Good morning Tinashe - as previously undertaken to you: Our comments on your posting which is a timely reminder that there are opportunities just waiting for us all to increase our business.
Africa certainly has potential to increase the amount of travelers we can attract.
We have to ensure however that we improve our "the value" of offering. By that we mean (and we are merely using this as an illustration, not having visited Victoria Falls, which is after all one of Zimbabwe's major natural attractions together with a safari to "Wankie Game Reserve" which is not too far away) that it is not sufficient to have visitors come to Falls and leave them to their own devices while there. Suitably trained guides should be available to explain the history of the place (why its important to the local population for example), to point out the peculiarities of the flora and fauna and so on. This needs to be viva voce (ie live) so that there is an actual interaction between the visitors and the guides - not just a printed brochure (although that should also be provided to act as a keepsake). Particularly liked the suggestion of having a person proficient in at least Mandarin Chinese (or other languages of the target audience) present. That person should also advise the management on the cultural "foibles" of the target population. What about getting the visitors to submit their photos to the site - you may get photos that are better than your own! Or to share their review of the place before they leave : ie don't wait for the experience to have diminished. Find out what works for your own "attraction: in other words. (Also with particular reference to Vic Falls - Zimbabwe needs to counteract the "annual" horror stories that climate change is causing the Falls to dry up - when in fact its a seasonal phenomenon caused by change of seasons!).
Most importantly - find a niche - and do everything you can to promote your venue to that niche. For example its one thing to say "target China" - but there are over a billion people resident in China, It is preferable to focus attention on one particular sector (see below) or even location and find the local "influencer" dominant in that sector. That way your messaging can be much more targeted, and address the specific needs of the targeted niche (which obviously also means doing your "homework" on what the specific needs of that niche actually are - remember : one size does not fit all). Also your venue probably does not have the ability to deal with an influx of "billions" - so be realistic in your assessment of how many additional visitors your business can actually deal with at any given time without compromising on standards and the overall experience.
A sector that is overlooked by African venues is our suitability for international conferences (and not every conference has to be attended by 1000s of delegates to make a profitable venture) and also business "incentive" packages (ie get international companies to reward excellent performance with a trip to a venue in Africa) or trade shows (involving local business as well who get an opportunity to show case their businesses to an international market ie we can bring international markets to Africa instead of individual businesses throwing optimistic darts at the international prospects).
So some food for thought.
And since we have done that - here's an opportunity to tell you about a new book we are currently working on for publication early in May : "Tariffs and Stock Prices" - the title contains significant clues as to its subject-matter : and contains vital information for navigating the current economic environment! . Can be ordered in eMagazine format (suitable for laptops and desktop computers) from us at - legaleagles@srvalley.co.za". Put the words : Tinashe recommended this book to me" and you'll be able to purchase for only US$ 2,50 (two US Dollars and fifty cents!). We'll send the invoice with payment details.
Or if you prefer an epub version you can pre-order for only US$ 2,99 by using the following link:
Fascinating read! I’m Harrison, an ex fine dining industry line cook. My stack "The Secret Ingredient" adapts hit restaurant recipes (mostly NYC and L.A.) for easy home cooking.
This is an excellent article, I enjoyed reading it. My comments: ( apologies its almost another article, but I feel I have to say this to prompt yet another article from you, perhaps!) :
In the context of Zimbabwe where I live, the market landscapes have permanently shifted, but most companies are still stuck in thier old ways of doing business- with disastrous results, you have been covering some of them.
Your article identifies unique value propositions for African tourism companies to exploit, like unique foods and natural wonders. This is an important consideration, along of course with re-looking at ( or re-imagining) the bouguet of product packages or services, the profit formula, business processes and resources- a complete revamp of the business model.
I am not sure if you have done an article already, or if anyone has done a Zimbabwe context study or analysis, but I find local companies headed by a CA or CFA chief executive, or one with a board consisting of mostly CAs, are very slow to embrace/implement the disruptive business model innovations that are not only necessary, but imperative to quickly tap into and exploit opportunities as they emerge. I am not taking anything away from CAs, they're quite good and well qualified to superintend over most business affairs. Just I don't personally understand the preference for CAs moving almost automatically from doing articles at Deloittes, to Auditor, Finance Manager then Fiinance Director/CFO to CEO role. What has been or will be the success rate of Chartered Accountant CEOs vs that of CEOs from other professions- in a disrupted environment with constantly evolving challenges and opportunities?
Arguably, the Zimbabwe business environment is so complex and volatile that boards of local companies need to relook this tradition of appointing only people with a finance background into the CEO role. That practice may be working in environments where market landscapes don't change overnight; where things are predictable and you can make sound decisions based on your discounted cash flow , net present value or sunk costs analysis/modeling.
Maybe one day you will find time to analyse this for our context Tinashe: How is it that the current CEO of GSK, a global pharmaceutical giant as just one example,has done so well leading the company with no formal qualifications in finance or medicine ( at least going by the mind boggling salary and performance incentives the GSK board has been happy to award year every year since she took up the reins). Yet with Zim companies, if you have not passed through Deloitte's doors or have a technical qualification directly linked to what your company does, then you have no chance being at the top one day.
Hi Tina. As always great analysis. I would actually think someone should make it mandatory to speak Mandarin when working in high volume tourist centres like Vic-Falls. Imagine the Competitive edge you have if the Chinese where to come and not have to worry about speaking English. It'll be the best USP. I hope whatever Tourism Board there is in this country read this and probably make hard decisions which, no doubt will pay off beautifully.
Good morning Tinashe - as previously undertaken to you: Our comments on your posting which is a timely reminder that there are opportunities just waiting for us all to increase our business.
Africa certainly has potential to increase the amount of travelers we can attract.
