Processes are Key to any Business

Every entrepreneur’s vision is to get to a point where their business venture can function effectively with or without their input. It is only that way the business can truly grow and expand. Failure to set processes will lead to low revenue, few happy customers, stressed employees and slow growth. One way for business structuring to work effectively is to have and implement processes in every part or department in the business.

Most entrepreneurs with prior sound professional work experience in larger organizations will easily implement and work with processes in their business. Working effectively with processes is the practice of most large organizations globally. It sets the quality of structure, expansion and general goals to achieve in the business.

Business processes is simply laying down multiple linked tasks/steps/activities that will result in delivery of a product, service or business goal. These tasks/steps/activities will guide anyone within an organization that is in line with the vision and mission to achieve an organization’s overall goal.

Processes can range from production, to customer complaints resolution, to client’s management system and to some other simple working practices. You know how it’s important to write down the business vision and goals? It is also important to write down processes with concise steps towards achieving them.

Customers love consistency and the only way to be consistent is to have smart written-out processes and to ensure that every team member works according to these processes. Any customer will be won with repeated excellent service/product over time. That is why KFC’s chicken tastes relatively the same in their over 20,000 branches, all over the world.

Standardizing processes and measuring the performance is a blessing. Leave no single task without a process from start to completion. Something as simple greetings or how to dispatch a delivery order. Businesses in the manufacturing sector must take extra measures in standardizing their processes to achieve the desired products every time and minimize waste.

Receiving orders, invoicing, shipping products, updating customer information, or setting a marketing budget etc. can all be put into perspective. A simple break down of the process of receiving orders for delivery via phone call can be: Greet the customer, ask and record what they would like to order, record the delivery details (address, phone number etc.), inform them about the expected time of delivery and finally, express gratitude to them for ordering. This is a simple order-receiving process template and it can vary from one business to the other.

All employees from the directors to the janitors must be in line with the vision, goals, structure and processes of the business. Everyone must be ready to work hand in hand and work with the processes of the business to achieve these goals. Introduce everyone to these processes through trainings, continuous engagement and ensure that all processes are documented for continuous referrals.

Imagine a standard salon with about ten employees, for every item or service price, someone has to run somewhere to get the price from business owner. A simple pricing process should be thought out, that would enable employees tell the pricing without having to find the business owner.

Calling a Lingerie business to get the store address and the business owner says she will call back because she is at her child’s PTA meeting. Whereas, she has an English-speaking store attendant that she doesn’t trust to handle the phone lines. The store attendant can be enabled with a simple customer service process to handle the phone lines.

There are mostly upsides to having well thought out structured processes in a business. When properly practiced, processes can check waste with the use of raw materials in a manufacturing business. It can make room for effective management of human resources and machinery. It can effectively control time management.

It is not enough to have processes, you have to set up checks and balances along every step. For example, if the steps aren’t followed, what would give? Who checks that it was followed and who balances who? The use of Key Performance Indicators (KPIs) can be used to measure the performance of team members. By setting these KPIs, you can enable the team to make smart decisions and follow the processes laid down. Do not cut corners in any step as it would give room for team members to drift away from the processes outlined.

Building processes takes the most diligent approach, research and time. The goal is to have realistic workable processes for your business and update with any internal or external changes from time to time. With this and other things put in place, you are set to build a rock-solid business.

Culled from Guardian News

Unemployment, high cost of living, major problems – NBS

The major problems in the country currently are unemployment and high cost of living, the National Bureau of Statistics has said.

According to the bureau, most Nigerians believe that if the government can tackle the high rate of joblessness across the country, the other problems will be significantly reduced.

Presenting key findings from the National Corruption Survey, entitled: ‘Corruption in Nigeria’, which was conducted by the bureau in conjunction with other agencies of government, at a corruption summit organised by Youth Alive Foundation in Abuja on Wednesday, the Director, Real Sector and Household Statistics, NBS, Isiaka Olanrewaju, stated that surprisingly, corruption did not emerge as the country’s major problem.

He said after the bureau conducted a survey on the percentage of Nigeria’s population who considered selected issues that were the most important problems affecting the country, it was discovered that unemployment was number one.

Olanrewaju noted, “Apart from talking about the issue of bribery and corruption, we also had peoples’ opinion on what they think is the major problem in Nigeria. And when we arranged them in order of mention, unemployment emerged as number one.

“This is followed by high cost of living, and corruption came third.”

