Connect with us

Business

Never put off for tomorrow, what you can do today

Published

on

The future of many business leaders have been derailed because they have been too slow to act and react, or too slow to make decisions, or too slow to communicate their thoughts. If you are too slow to react during a time of crisis you will likely face dire consequences. Benjamin Franklin once said, “You may delay, but time will not, and lost time is never found again.”

Many people who should have achieved greatness during their lifetime failed to do so because they delayed doing what they felt they needed to do. The cemetery is full of great ideas that were not implemented because of procrastination.
They did not exploit their God given gifts. Procrastination affects one’s performance at work and in life. The best way to get something done is to begin. Charles Dickens wrote, “My advice is to never do tomorrow what you can do today.”

Procrastination is defined as a type of disorder where an individual avoids doing or completing a task, which needs to be done today and postpones it to the next day. In other words procrastination is putting off or delaying or deferring an action to a later time.
Sometimes it’s not easy to notice procrastination. It just sneaks in as an emergency project that needs to be completed now or instead of doing important things you get distracted by wanting to make a phone call or you decide to finish a task that is not important instead of attending to a critical issue.

Psychologists have identified three main reasons why people procrastinate:
Some employees like to do things under pressure so they wait till the last moment. They want to feel the adrenaline rush as they work towards their goal

Some workers avoid making decisions because of fear of having to take responsibility after making whatever decision they would have made
Others are afraid to do something for fear of failure or achieving disappointing results
Some of the factors that might cause procrastination are: disdain or dislike for boring work, having poor work habits, fear of failure, rebellion against expectations, and uncertainty on how to proceed and lack of accountability.

Procrastination has adverse effects on both the individual and those associated with him/her:
Once an employee delays in doing something, the delay will affect whoever benefits from his/her input. The delay will put more workload on others and thereby creates resentment from them. If someone waits until the last minute or until it’s too late, the burden of their responsibilities falls on someone else’s shoulders who should have performed his task on time.

Procrastination creates anxiety for both the procrastinator and the other co-worker as the deadline looms closer.
Work might not get done altogether. This results in loss of money because work that should have brought income was not done.
We should however not lose hope because of this disorder. Procrastinators are not born but they are self-made so there is hope for those who are affected by it.

The good news is that “anyone can crawl out of the quicksand of procrastination” and enjoy increased productivity, enhanced mood, less stress, better co-worker relationships, a sense of accomplishment and a restored reputation at work as a high performer.
There are ways to combat procrastination and become a more productive employee if one does what is suggested below:

Write down the specific task you’ve been putting off and act on it. By writing down the task it helps you to focus on it. You need to detail the activities that you need to do to accomplish the task. It’s no good just writing the goal/task without detailing how you intend achieving it. You need also to elaborate on the task. The details help one in pushing you to act. Having a precise goal will help you get motivated.
When you have set your goal or you have identified the task that needs to be done and you have come up with a do-able step by step game plan you should then schedule it and commit to act on it.

Sometimes when you want to do a dreaded challenging task, you might develop some negative self-sabotaging thoughts where you underrate yourself by thinking to yourself that you can’t accomplish the task.

When such thoughts threaten your action come up with a positive statement that neutralize your fear or frustration at having to do the task. You need to tell yourself that “If someone did a similar task I should also be able to do it.”
You need to anticipate challenges and obstacles as you implement your task. You should not be distracted by any extra small work or projects that might come on your desk or by roadblocks that might obstruct you.

You need to stick to your original plan. Don’t entertain any resistance that comes in the form of flimsy excuses, bad moods or discouragement.
You need to fight every resistance, obstacle or challenge with tenacity and stubbornness reminding yourself that you can do and accomplish what you have started. “Tomorrow is the only day in the year that appeals to a lazy man,” said Jimmy Lyons.
The other remedy to procrastination is for you to take action immediately: people usually procrastinate because they think there’s time to do the work later.

If the task can be delegated then delegate. Delegation allows you to assign a task to another competent team member who may be able to act on it faster than you are able to. To be a successful leader, you need to deal ruthlessly with procrastination. William Shakespeare said, “In delay there lies no plenty.” It’s very important that as a leader you make decisions quickly. Usually we think that time is on our side, however conditions change very fast.

You might actually find that time has worked against you because of delaying to do what you could have done today. The situation might actually deteriorate while you are still deciding what to do. Delaying to act or responding to a situation creates more problems for you and those to whom the decision has an impact.

l Stewart Jakarasi is a business and financial strategist and a lecturer in business strategy (ACCA P3), advanced performance management (P5) and entrepreneurship.  He provides advisory and guidance on leadership, strategy and execution, corporate governance, preparation of business plans and on how to build and sustain high-performing organisations.

