In an interesting new article in the Harvard Business Review written by Matthew Lee and Laura Huang, it suggests that women entrepreneurs are more likely to get funding and business if they emphasize their social mission. In their research studies looking into gender bias, social impact framing and the evaluation of entrepreneurial ventures, they observed that over the last decade, female founders who highlighted the social impact of their ventures led to more positive perceptions. In short, social impact framing seemed to reduce the discriminatory effects of gender bias. This offers some good news for women entrepreneurs as the research suggests that those businesses with social impact goals may actually benefit from talking about them freely in a pitch environment. However, it also seems to reiterate the challenge of gender bias continuing to play an outsized role in funding and business. The bottom line is that social impact can be used as a key selling point when talking to potential customers and investors, but only when that impact is authentic, sustainable and ultimately measurable.

Sub-Saharan Africa’s economy is on the rise and expected to exceed US$ 2 trillion by 2020, according to a new report from the IFC, entitled Shaping the Future of Africa: Markets and Opportunities for Private Investors. This rapid growth has been driven by Africa’s services sector, which represents an exciting economic opportunity as it contributes more than half the region’s output growing at an average 6.6 percent over the last decade as the middle class in the region continues to expand. According to the report, by 2030 Africa’s middle and high-income groups are expected to grow by 100 million, boosting them to over 160 million people across the region. These consumers will spend smaller portions of their income on basic necessities such as food and beverages and more on transportation, ICT, housing, education, clothing and footwear, pharmaceuticals, and other products and services. This shift in spending patterns represents not only an exciting investment opportunity, but also one of the most vibrant opportunities for Africa’s women entrepreneurs to break into a powerful marketplace.

If you look back at some of the most successful businesses that have been built by entrepreneurs, chances are that few of them will have succeeded on their original Plan A. Look at famous examples such as Facebook, which didn’t start out as a social media website with a news stream and friends, the business that exists today is closer to Plan C; and the PayPal that we know and use today is far removed from its original concept, and is actually Plan G. The reality is that there is no one clear roadmap for our businesses, our ideas evolve when we test them out in the marketplace. Sometimes we can get lucky and our dream business in its original form becomes a reality, but for most of us having a Plan B at the ready is a smart way of being prepared to pivot our business models until we find the one that is sustainable, scaleable and repeatable. Steve Blank, creator of the Lean Startup movement, once said: “Great entrepreneurs don’t just have a Plan B, they have Plans B through Z.”

The world is becoming more and more conscious of the impact we are having on the planet, both as individuals and as the businesses and organizations we run. By now, we should all be well aware of the environmental benefits of making green decisions. When we choose to recycle and conserve resources, we preserve the planet for many future generations. This environmental responsibility extends to our business life as well as at home. But the planet isn’t the only one to benefit from our efforts to go green. If you’re running a business, you can enjoy regular cost savings, as well as demonstrating to clients that you are a sustainable business that treads lightly on the environment. Here are a few ways you can start to green your business. Go paperless in the office. Cut down travel and organize more online meetings. Automate your book-keeping. Conserve energy in the workplace through smart lighting. Recycle and reuse. And, green your supply chain by identifying like-minded green companies to do business with. 

Everywhere we look there are distractions - our smartphones constantly encourage us to check on things that are happening in our 24/7 connected world; our team members want to bounce ideas around or chat about projects in a constant stream of engagement; our electronic meeting schedules remind us throughout the day of people to see and deadlines to make. We live in a world where there’s always another distraction to take us away from what we should be focusing on. But research points to a need to stop multitasking and working at a shallow level, and instead to focus our attention on individual tasks, and to remove the distractions around us until those tasks are completed. So here are four tips to cutting the distractions and getting the job done. Firstly, put your smartphone on silent and out of sight for the set period of time you have allocated to your task. Next, inform your team that you are not available for meetings or discussions during that time. Thirdly, switch off any electronic reminders or email alerts. Finally, be in the moment, just focus on the task at hand and it will get done quicker and less painfully.

Speaking about what it takes to build a successful life and business, best-selling author and serial entrepreneur, Tim Ferris, said, “Focus on being productive instead of busy”, and he has a point. As entrepreneurs we all have busy lives, that’s just a given, but if we really want to accomplish our goals we have to become more productive. It’s not about the number of hours worked, it’s about doing things that will move our businesses and lives forward. And, it all starts with knowing when your body feels at its most productive in the day - if you are a morning person, then harness those early hours of the day to tackle the most pressing jobs before most people have arrived at their offices. If you are more of an afternoon and evening person, then get your scheduling right to ensure you have quality uninterrupted time to work on your priorities, and squeeze in any essential meetings. Create a productivity checklist to review at the end of each day to ensure you have achieved your goals. Now, that’s being productive!

You would never set out on a journey to an unknown destination without a map, so why would you set out to build a business without a roadmap to take to you your end goal? When you fail to plan an efficient route to realize your long-term business ambitions, chances are it will take a lot longer to get there. So to ensure your business heads in the right direction with a minimum of detours along the way, it’s essential that you put a strategic roadmap in place, reviewing it frequently. A well-designed road map is like a GPS for your business. It keeps everyone moving in the right direction, at the right time, focused on the right objectives, with a clearly articulated vision. And it’s not just big established businesses that need such a roadmap; every business needs a route to success. So make your strategic roadmap an integral part of the way you run your business, it can be one of the most powerful tools you have to keep you and your team focused on the end goal and heading in the right direction.