Culled from PUNCH.

A brief Summary of Dale Carnegie’s How to Win Friends and Influence People.

Below is a brief Summary of Dale Carnegie’s How to Win Friends and Influence People.

Techniques in Handling People

• Don’t criticize, condemn or complain.
• Give honest and sincere appreciation.
• Arouse in the other person an eager want.
• Six ways to make people like you

Become genuinely interested in other people.

• Smile.
• Remember that a person’s name is to that person the sweetest and most important sound in any language.
• Be a good listener. Encourage others to talk about themselves.
• Talk in terms of the other person’s interests.
• Make the other person feel important – and do it sincerely.

Win people to your way of thinking

• The only way to get the best of an argument is to avoid it.
• Show respect for the other person’s opinions. Never say, “You’re wrong.”
• If you are wrong, admit it quickly and emphatically.
• Begin in a friendly way.
• Get the other person saying “yes, yes” immediately.
• Let the other person do a great deal of the talking.
• Let the other person feel that the idea is his or hers.
• Try honestly to see things from the other person’s point of view.
• Be sympathetic with the other person’s ideas and desires.
• Appeal to the nobler motives.
• Dramatize your ideas.
• Throw down a challenge.

Be a Leader: How to Change People Without Giving Offense or Arousing Resentment

• Begin with praise and honest appreciation.
• Call attention to people’s mistakes indirectly.
• Talk about your own mistakes before criticizing the other person.
• Ask questions instead of giving direct orders.
• Let the other person save face.
• Praise the slightest improvement and praise every improvement. Be “hearty in your approbation and lavish in your praise.”
• Give the other person a fine reputation to live up to.
• Use encouragement. Make the fault seem easy to correct.
• Make the other person happy about doing the thing you suggest.

On criticism

Criticism is futile because it puts a person on the defensive and usually makes him strive to justify himself. Criticism is dangerous, because it wounds a person’s precious pride, hurts his sense of importance, and arouses resentment. Any fool can criticize, condemn and complain and most fools do. But it takes character and self-control to be understanding and forgiving.

That reminds me of this famous quote by Thomas Carlyle: “A great man shows his greatness by the way he treats little men.”

On dealing with people

When dealing with people, let us remember we are not dealing with creatures of logic. We are dealing with creatures of emotion, creatures bristling with prejudices and motivated by pride and vanity.

On influence

The only way on earth to influence other people is to talk about what they want and show them how to get it.

On the secret of success

If there is any one secret of success, it lies in the ability to get the other person’s point of view and see things from that person’s angle as well as from your own.

INNOVATIONS THAT WOULD AFFECT ACCOUNTANTS IN NIGERIA IN THE NEXT DECADE

"INNOVATIONS THAT WOULD AFFECT ACCOUNTANTS IN NIGERIA IN THE NEXT DECADE" - PAPER PRESENTED BY SEGUN-MARTINS OGUNYEMI AS GUEST SPEAKER AT CALEB UNIVERSITY IMOTA, LAGOS NIGERIA ON 27TH JUNE 2018

What is INNOVATION?

Innovation can be defined simply as a "new idea, device or method". However, innovation is often also viewed as the application of better solutions that meet

• new requirements,
• unarticulated needs, or
• existing market needs.
  

Innovation isn’t just an idea but the process of translating it into action.

Major Types of INNOVATION

Two major types of Innovation are:

Sustaining Innovation

Seeks to improve existing products. It does not create new markets or values, but rather merely develop existing ones.

Disruptive Innovation

Means to reinvent a technology, business model, or simply invent it all together. Some of the examples of disruptive innovation are Airbnb, Uber, Taxify etc.

Disruptive Innovations

As explained earlier, A disruptive technology is one that displaces an established technology and shakes up the industry or a ground-breaking product that creates a completely new industry.

Examples of Disruptive Innovations are:

• The personal computer (PC) displaced the typewriter and forever changed the way we work and communicate.
• Email transformed the way we communicating, largely displacing letter-writing and disrupting the postal and greeting card industries.
• Cell phones made it possible for people to call us anywhere and disrupted the telecom industry.
• The laptop computer and mobile computing made a mobile workforce possible and made it possible for people to connect and collaborate from anywhere.
• Smartphones largely replaced cell phones and PDAs and, because of the available apps, also disrupted.
• Cloud computing has been a hugely disruptive technology in the business world, displacing many resources such as disc, flash drives etc
• Social networking has had a major impact on the way we communicate and it has disrupted telephone, email, instant messaging and event planning.

