Are you winning or losing?
The world has been turned upside down. Who would have imagined a premier league or La Liga league football game being played live in an empty stadium? How about postponing the Olympics?
I predict the coronavirus will soon come to an end. But do not get ready to tap into the opportunities. Stay ready. Here are some lessons I have learned thus far:
- Global competition is real. You can choose to ignore it at your peril or embrace the competitors for your success. We just conducted a cybersecurity resilient training to a client in Dubai. First contact through our website. And deal closed on Skype and Zoom. And service delivered via Zoom. And many paid to us through our partners in Dubai.
- To deliver global projects easily, create partnerships, and collaborations. Whoever has more collaborations with the local players, they have better chances of success. The strategy of opening local branches maybe for the super large multinationals, with clear product offerings. However, for service companies, collaborating or market penetration through acquisitions seems to be the best route.
- To restrict capital flight and profit repatriation, many countries prohibit any direct payment to a foreign company. No client will wire money to your bank account directly if you are a foreign consultant. Money must be paid to a company with local bank accounts. To have a local bank account, you must first present a valid trading certificate. To obtain a valid trading certificate, you must first be registered as a local company. To be a registered local company, you must first have a local business partner with at least 30% of the shares and a maximum of 60% of your top leadership being locals within 5 years since by that time competent locals must have been identified and trained to take over. Countries like Tanzania have been upgraded to middle-income status five years earlier than projected because they are nationalistic in terms of empowering locals to partake in the management of the businesses from a strategic point of view that is sustainable.
- If you are to win from the fourth industrial revolution that is here with us, you must focus on providing a platform, not e-commerce or software. And this is a new strategic outlook financial institution must embrace and invest for the long term. The years of software are long gone.
- If one is to truly win, they must focus on partnerships, collaborations, and empowering others to win. True success is shared. When you build a platform business, you power others to succeed who in turn power you to succeed even more.
- No one enjoys wealth in the village of paupers because the paupers will kill you. Share success. Find a way of providing jobs to the locals. For this reason, local entrepreneurs and local businesses must give priority to small businesses to win. Do not expect to collect money from the local economy and when it comes to spending it, you look outside the economy. A rich company must provide incentives and support to empower local players to become large companies and win together.
- And finally, the bigger the problem. The greater the opportunities because every dark cloud has a silver lining. Take time to make the most of this coronavirus pandemic. Because there are so many opportunities. However, they are not in plain view.
Copyright Mustapha B Mugisa, 2020. All rights reserved.