For assistance in implementing some of the concepts discussed in these articles please contact him on the following contacts: sjakarasi@gmail.com, call on +266 58881062 or WhatsApp +266 62110062.

Continue Reading
Advertisement

Business

Jobs galore for Lesotho

Published

on

94 000 jobs.

That is what the Millennium Challenge Account (MCA-Lesotho) will create in the next 10 years, according to Prime Minister Sam Matekane.

The MCA-Lesotho was created by the Lesotho parliament last year after the United States’ Millennium Challenge Corporation (MCC) found Lesotho eligible to receive development funds.

The MCC gives development grants to poor countries that respects democratic principles and human rights.

The MCC has unlocked a staggering US$322 million (over M5 billion) to the government of Lesotho after the country enacted three laws the protect people’s basic rights this week.

Matekane advised youths to visit MCA-Lesotho offices to understand how best they can benefit from the fund and the projects that will be financed.

The MCC’s investments are aimed at increasing the availability of water for household and industrial use, enhance watershed management and conservation methods, rehabilitate health infrastructure and strengthen health systems, and remove barriers to private investment.

The MCA-Lesotho’s Health and Horticulture Compact seeks to assist the country in unlocking equitable and sustainable economic growth in partnership with the private sector by addressing key constraints to growth.

Matekane said the job creation potential of the horticulture project alone is estimated at 4 000 jobs.

This excludes indirect jobs that will be created through packaging supplies, logistics, cold chain activities as well as the processing of the output.

“Let us all be ready and ensure we spend all the funding that is available,” Matekane said.

He said the money is going to be invested in agriculture, trade and industry, value chains, infrastructure development, tourism and creative sectors.

“The Compact has come at a critical time when the country is in dire need of financial injections to revive the economy,” he said.

“This second Compact forms the core of Lesotho’s private sector-led economic growth, recovery and job creation agenda.”

He said the MCA staff should work diligently, to implement this Compact.

“There are several Basotho businesses out there that are eager to seize the opportunities that the Compact brings,” Matekane said.

“Serve them with integrity, accountability and dedication.”

Matekane said the government has established the Cabinet Sub-Committee on the Compact which is under the leadership of Deputy Prime Minister Nthomeng Majara.

The sub-committee is mandated to ensure that the government provides overall oversight, strategic direction and support for successful implementation of the Compact.

He said he expects the MCA-Lesotho to ensure the full implementation of the project within the next five years.

“Our economy needs this capital injection to boost productivity and job creation,” Matekane said.

Matekane said the government had to enact three pieces of legislation which were necessary to support the investments that the MCC is making.

The enacted laws are the Labour Code Amendment Bill, the Administration of Estates and Inheritance Bill and the Occupational Safety and Health Bill.

Majara Molupe

Continue Reading

Business

Bank spearheads career expo

Published

on

Standard Lesotho Bank will tomorrow host a career expo at the ’Manthabiseng Convention Centre for high school students who will sit for their final exams this year.
The 14th Annual Standard Lesotho Bank Career Expo was launched in Mokhotlong on Monday where the Lesotho Highlands Development Authority (LHDA) welcomed students in areas around the Polihali Dam construction site.

On Tuesday the expo was at the Butha-Buthe Community High School, yesterday it was at Assumption High School in Teya-Teyaneng while today it is in Quthing at Holy Trinity High School.

The five-day nationwide event is dedicated to connecting ambitious Basotho youths with exciting career opportunities.

Standard Lesotho Bank says it’s career expo “is a cornerstone of the bank’s commitment to empowering Basotho youth and shaping the future of Lesotho’s workforce”.

The 2024 edition of the event is the 14th where the bank is now the headline sponsor of this important expo that reaches about over 10 000 students countrywide.

The expo promises to be an even better offering where over 35 institutions of higher learning from Lesotho and South Africa as well as professional bodies will explain different career options to Basotho students.

Standard Lesotho Bank communications manager, Manyathela Kheleli, said students in Mokhotlong did not only learn about different engineering disciplines but got to appreciate engineering in action at Polihali.

He said it was a lifetime experience for students from Mokhotlong, “thanks to the collaboration with LHDA, who are fully responsible for the Polihali leg of the event”.

There were also motivational speakers from different professions in the bank and other selected institutions.

Key influencers in the football fraternity, former Likuena captain and now Corporate Responsibility Manager at Letšeng Diamonds, Tšepo Hlojeng, and former Orlando Pirates dribbling wizard, Steve Lekoelea, are among the influencers that have been invited to address the students.

