WealthWise magazine
www.wealthwisemag.com
Vol II/No. 13 FREE
South Africa/Africa region June/July 2012
THE GOLD STANDARD
BUSINESS FAILURE
+ Retirement Annuities Special
WIN! A SPA experience for two
Contents
June/July 201 2
Coverstory 8 Lessons learnt business failure
BusinessWise Agenda
from 40 The race for attention 58 Winter Indulgence at Chicama Country in a distracted economy Spa 42 Profile of an Entrepreneur: Rocking 63 Competition Personal Finance 64 Books 15 How to be free from 46 The GAP Marketing Right and Wrong Turnover Boost Model Part 68 Events 18 How to live in the NOW 足 IV Forget stress and control
LifeWise
MoneyWise
CareerWise
21 Is Gold the right place to 53 What skills managers need? invest now?
do
Regulars
my 3 Contents
4 ForeWord
25 Is Gold always the gold 56 Is group coaching more effective than traditional 5 Get in touch standard? training? 6 Contributors 27 Retirement Annuities 足 The comeback of the year? 71 In next edition WealthWise magazine 3
ForeWord
The Rightness of Being Wrong
W
e don’t like to fail. Failure is bad. It brings frustration, anger, blame, disappointment and a bad taste in our mouths – unpleasant memories. Or is it so? The subject of failure and wrongness as being instrumental to success is a theory I have been reading about in the past months and a wellfounded argument, drawing references from history, psychology, life and yes, you guess it, business. It’s a central topic to our June/Julyissue.Inthisedition, we talk about negativity, failure and being plain wrong. Wegothroughthedevastating experience of closing down a
4 WealthWise magazine
business as told by Charlotte in our CoverStory interview and we explore a world without the right and wrong labels, stress and control. We also bring you fabulous book reviews on the topic, some of the most captivating so far. We take an objective look at Gold investments and go deeper into financial advisers’ favourite subject of the past three months – retirement annuities (RAs). Financial planners, managers and bank representatives discuss the revival of retirement funds and the advantage and disadvantages brought by going the RAs route. Decide for yourself.
While deciding on your future investments and business strategy, don’t forget to still have fun and relax this winter. We recommend going for an indulgent Spa experience (more about it in our lifestyle section, Agenda) or go for our selection of events. Certainly winterseasonisnotboringatall. We hope that our publication will inspire you to make every day, longlasting changes to a wealthier future. Wishing you all the best, Denisa Oosthuizen Managing Editor WealthWise magazine www.wealthwisemag.com
Get In Touch
Contact us Email: denisa@wealthwisemag.co.za editor@wealthwisemag.co.za Mobile: +27(0)82 819 2820 +27(0)81 326 1579 Skype: denisa.oosthuizen Facebook: WealthWise magazine Twitter: @WealthWisemag LinkedIn: www.linkedin.com/company/wealthwise足magazine
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All content and information within WealthWise publication is property of the Publisher and should not be reproduced, copied or entirely quoted without the prior approval of the Publisher, being protected under copyright laws. Should you wish to make use of any of the content displayed please contact us at denisa@wealthwisemag.co.z a or editor@wealthwisemag.co.za . For editorial contributions, comments and suggestions, email our editor at
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June/July 2012 Cover: dreamstime.com Contributors: Takura Mahwehwe, Yasin Ebrahim, Andrew Morton, Ockert J Moller, Johan Mouton, Vanessa Bluen, Denisa Oosthuizen Photos: dreamstime.com and contributor's photos where stated
WealthWise magazine 5
Contributors
Ockert J Moller
is an internationally recognized speaker and author of numerous books on human potential development. He is the Founder and President of the "I AM Institute of Human Development", an organization that specializes in training, consulting and coaching. Read Ockert's opinion on being right and wrong in LifeWise section, page 1 5.
Takura Mahwehwe
is Portfolio Construction Analyst at Cannon Asset Managers. Cannon Asset Managers is a niche investment management company, based on the philosophy and principles of value investing. Takura asks if gold is the place to be investing right now in MoneyWise section, page 21 .