Disrupting the Accountancy Profession

The accounting profession will face significant changes in the next decade. Accountants in turn will face significant opportunities and risks from digital disruption and rapidly evolving technology. 

The three major changes are

• Evolving smart and digital technology
• Continued globalization of reporting / disclosure standards, and
• New forms of regulation.

Smart & Digital Technologies

Accountants will use increasingly sophisticated and smart technologies to enhance their traditional ways of working, and these technologies might even replace the traditional approach. Smart software systems (including cloud computing) will support the trend toward outsourcing services and greater use of social media will improve collaboration, disclosure, engagement with stakeholders and broader communities. Social media such as Facebook, Twitter, and Google search) will reveal more data.

Globalization

Globalization will create more opportunities and challenges for members of the accounting profession. While globalization encourages the free flow of money from one capital market to another, enhanced overseas outsourcing activities and the transfer of technical and professional skills will simultaneously continue to pose threats to resolving local problems (with different cultural, financial, and tax systems). Accounting professionals are likely to see themselves having a role in this transformation.

More Regulations

Increased regulation, and the associated disclosure rules, will have the greatest impact on the profession for years to come. For example, increased regulation is imminent because of massive tax avoidance, transfer pricing, and money laundering.

Many professional accountants and tax practitioners will be affected by intergovernmental tax action to limit base erosion and profit-shifting (BEPS). 

Key Shifts and Impacts

The future profile of the profession will include key shifts and remarkable impacts such as:

• Accountancy will be automated and cloud based.
• Accountancy will harness the power of big data.
• Accountancy will integrate non-traditional financial information.
• Accountancy will be more efficient and mobile.
• Accountants will be able to deskill time-consuming and repetitive work
• Accountants’ roles are and will continue to change radically.
• Accountants will need to re-skill to retain their emerging role as the gatekeeper of corporate data.
• The profession must develop new ways to measure and value technology costs and benefits for the world of cloud computing and social networking.
• The accountancy profession will shrink as software vendors build progressively more finance expertise into self-learning products and services.
• The CFOs of the future will need to know as much about technology as they do about financial management.
• Unless accountants embrace technology they will follow the dinosaur into extinction – individually and as a profession.
• By 2025 audits may well be real-time. Regulators will conduct them automatically pulling data in from business systems and sensors embedded in everything – from stock to livestock and even human beings.
• If accountants do not position themselves as subject matter experts on emerging trends such as crowdfunding and new payment platforms then other professionals will.
• Accountants through emerging technologies will be more participatory in the areas of Business Intelligence, Business Analytics and Business Planning.
• Accountants must exploit emerging technologies to attract talent and to develop and manage existing talent.

Emerging Trends

Big data

Big data is a term that describes the large volume of data – both structured and unstructured – that inundates a business on a day-to-day basis. But it’s not the amount of data that’s important. It’s what organizations do with the data that matters. Big data can be analyzed for insights that lead to better decisions and strategic business moves. There are five concepts associated with big data: volume, variety, velocity, veracity and value.

Internet of Things (IoT)

IoT is the network of physical devices, vehicles, home appliances, and other items embedded with electronics, software, sensors, actuators, and connectivity which enables these things to connect and exchange data, creating opportunities for more direct integration of the physical world into computer-based systems, resulting in efficiency improvements, economic benefits, and reduced human exertions.

Cloud Computing

This is an information technology (IT) paradigm that enables global access to shared pools of configurable system resources and higher-level services that can be rapidly provisioned with minimal management effort, often over the Internet. Cloud computing relies on sharing of resources to achieve coherence and economies of scale, similar to a public utility. It enables organizations to focus on their core businesses.

Artificial Intelligence & Machine Learning

Artificial Intelligence (AI) was first coined in 1956 by John McCarthy. AI involves configuration of machines to perform tasks that are characteristic of human intelligence. This includes things like understanding language, recognizing objects and sounds, and problem solving. At its core, Machine Learning founded in 1959 by Arthur Samuel is simply a way of achieving AI. It is a way of giving machines access to data and let them learn for themselves. Recall The Terminator, The Matrix, Robocop…

Enterprise Resource Planning (ERP)

ERP is the integrated management of core business processes, often in real-time and mediated by software and technology. ERP is usually referred to as a category of business-management software  typically a suite of integrated applications that an organization can use to collect, store, manage, and interpret data from these many business activities. Examples are Sage, SAP, Oracle, Ms Dynamics Navision, AX and so on.

