy becomes more integrated and virtual. Companies will be able to immediately introduce new products and solutions – removing some of the barriers for smaller companies (and making markets more accessible). At the same time, Africa is an extremely entrepreneurial continent with amazing diversity of people and thinking – and the global economy now affords a more global contribution both inbound and outbound.

What is the best piece of actionable advice you’ve received that continues to be a source of inspiration in good times and challenging times?

The best advice I have received is to focus on your passion and what ignites your soul – money, fame or other worldly achievements will follow. Do the work you love, and you will never work a day in your life.

Connect with Deon on LinkedIn.

Learn more about BTS.

Mezie Avu! Elevating Higher Education Even Higher

The following post is from my e-book, The Most Interesting Thing About Investing in Africa.
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Investment: Education in Jomeka Commercial Academy, AVU, Owerri – Elevating Higher Education

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Chief Dan Obiyo was an early investor in Jomeka Commercial Academy. Chief Obiyo is also the CEO of AVSECO NIGERIA LIMITED. AVSECO’s mission is to eliminate all security challenges through an aggressive training development of hands and minds in the aviation workplace. Recent civil aviation experiences pose the rhetorical question of which way forward for emerging economies. Government efforts cry out to be complemented through supportive private expertise… now provided by AVSECO.

SITUATION

Avu town is located about four miles west of Owerri municipality in Imo state, Nigeria. Avu Community Secondary school, the town’s only secondary education facility was not easily affordable to most parents. The subsistence farming community was poor, requiring a more affordable alternative for the teeming applicants in Avu and environs. Professor J.O.C. Obiyo took on this challenge head-on upon his retirement after a successful career in Abuja. Jomeka Commercial Academy was established to provide primary school rejects as well as secondary school dropouts with placements in a vocational school to realize their dreams. Students whose guardians could not cope with the exorbitant fees at the public school, students who do not have the aptitude for formal education, and indigent students became the target demographic for Prof Obiyo’s vision.

For everyone everywhere, literacy is…a basic human right.
– Kofi Annan, Former UN Secretary-General

ACTION

Away from downtown Avu but within easy reach of the cluster of houses bordering the village to the north, Prof. Obiyo secured an ideal location for the academy. Registration formalities with the Ministry of Education, construction of temporary structures at site of classrooms and basic facilities to kick start the project were primarily

funded by Prof Obiyo’s retirement benefits. Notices were put up in church services to canvass for students and skilled staff. Volunteers and National Youth Service Corps members were requested to beef up the staff strength. Cash Crunch-Provision was made for students with special cases to pay their fees in several installments without interrupting studies. The vision was actualized.

RESULT

Igbo Kwenu! Mezie Avu! Twilight gradually changed to dawn for the tiny town which separates the city of Owerri from the large food producing areas of Ohaji. Education in Avu gradually became less of an effortless privilege and more of an earned right. Avu town discovered that vocational school graduates were more readily employable. The National Basic and Technical Education Board certificate gained popularity in Avu opening up a wider horizon for higher education. Knowledge is power which opens doors for greater opportunities to do even greater things.

Investment: Education in Jomeka Commercial Academy, AVU, Owerri – elevating higher education

L = 50

I = 50

C = 30

Business Idea Metric: 130

7 Audacious Quotes from the Top CEOs in South Africa

Earlier this year, Forbes released its annual ranking of the world’s 2000 biggest public-traded companies. 13 South African companies made the list. According to South Africa based Businesstech, Forbes’ 2,000 biggest companies listing is calculated by analyzing listed companies from across the world and ranking the top 2,000 in four categories: sales, profits, assets and market value. Each company is given a score based on where they place on each respective list, and the final top 2,000 list is compiled based on a final, aggregated score.

The South African economy is often considered the most developed economy in Africa, so it is with little surprise that they had the most representation on the list among other African nations. Interestingly, when you review the annual reports of these companies, the recurring theme is that expansion outside of South Africa, or Rest of Africa (ROA) as it is often referred to, remains an important part of their strategy as they pursue long-term profitability and sustainability. There are countless reports backed with extensive research that point to the growth potential of the ROA economy. These top 13 companies in South Africa are capitalizing on the ROA opportunity and their continued positive shareholder returns are measurable evidence of their success.