Johan Mouton
is the owner and marketing specialist at Online Systems. He has been involved in marketing research projects, consulting work and developing people for business. He has an Honours degree in marketing and has developed a marketing boost model to help companies increase their turnover by implementing and focusing on adequate marketing strategies. Read the final Part IV of Johan's 18 GAP Marketing Turnover Boost Model in BusinessWise section, page
46. 6 WealthWise magazine
Contributors
Want to contribute? Contact us at
editor@ wealthwisemag. co.za. Andrew
Morton
is Managing Consultant at The HR Hub, South Africa’s first HR Service Centre, offering a number of HR products and services under one roof, covering the complete HR spectrum. Read Andrew's feature about managerial skills in CareerWise section, page 53.
Vanessa
Bluen
is Managing Director of The Consultant Powerhouse. Her business focus is working with individuals in organizations at all levels to challenge their work and personal paradigms. She was lecturer on Organizational Behaviour at University of the Witwatersrand for five years, then a corporate executive and successful entrepreneur, elected as a finalist for Boss of The Year 2005. Read Vanessa's article about attention in BusinessWise section, page 40.
Yasin
Ebrahim
is an investment professional, researching developments in the Alternative Investment space through exposure in traditional and social media. His background in Risk and Investment Management coupled with leading industry qualifications provide him with a sound background to explore Alternative Investments. Read Yasin's opinion on the goldl investing in MoneyWise section, page 25.
WealthWise magazine 7
CoverStory
Lessons Learnt From Business Failure by Denisa Oosthuizen
C
harlotte Kemp is one of the thousands of South Africans who had to go through the drama of closing down a business. What makes her different is the courage to put down on paper her most inner fears, disappointments and lessons learnt on the way to failure. Her book, “I’m not afraid of the F word”, is a candid and refreshing personal and business account of her life in the midst of making one of her hardest decisions – giving up on a franchise retail business.
her experience, lessons valuable for small and medium sized businesses (SMEs) and startups. Here Charlotte opens up to WealthWise magazine about her motivation to write the book, her most important business lessons learnt, her internal struggles and how she sees failure.
WealthWise magazine: Your book, “I’m not afraid of the F word”, recounts the lessons learned on the way to business failure. Why a book? Tell us more about your career and the franchise business you While there are plenty of are referring to in your stories about business book. success, the book relates to the story of a failure, Charlotte Kemp: As a showcasing at least fifty speaker and trainer, I lessons she learned from couldn’t let a good lesson go 8 WealthWise magazine
by without recording it. I wrote the book for three reasons: to encourage other entrepreneurs who are going through tough business times, to find ways to get past temporary business failures; to be a record for my daughters so that they will be encouraged in years to come and understand what we went through; to remind myself of the mistakes that I made so that I can try to avoid making the same mistakes again. The book is a useful resource to continue the conversation about failure. WealthWise magazine: Why the decision to close down your business? What did it take for you to realize that there was no other option at that point in time?
Photo: Speaker and trainer Charlotte Kemp learned business the hard way while taking up a franchise retail business and closing it down months later
Charlotte Kemp: We got to a point in terms of resources that we could not continue financially or emotionally. I closed the business down before someone else did it for us. It was a painful decision, and the consequences of the entire business failure is still being experienced right now, but the decision to stop the free fall was a good one, albeit later than it should have been made. WealthWise magazine: One of your lessons is
“Learn to Quit�. Was it hard to quit? Were you afraid of failure? Did you explore other options? Did you try to postpone the moment? Were you hopeful that things could be sorted out, and up until what point? Charlotte Kemp: We were constantly hopeful that the business would turn around. In fact, our second last month of operation was our best in terms of revenue. However, by then the damage was so bad, that
there was no way we could continue. We tried very hard to sell the business, even at a discount, and even after absorbing the losses myself, but no one was willing in that current economic environment to take the risk. Quitting the business meant that I had the chance to start something else, something that I could do better and with a greater chance of success. WealthWise magazine 9
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