Blockchain

A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography.  Each block typically contains a cryptographic hash of the previous block, a timestamp, and transaction data. By design, a blockchain is resistant to modification of the data. It is "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way".

Nuggets

“The only constant in the technology industry is change.” - Marc Benioff

“Information technology and the Internet are rapidly transforming almost every aspect of our lives - some for better, some for worse.” - John Landgraf

“Once a new technology rolls over you, if you're not part of the steamroller, you're part of the road.” - Stewart Brand

“The key is to embrace disruption and change early. Don't react to it decades later. You can't fight innovation.” - Ryan Kavanaugh

Way-forward

Every accountant in this generation and generations to come need to realise that disruptive innovations are real. In order to remain relevant and create values as accountants we need these three:

1. Intellectual curiosity
2. Love for technology
3. Entrepreneurial mindset.

When you are prepared you minimise the burdens and maximise the benefits.

Be Prepared! Be Digital!!

‘Segun-Martins Ogunyemi is the Principal Consultant at Pro Logic Ideas Consulting, a Financial and Management Consulting Firm based in Lagos Nigeria. @SMOgunyemi

How I Frustrate Frustration

Frustration has become part of our lifestyle and lexicon in Nigeria.

However, we can frustrate frustration and forge ahead on daily basis. Just as you reboot a computer by restarting it and reloading the operating system, all of us need to reboot ourselves consistently. We are all in transition, getting older, starting over and things change.

Your destination changes, your conditions change, and your motivation changes. There are disappointments, challenges, and losses as a result of situations which are beyond your control. If you don’t stay focused and obsessed with where you are going, you will become that person you don’t want to be: frustrated, lost, jaded and wasting away.

Persistence is the characteristic of legends. You may not be able to predict your future, but you can guide it by showing up every day and pushing through distractions, setbacks, and petty things.

Others will throw in the towel and quit when things don’t go their way. They would rather give up on themselves then stick it out until they make it work.

Become strong and resilient despite the challenges that you are going through.
Hardships are not unique to you - everyone has something difficult they must overcome. That is what creates SUCCESS. I have taken tough decisions in life and I am sailing through the predicaments that come day by day.

Be persistent in the face of all obstacles.

You’ll remember those times in the trenches later when you become successful. Reaching your true potential might very well be determined by this one thing - persistence.

It doesn’t matter what’s going on in your world at the moment...if you’re determined to achieve that goal and what you want to create for your life, you won’t have time to stop and think about the terrible things that are going on. The only way you can do anything about it is to push ahead.

That’s why I don’t focus or dwell on the past, ever. It doesn’t exist. I live to create a life for myself and my family.

Your obsession is the FUEL for your future.

For my whole life, I’ve always felt that I could do more. I’m most happy when I’m pursuing that gnawing feeling inside me.

Rather than being disillusioned by disappointments or deceived by small success, I continue to fuel my goals by affirming and reinforcing the success I have yet to achieve, always with my attention on the future, not the past.

Quit feeling sorry for yourself, quit complaining, and act like a boss. Stay busy - moving quickly from one activity to the next.

If you're moving fast enough, you won’t have time to think about whether your glass is half full or half empty. My motivation comes from my attention on the future, not from something done in the past!

I HAVE DECIDED TO STAY FOCUSED ON MY FUTURE TO NOT GET DISTRACTED AND FRUSTRATED. JOIN ME!

50 Personal Finance Habits Everyone Should Follow

Start by spending less than you earn every month.

From time to time we bring you posts from our partners that may not be new but contain advice that bears repeating. Look for these classics on the weekends.

I have a lot of bad habits. For example, I tend to bite my nails when I get stressed out. I also have a penchant for opening the cupboard to get a drinking glass - then walking away and leaving the door wide open. I know. I can’t explain it either.

Even so, I have a lot of good habits too; perhaps not coincidentally, many of them are related to personal finance.
Hopefully, you have a lot of good personal finance habits too. How many of these apply to you?

1. Taking advantage of the voluntary pension contribution (Retirement Savings Account). These contributions not only reduce your tax liability, but they also act as a de facto quasi-savings plan.