Here are some combined financial facts of the top 13 South African companies from the list:

One positive observation about the 13 companies that made the list is the fact that they play in different or multiple industries which is an unequivocal indication that the African economy is progressively becoming more diverse. Below are 7 audacious quotes from CEO’s of the top 7 out of 13 companies that made the Forbes list. The underlying denominator in all these quotes is that Africa is beyond ripe for investments and every one of these companies are making investments to take advantage of the Africa opportunity. Also, if you read these quotes through a keen entrepreneurial lens, you will quickly realize that even though these companies are fully committed to executing their strategy, many opportunities does still exist for innovative startups and small businesses willing to think outside the box.

“The strong economic growth profile of our African markets beyond South Africa is well-documented and continues to underpin our belief in Africa’s potential. In particular, growth in sub-Saharan Africa over the last decade has increased the number of bankable businesses and households, as well as levels of household income. Furthermore, the financial markets in the rest of Africa are less developed than those in South Africa, with far higher growth potential.” – Ben Kruger and Sim Tshabalala, Co-CEOs of Standard Bank Hanging metal sculpture of the Africa continent at the Corporate HQ of Standard Bank in Johannesburg.

“It is undeniable that the coordinated changes we have made in the last three years have culminated in a Sasol that looks and feels very different. The work we have done, and are still doing, is about organizing ourselves for a new era. It is about a new way of working; it is about being less bureaucratic, more specialized and flexible; it is about moving forward as a more effective, efficient and competitive organization. It is all these things, which ultimately will enable Sasol to excel and endure long into the future.” – David E Constable, President and CEO of Sasol

“In emerging markets, relatively low levels of internet penetration and limited offerings from over-the-top (OTT) players provide an opportunity for mobile operators to participate in the internet services space. The International Telecommunication Union, a United Nations agency, estimated that, in 2014, worldwide mobile subscriptions would reach seven billion, surpassing the world’s population, and that Africa would have the strongest growth in mobile uptake as well as the lowest mobile and internet penetration rates. Herein lies significant opportunity for MTN.” – Sifiso Dabengwa, Group President and CEO of MTN Group

“Where technology is likely to play out strongly in financial services is on the broader African continent. Recent international research by the MEF, a UK-based mobile content and commerce trade association, indicates that globally mobile banking is the highest in Africa, led by Nigeria, South Africa and Kenya. There is much debate about the value of a large physical footprint given the rapid penetration of mobile technology. However, there is no simple answer. On the one hand, yes physical footprints come with massive cost structures and it seems to make sense that branches could be redundant in the digital era. However there are a few important things to consider; firstly, many emerging economies remain predominantly cash based so branches still perform an important function for the depositing and storing of cash. This will take many decades to change. Secondly, smart devices remain unaffordable for hundreds of millions of people on the continent, this too will take a long time to change.” – Sizwe Nxasana, CEO FirstRand Bank

“The continued success of the diversification and internationalisation drive of the Group, in line with its strategy, must once again be credited for the solid performance of all the Sanlam businesses. The next step in this strategy will be to consolidate this portfolio of investments into a truly international company, which will enable the Group to unlock value by extracting synergies through collaboration. One of several steps towards this goal was the agreement between Sanlam Emerging Markets and Santam towards the end of 2013. This has resulted in the expansion of the Group’s general insurance footprint in emerging markets from six general insurance companies in 2013 to 11 at the end of 2014.” – Desmond Smith, Chairman of Sanlam (Desmond is not the CEO, the CEO of Sanlam is Johan van Zyl)

“JD Group is one of the largest furniture and household goods retailers in southern Africa, and has diversified its retail offering further to include do-it-yourself (DIY) and automotive products…The diverse industrial businesses in KAP are well positioned to continue to benefit from the infrastructural growth in Africa.” – Markus Jooste, CEO Steinhoff International

“Generally, platform businesses are the most valuable in media and the internet – consumer destinations (starting points) with repeat use and positive word-of-mouth. Platforms often deliver attractive financials on the back of this strong position with consumers. Executed well, the consumer base and cash flow from a strong platform can support the growth of valuable adjacent businesses.” – Bob van Dijk, CEO of Naspers (Naspers is a broad-based group with operations in ecommerce (especially online classifieds, etail, marketplaces, online services and payments) and other internet services, video entertainment and print media.)

South Africa’s biggest companies (US$ billions)

Source: Forbes.com

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