Online Reporter
Africa Business Insights Stephene Chikozho
TO become an industry leader, entrepreneurs, business executives or companies must identify their most successful competitors and adopt their best practices.
Take the best from the best.
Mr Patrice Motsepe, founder and executive chairperson of African Rainbow Minerals, says: “In business, it’s crucial to learn from those who have succeeded before you. Their experiences can provide valuable insights and shortcuts to achieving your own goals.”
The process of benchmarking allows a business to improve efficiency by comparing its performance against other organisations.
The goal is to identify and then learn from best practice in the industry.
Best practice might come, for example, from a competitor who achieves the lowest unit costs, the best customer satisfaction ratings or the shortest lead times.
The rival’s approach is then carefully evaluated, including factors such as the equipment, training and production methods used.
Once understood, best practice can be adopted in the hope that it will raise the performance of the company to the level of the industry leader.
Cost effectiveness
Some companies try to become more efficient via simple trial and error, but this can be slow and costly.
One of the advantages of benchmarking is that it is a relatively cheap way to improve performance, because there is no need to replicate the expensive mistakes made by other businesses. Mr Adrian Gore, founder and CEO of Discovery Limited in South Africa, confirms this when he says: “Look to those who have pioneered before you, understand their strategies and adapt their winning formulas to your own context.”
Improvements can come quickly so that once the process of benchmarking has identified effective practices, these methods can be adopted. The changes should lift performance to the level achieved by the industry leader so that any competitiveness gap is eliminated quickly. In the future, benchmarking can be repeated on a regular basis.
Learning from Africa’s
business leaders
One critical takeaway is the significance of resilience and perseverance.
Mr Vusi Thembekwayo, entrepreneur and venture capitalist, says: “Surround yourself with excellence and learn from the best. The lessons you gather from them can propel you to new heights.”
His story is one of persistence in the face of adversity, illustrating how unwavering determination and a clear vision can turn challenges into stepping stones for success.
Moreover, Africa’s business leaders emphasise the importance of community impact and social responsibility.
Ms Wendy Luhabe, social entrepreneur and author, buttresses this notion when she says: “Great leaders are great learners. They seek wisdom from those who have gone before them and use it to forge their own paths.”
Ms Luhabe champions the social entrepreneurship philosophy, which advocates investments that generate both economic and social wealth. This approach highlights how businesses can drive sustainable development and empower communities, a vital consideration for any entrepreneur.
One of the key lessons from Africa’s business titans is the power of innovation.
Mr Mark Shuttleworth, entrepreneur and founder of Canonical Ltd, asserts that “innovation often comes from understanding what the best are doing and then finding ways to do it even better”.
Mr Shuttleworth’s journey underscores the importance of embracing digital solutions to overcome infrastructural and logistical hurdles, a lesson that resonates deeply in Africa’s diverse markets. Media expert Ms Khanyi Dhlomo, founder of Ndalo Media, notes that “the most successful entrepreneurs are those who are open to learning from others. They take the best ideas and practices and make them their own”. Collaboration and networking also stand out as essential components of success.
African entrepreneurs often leverage partnerships to expand their reach and capabilities.
Mrs Folorunsho Alakija, a Nigerian businesswoman, has demonstrated how strategic alliances can open doors to new markets and resources, reinforcing the idea that no business is an island. Finally, effective leadership and team building are crucial elements that Africa’s business leaders excel in. They understand that a motivated and cohesive team is the backbone of any successful enterprise.
Through fostering a culture of inclusivity and innovation, leaders like Mr Ashish Thakkar of Mara Group inspire their teams to strive for excellence.
As Africa continues to assert itself as a hub of entrepreneurial activity and economic growth, aspiring business leaders have much to gain by taking the best from the best.
Through learning from the experiences and strategies of Africa’s successful entrepreneurs, they can navigate their own paths to success, contributing to the continent’s vibrant business ecosystem and its promising future.
Stephene Chikozho is the CEO of Africa Business Inc. He writes in his personal capacity. He can be contacted on WhatsApp: +263772409651 or email ceo@africabusinessinc.com