2. Tracking your income and expenses.

3. Being careful not to overspend on gifts.

4. Paying attention to mortgage interest rates even after you buy a home. People who fail to do this may miss out on refinance opportunities that could save them tens of thousands of dollars over the life of their loan.

5. Never buying anything on impulse. One of the best ways to help prevent this is to make a shopping list and then stick to it.

6. Opening your bills when you get them.

7. Paying your bills online when possible.

8. Doing your research before purchasing extended warranties.

9. Ignoring credit card convenience checks that come in the mail. They usually come with high fees that make them extremely expensive.

10. Saving part of your income for retirement. Try saving at least 10 percent from every paycheck; it’s never too late to start.

11. Keeping the money in your wallet to a minimum.

12. Spending less than you earn every month. File this one under “D” for “Duh!”

13. Having an exit strategy when investing. Without one, it is tough to recognize the right time to cut your losses or take profits off the table.

14. Never assuming past performance guarantees future results.

15. Taking advantage of automatic paycheck deductions. Not only does it ensure you pay yourself first, it’s an easy and painless way to save for retirement.

16. Reading all contracts before signing on the dotted line.

17. Planning your dinner menus in advance. We do this at my house because it’s an extremely effective way to reduce our monthly food expenses.

18. Reviewing your credit card statements for errors and erroneous charges.

19. Keeping a budget. Because for most folks, when it comes to managing their money, failing to plan is the same as planning to fail.

20. Faithfully following your budget. It’s one thing to create a budget, but if you don’t have the discipline to put it into action, why bother?

21. Increasing your savings and contributions every time you get a raise.

22. Properly maintaining your car. By following your car’s maintenance schedule and paying a little up front, you’ll reduce the risk of encountering more costly major issues down the road.

23. Paying the bills on time. By doing so you’ll avoid spending money on needless late fees.

24. Taking advantage of coupons and internet promotional codes as often as possible.

25. Refusing to pay the minimum on your credit card bills each month. Here’s a credit card fact: making minimum payments each month will ensure you pay the maximum interest.

26. Using your credit card to buy things only if you can pay it off in full at the end of each month.

27. Leveraging “good debt” to purchase things that have the possibility of increasing in value, or providing a path to a higher income in the future.

28. Never hoping for an inheritance to solve your money problems.

29. Avoiding the use of payday loans to cover temporary financial shortfalls. Eliminate monthly shortfalls by following a budget and maintaining an emergency fund.

30. Not relying on pension scheme as your primary source of retirement income.

31. Avoiding the lottery. There is a reason why the lottery is known as the Stupid Tax.

32. Setting, and then regularly reviewing and updating your savings goals.

33. Never overpaying for insurance. For example, why pay the higher auto insurance premiums for low deductibles if you rarely make claims?

34. Resisting the urge to float checks right before payday. Today, faster bank processing makes this practice much more risky than it used to be.

35. Fully understanding stocks and other financial instruments before investing in them.

36. Avoiding cigarettes. This expensive habit is one of the Four Horsemen of personal finance.

37. Avoiding wasted time clipping coupons you’ll never use.

38. Ignoring the temptation to keep up with the Joneses.

39. Buying a new car — or better yet, a newer used car — and keeping it for at least ten years. Buying new cars is costly because they can lose upwards of half their value by the time they are three years old.

40. Remembering to comparison shop whenever possible.

41. Regularly checking your credit report for errors, signs of fraud and identity theft. You’re entitled to a free credit report from Experian, TransUnion, and Equifax every 12 months — that means with proper planning you can actually get an update every four months!

42. Optimizing your 401(k) account every year. Diversifying and balancing your allocations will minimize your losses in the event of a major market downturn.

43. Negotiating whenever the opportunity presents itself.

44. Ensuring your retirement needs are taken care of prior to providing for your children’s future. What good is saving for the kids’ college education if you’ll be eating cat food in your golden years?

45. Avoiding frugality as a means to achieve prosperity. You can only free up so much money by cutting expenses.

46. Occasionally rewarding yourself by splurging.

47. Maintaining an emergency fund. Everyone should have between three and six months of living expenses in the bank.

48. Resisting the urge to tap your emergency fund for non-emergencies.

49. Avoiding interest payments whenever possible.

50. Treating your household like a business. By taking an active role in managing your finances and looking at ways to maximize your income you’ll ensure a brighter financial future for you and your family. Who knows; maybe you’ll even stop biting your nails.