Ask many entrepreneurs why they made the choice to build a business instead of working for someone else and chances are they will tell you it’s because they wanted to be their own boss. And that’s fine, it’s a great motivation to go out and fulfill the dream of working for yourself. But the reality is that being in business means that you still have to deal with the challenges of working with clients who sometimes make you feel like they are bosses in the workplace. Deliverables and deadlines still have to be met, products and services have to be created and targets reported on, senior executives who are paying your bills to answer to. The trick is to ensure that you are the boss of your business from the outset, setting the ground-rules when you engage with clients so that they are a win for both parties. As a business owner, there will always be people you need to answer to, but there is a way of managing that process so that it works for you. 

They say, “time is money”, but in your business day how often do you actually track the amount of time you spend on key tasks, and importantly, are you spending your valuable time on the things that actually bring in the revenues? Like many entrepreneurs, you might be surprised at just where your time is actually focused and it might not be in the right place. So how do you start making your time work better for you? Here are a few tips to ensure you maximize your valuable time in the business. Start by monitoring a week’s worth of activities, track time spent on each activity each day, and the return on investment of that time on each activity. Incorporate a digital time-tracking tool into the business so that everyone sets time completion goals for each activity and records it against agreed deadlines. The daily and weekly digital reports will highlight where improvements can be made or where certain activities need to be addressed differently. Knowledge is power and by incorporating a time-tracking system into the business, it’s possible to make time work better for you.

Marissa Mayer, the former CEO of Yahoo, once said: “I realized in all the cases where I was happy with the decision I made, there were two common threads: surround myself with the smartest people who challenge you to think about things in new ways, and do something you are not ready to do so you can learn the most.” Smart people come in all forms and basically they are the ones who make you look at things differently, and who push you to think about things in new ways. One of the biggest mistakes entrepreneurs make is believing they can be successful by themselves, in glorious isolation. Yet we cannot do everything alone, or solve important challenges in business without help, or different perspectives and insights. We need other people around us who bring their specialist knowledge and expertise to fill in the gaps. So isn’t it far better to surround ourselves with smart people, with whom we can bounce around new ideas, or find solutions to key challenges. By harnessing the energy of others, our own business acumen is enhanced.

There is a famous quote by Kevin Systrom, founder of Instagram, that goes: “Every startup should address a real and demonstrated need in the world – if you build a solution to a problem lots of people have, it’s so easy to sell your product to the world.” Wise and very practical words for an uber-successful entrepreneur who knows what it takes to build a great, sustainable business. According to the market research firm, CB Insights, 47% of all startups fail because there is no market need for what they are making. So the question has to be, “What problem or need are you trying to solve with your business? The answer will determine if your business idea is valid, needed and will have a better chance of succeeding. But to build a sustainable business, you’ll need to ensure other people care about it as much as you do. So before you go off and spend your time building anything, make sure you have identified a problem worth solving or a need that requires a solution. Get that right and you might just have a business.

Most people think about hiring a Virtual Assistant when they feel overwhelmed by the routine tasks that stop them from doing what they really want or need to do in their businesses. And that can definitely be one of the signs that it may be time to hire a VA. However, another sign is when you find yourself spending a lot of time on tasks that don’t necessarily make any money for the business. It could be basic administrative tasks, or responding to emails, handling social media or updating the website. The bottom line is that if you’re spending more time on these small tasks than actually prospecting clients or working on projects that do bring in the money, then the balance of time and effort for return on investment isn’t right. So why not take a look at your business and make an honest assessment of what you’re spending your time on and what the value proposition is of that time spent. Ask yourself how many of these routine tasks could be handled by someone else. It may be time to start looking for a virtual assistant.

When you are an entrepreneur building a business, it can be hard to switch off, even when you do manage to take a vacation. That’s why it’s essential to develop a plan that allows you to get some much needed relaxation time with family and friends, whilst at the same time ensuring you stay on top of business matters. Here are a few practical tips to help you work and play on vacation without annoying your family. Start with the obvious one - get as much work done ahead of your trip so that you are under less pressure whilst you are away. Secondly, get up earlier than everyone else each day, to answer emails and make calls to employees, clients or suppliers. Thirdly, use auto-responders wherever possible to ensure that emails don’t go unanswered when they come in, and forward schedule such tasks as social media postings. Finally, delegate where possible. Put these key steps in place and you will be able to run your business and enjoy some vacation time too.

In the two diverse worlds of sport and business, the saying, ‘being on top of your game’ means you recognize the value of what you are doing, you have the edge, and you are determined to stay ahead of any competition. The trick is to make sure you don’t fall behind once you have gained this edge. One of the best ways to stay on top of any situation is to keep learning - whether that’s learning new skills, new business practices, new manufacturing techniques. It’s about welcoming change, embracing new ways of doing things, bringing new technology into the business, and accepting new information and using it effectively. By its very nature, business is always changing and successful entrepreneurs know that learning to adapt to those changes is key. Having the ability to quickly learn and apply those learnings directly into the business practically translates into a more flexible and agile business, better success down the road, and an improved ability to cope with the obstacles life throws in your path. As you learn, and as you apply the lessons in your life and business, you can stay on top of your game.