We have to ensure however that we improve our "the value" of offering. By that we mean (and we are merely using this as an illustration, not having visited Victoria Falls, which is after all one of Zimbabwe's major natural attractions together with a safari to "Wankie Game Reserve" which is not too far away) that it is not sufficient to have visitors come to Falls and leave them to their own devices while there. Suitably trained guides should be available to explain the history of the place (why its important to the local population for example), to point out the peculiarities of the flora and fauna and so on. This needs to be viva voce (ie live) so that there is an actual interaction between the visitors and the guides - not just a printed brochure (although that should also be provided to act as a keepsake). Particularly liked the suggestion of having a person proficient in at least Mandarin Chinese (or other languages of the target audience) present. That person should also advise the management on the cultural "foibles" of the target population. What about getting the visitors to submit their photos to the site - you may get photos that are better than your own! Or to share their review of the place before they leave : ie don't wait for the experience to have diminished. Find out what works for your own "attraction: in other words. (Also with particular reference to Vic Falls - Zimbabwe needs to counteract the "annual" horror stories that climate change is causing the Falls to dry up - when in fact its a seasonal phenomenon caused by change of seasons!).
Most importantly - find a niche - and do everything you can to promote your venue to that niche. For example its one thing to say "target China" - but there are over a billion people resident in China, It is preferable to focus attention on one particular sector (see below) or even location and find the local "influencer" dominant in that sector. That way your messaging can be much more targeted, and address the specific needs of the targeted niche (which obviously also means doing your "homework" on what the specific needs of that niche actually are - remember : one size does not fit all). Also your venue probably does not have the ability to deal with an influx of "billions" - so be realistic in your assessment of how many additional visitors your business can actually deal with at any given time without compromising on standards and the overall experience.
A sector that is overlooked by African venues is our suitability for international conferences (and not every conference has to be attended by 1000s of delegates to make a profitable venture) and also business "incentive" packages (ie get international companies to reward excellent performance with a trip to a venue in Africa) or trade shows (involving local business as well who get an opportunity to show case their businesses to an international market ie we can bring international markets to Africa instead of individual businesses throwing optimistic darts at the international prospects).
So some food for thought.
And since we have done that - here's an opportunity to tell you about a new book we are currently working on for publication early in May : "Tariffs and Stock Prices" - the title contains significant clues as to its subject-matter : and contains vital information for navigating the current economic environment! . Can be ordered in eMagazine format (suitable for laptops and desktop computers) from us at - legaleagles@srvalley.co.za". Put the words : Tinashe recommended this book to me" and you'll be able to purchase for only US$ 2,50 (two US Dollars and fifty cents!). We'll send the invoice with payment details.
Or if you prefer an epub version you can pre-order for only US$ 2,99 by using the following link:
https://books2read.com/u/mBdXQD
and choosing the bookseller of your choice (try "smashwords")
Kind regards
Graeme and Veldra Fraser : www.companylawtoday.co.za
email : legaleagles@srvalley.co.za
Nice read as always - noticed the first link crediting FT is linking to Reuters
Oh thanks! Must have linked it incorrectly will update on the site.
Fascinating read! I’m Harrison, an ex fine dining industry line cook. My stack "The Secret Ingredient" adapts hit restaurant recipes (mostly NYC and L.A.) for easy home cooking.
check us out:
https://thesecretingredient.substack.com
This is an excellent article, I enjoyed reading it. My comments: ( apologies its almost another article, but I feel I have to say this to prompt yet another article from you, perhaps!) :
In the context of Zimbabwe where I live, the market landscapes have permanently shifted, but most companies are still stuck in thier old ways of doing business- with disastrous results, you have been covering some of them.
Your article identifies unique value propositions for African tourism companies to exploit, like unique foods and natural wonders. This is an important consideration, along of course with re-looking at ( or re-imagining) the bouguet of product packages or services, the profit formula, business processes and resources- a complete revamp of the business model.
I am not sure if you have done an article already, or if anyone has done a Zimbabwe context study or analysis, but I find local companies headed by a CA or CFA chief executive, or one with a board consisting of mostly CAs, are very slow to embrace/implement the disruptive business model innovations that are not only necessary, but imperative to quickly tap into and exploit opportunities as they emerge. I am not taking anything away from CAs, they're quite good and well qualified to superintend over most business affairs. Just I don't personally understand the preference for CAs moving almost automatically from doing articles at Deloittes, to Auditor, Finance Manager then Fiinance Director/CFO to CEO role. What has been or will be the success rate of Chartered Accountant CEOs vs that of CEOs from other professions- in a disrupted environment with constantly evolving challenges and opportunities?
Arguably, the Zimbabwe business environment is so complex and volatile that boards of local companies need to relook this tradition of appointing only people with a finance background into the CEO role. That practice may be working in environments where market landscapes don't change overnight; where things are predictable and you can make sound decisions based on your discounted cash flow , net present value or sunk costs analysis/modeling.
Maybe one day you will find time to analyse this for our context Tinashe: How is it that the current CEO of GSK, a global pharmaceutical giant as just one example,has done so well leading the company with no formal qualifications in finance or medicine ( at least going by the mind boggling salary and performance incentives the GSK board has been happy to award year every year since she took up the reins). Yet with Zim companies, if you have not passed through Deloitte's doors or have a technical qualification directly linked to what your company does, then you have no chance being at the top one day.
Hi Tina. As always great analysis. I would actually think someone should make it mandatory to speak Mandarin when working in high volume tourist centres like Vic-Falls. Imagine the Competitive edge you have if the Chinese where to come and not have to worry about speaking English. It'll be the best USP. I hope whatever Tourism Board there is in this country read this and probably make hard decisions which, no doubt will pay off beautifully.