Doing Business in Africa

CNBC Africa’s Esther Awoniyi caught with Cemile Hacibeyoglu, a private sector specialist at the World Bank Group to track the progress of the ease of doing business in Africa.

This year marks 15 years since the ease of doing reports by the world bank was put together and I know that it’s dramatically formed the way Africans do business here on the continent but help us understand how dramatic these changes have been.

HACIBEYOGLU: Let me just start with introducing what they doing business index does and measures. You just mentioned that it has been the 15th anniversary last year’s edition that came out in October but this is an annual publication of the World Bank group that measures ease of doing business and benchmarks economies according to how easy or difficult it is to do business in these economies. Currently it measures 190 economies across the globe but when it started 15 years ago it was just looking at a little over 130 economies and it wasn’t even capturing the whole spectrum of different areas of business operations that apply to small and medium enterprises.
Today the report looks at areas that relate to the small and medium enterprises the daily lives of these enterprises if you wish, from starting a business to paying taxes to trading across borders to all the way to if you have to go to court or even be bankrupt so if you wish, it’s a very good barometer of how the business environment is in a given economy and of course if you do put out such a public tool in a public space countries are very interested to see how they do compared to their peers, compared to the neighbours and we have seen this report directly really encourage and incentivise countries to do better in the business environment. So globally it has been really has played that role in encouraging countries to improve the business environment but very much so in africa as well.

I know that for Africa specially Sub-Saharan Africa, the region continues to lag other regions when it comes to implementing as some of these reforms to tell us about that.

HACIBEYOGLU: You’ve hit the nail on the head with that, Africa still does on average Sub-Saharan Africa still does have the lowest average as a region the average is about 243 out of 190 economies as you can see there’s definitely room for improvement but it’s not about where we are today as the region, it’s about the journey when it comes to it, especially when you analyse trends if you looked at what was happening about 10 years ago you could only see 3 out of 10 economies improving, today it’s 8 out of 10 economy is improving so 36 out of 48 economies each year or for the past three years introduce at least one more reform that make it easier for businesses to operate within their economies and what does it say it means that African economies have put economic diversification private sector led growth at the heart of the competitiveness agendas.

So would you say that that has been the major problem why the region has lagged? The major challenges why it’s been that way?

HACIBEYOGLU: I think from where the region is coming; from a lower place compared to others in that sense the journey will be longer but I think the progress we have made it certainly is one of the best. In terms of number of reforms, we do top every other region the only other more active region is eastern Europe and central Asia and if you look a little bit into trends on the reasons for that they very much incentivised by policies promoted by or driven by joining the EU and all the others for funding and incentives associated with that but Africa on its own has a really come a long way in increasing this reform pace and really ceasing this moment and understanding the importance of private sector lead growth for competitiveness of the continent.

Do you think that that conversation putting the private sector at the centre of business in especially driving economic reforms, do you think this is a message that is resonating across the continent?

HACIBEYOGLU: Very much so and we’re seeing this throughout the numbers as I said. Actually this past year, the 15th edition of the report, we saw a record high number of reforms across the country it was 83 reforms, we haven’t seen this number. The year before we thought it was a record with 80, this year 83 and I just think the only way is up as I said the number it’s just the number of reforms so the pace but it’s also the number of economies so we are reaching know even post-conflict economies, smaller economies or big economies, we’re in Nigerian now, big economies that didn’t used to think about this kind of reforms are also working in this direction so definitely the trend is very positive.

What is it that distinguishes those countries that have been successful that have that momentum from those who don’t?

HACIBEYOGLU: So these countries realise the importance of economic growth and they realise the importance of having a business environment that is conducive for businesses to thrive so they realise that is not just about investment or results-driven growth but it’s also about your average citizen and their interactions with the government because in most developing economies in the world, about 90% of jobs they come from small and medium enterprises. So you can’t really be talking about growth in developing economies if you don’t address the business environment for small and medium enterprises.

Is it easier to implement many of these reforms in an economy that has low poverty and unemployment levels?

HACIBEYOGLU: It gets more complex with the levels of capacity of the government with the levels of vision of the government it does get more difficult so africa’s context in that sense maybe bringing back to your original point of why are we so behind I think the starting point is a bit low in that sense but I want to say that we are outpacing the other regions in the way we are doing in the determination in which we are working.

So there is opportunity for leapfrogging

HACIBEYOGLU: Absolutely.