Entrepreneurs spend too much time worrying about the competition, and not enough time focusing on what makes their business more attractive to customers in the marketplace. It’s a common trait, but one that needs to be addressed. Competition is a reality, but how you approach it is what sets you apart in business. Celebrate what makes you and your business unique, and remember that no other company or entrepreneur has your story, so leverage that fact with your customers. Acknowledge that we live and operate in a new economy, one that celebrates sharing and collaboration, so perhaps instead of seeing other entrepreneurs as competition, explore whether there is the opportunity to share expertise and collaborate to win new business.  And importantly, stop comparing your efforts and results with those of other entrepreneurs. Everyone has a different business building journey they are on, so learn from others, celebrate and be inspired by other entrepreneurs’ success, and focus on your own journey. It’s a mind-shift that is needed, but one that is worth the effort.

It’s one of those key times in the life of any entrepreneur - knowing when it’s necessary to pivot in business. When you pivot your business, you change direction in response to realizing that the way you are doing things simply isn’t working and it’s time for a rethink. And, there’s nothing wrong with pivoting the business, after all, market needs change, customers change, technology changes, all factors that can necessitate a Plan B and a pivot. It’s all about making the right move for the future sustainability of the business. The key is knowing when to pivot. It could be that your business is experiencing difficulty in sustaining its revenue sources. Maybe your business model needs a rethink. Or customer feedback indicates that a business offering needs tweaking to meet their requirements. Ultimately, it could just be that your business is simply not growing as it should be, and new action plans are needed to move it forward. So take a good hard look at the business, start by figuring out where the growth and sustainability is most likely to be, and pivot in that direction.

Every small business has probably experienced that feeling of being overwhelmed when trying to compete with bigger businesses. Yet often it is precisely being small and agile that wins the race. So how do you position your unique brand and business to win customers away from the bigger guys in the market? It starts with specialization, building a reputation for providing a product or a service that is unique or boutique, or that does things differently. Secondly, it’s all about the personal touch, having the opportunity to deliver a more personalized service, one that treats customers as individuals and creates a positive experience. Thirdly, communication is key, using that insight and knowledge of each individual customer to build up a regular touchpoint that in turn builds brand loyalty. Fourthly, smaller businesses are more agile, better able to respond to market conditions or customer needs, producing products or services that resonate. Ultimately, small businesses are at the heart of communities and can deliver unique customer experiences that big businesses cannot, so stop worrying about the bigger competitors and simply focus on what you do best.

Are you in charge of your daily schedule, or is it in charge of you? If you are one of those fortunate people who is naturally organized around your schedule and you make it work for you, then that’s great. However, there are many entrepreneurs out there who struggle daily with their schedule. So here are five ways to help you get to grips with it, and fast! Firstly, shorten your daily to-do list - if it’s too long, chances are things will never get done and that just adds to the daily stress. Secondly identify your priorities for the day and make sure you tackle those first. Thirdly, if meetings take up the majority of your day, something’s probably wrong. Determine which people need a face to face meeting, and which ones can be dealt with online, ultimately keeping all meetings short and to the point. Fourthly, take control of your email, use an email scheduling tool, and set aside designated times to deal with your messages. Finally use a calendar application, making your scheduling much more efficient. This should help you to reclaim your time and maximize your productivity.

Pick up any business self-help book and amidst the wealth of information and advice about what it takes to be a successful entrepreneur you will see a number of key building blocks. Obviously, it all starts with a great idea, product or service that fills a gap or meets a need, but that just gets you out of the starting blocks. Running a successful, sustainable business takes much more than that. Here are five startup building blocks to put your business on the right track. Firstly, put the right people in place and build your team, based on complementary and needed skills that can all contribute to the bigger goal. Secondly, a laser-like focus is key, and every member of the team needs to share that focus and know their role. Thirdly, any successful business needs great customers, so invest in creating a strong customer base that you can grow over time. Fourthly, without sales a company can’t survive, so ensure the sales strategy is strong and the sales team is focused and incentivized. Finally, as the old saying goes, cash flow is king, so make sure that every dollar counts and is made to work for the business.

Any successful business knows that customers are it’s lifeblood. That’s why it’s critical to not only grow your customer base continually, but also to retain those you already have, giving them every reason to stay and grow with you. In many businesses, loyal returning customers can account for 55 to 70 percent of total sales - that is reason enough to ensure you keep them on your business journey. So, how do you improve your customer retention rate and keep those existing customers happy and loyal to your brand? Well, it starts with giving them what they need, something of value to them, something that solves a problem. The trick is to keep communicating with your customers, get that all important feedback, and importantly, seeing where there is the potential to offer something new. Underpinning that approach with great customer service and support for what you have provided to them, plus rewarding them for being loyal customers, will keep them coming back.