The event is a sponsorship initiative under Personal and Private Banking that is open to all youths, communities, and individuals, where the bank intends to use this event to drive the new Youth or student Customer Value Proposition and attract high school students to open accounts ahead of their enrolment into tertiary institutions.

The objective of this sponsorship is to first create an environment where future leaders of Lesotho will be nurtured and informed of top career choices that demonstrate various skills requirements for the growth of Lesotho’s economy.

Secondly, the career expo is a clear demonstration of the bank’s intention to put youths at the centre of its initiatives.

This position is shown by the bank’s initiative to not only develop special products for youths, such as the Youth Account but also through several initiatives that promote youth empowerment. These include the bursary scheme and the Bacha Entrepreneurship Project.

“We are more than a bank for our youths, but a good corporate citizen and a partner for the education for Basotho,” Kheleli said.

“We believe that as we grow our youths, they will become assets to this country and by extension, develop into a feeder market for our banking products when they enter the job market,” he said.

The bank has invested M150 000 towards sponsorship of the annual Career Expo.

Staff Reporter

Continue Reading

Business

Ministry launches fresh industrialisation drive

Published

on

A new policy to drive industrialisation in Lesotho was launched in Maseru this week.
The Lesotho National Industrialisation Policy 2024–2028 is being spearheaded by the Ministry of Trade.

The ministry says the policy seeks to accelerate economic diversification in the industrial base, enhance productivity and productive capacity for industrialisation and advance domestic and regional value chains for industrialisation.

It also seeks to promote and develop industrial clustering, promote inclusive industrialisation, support entrepreneurship development and strengthen business linkages.
The new policy will also seek to enhance energy efficiency and sustainability, promoting technology adoption and innovation, services-based industrialisation, and stimulating agro-based industrialisation.

This is not the first time Lesotho has launched an industrialisation policy. Previous policies have all failed.

The first attempt was the 2015–2017 industrial policy, whose aim was to accelerate the industrialisation agenda and address key challenges facing the country.

The second one was the 2018–2023 policy, which after its unsuccessful execution during the three years of implementation, the government extended it to the National Strategic Development Plan Strategic Focus (2023/24-2027/28).

The new industrial policy’s target is set to activate implementation on innovation to enhance the efficiency and competitiveness of domestic industries, create decent jobs and improve the welfare of Basotho.

Thabo Moleko, the Ministry of Trade Principal Secretary, said the implementation of the new policy is set to deepen economic growth, promote industrialisation and enhance competitiveness.

“The plan includes greater investment in industrial development with the intention to create employment and incomes while building on maintaining the existing industrial trade,” Moleko said.

Mamello Nchake, a consultant for the United Nations Economic Commission of Africa (UNECA), said the development goals of the industrial policy are set to ensure an achievable inclusiveness and equitable growth as they aim to create sector-led quality jobs for Basotho.

Nchake said the goals are meant to “develop and maintain enabled infrastructure that is critical to the private sectors and also to promote gender equality, environmental and climate risk management”.

“Moreover, the policy (will seek to) harness the collaboration with private sector firms to address common challenges and promote industrialisation,” she said.

The workshop discussed constraints that hindered the implementation of the 2018 – 2023 policy that undermined investment and trade opportunities.

The constraints include access to land for investment, inadequate provision of infrastructure, an outdated and a lack of appropriate regulatory environment, low productive capacity, market size and topological constraints, unstable macroeconomic environment, external factors, and over-dependency of trade preferences.

To address the strategic objectives, the previous industrial policies had proposed tax incentives for industrial development, trade policy and regional integration as the main vehicle for industrialisation and structural transformation.

They had also proposed mechanisms for policy coordination and implementation, institutional alignment and linkages.

However, several key challenges were identified in the implementation of the 2015-2017 industrial policy.

They included limited financial and investment capacity to effectively implement the industrial policy actions.

“Financing instruments are not aligned with the level of development needs of the private sector,” stakeholders heard at the workshop.

They also heard that there is “persistent dependency on few industries that poses risks in the face of global economic uncertainties and ever-changing consumer preferences”.
Another identified problem is limited investment climate that makes it costly for foreign firms to invest in Lesotho.

It was also observed that a shortage of specialised education and skills crucial for growth of industries impact the ability of firms to adopt advanced technologies and improve productivity and the productive capacity.

Stakeholders also heard that there is limited global competitiveness and access to global markets.

Lesotho’s industries, they heard, particularly textiles and garments, face competition from other low-cost manufacturing countries.

The country is also spooked by poor coordination between the implementing agencies due to a lack of a clear implementation framework.

Khahliso ’Molaoa

Continue Reading
Advertisement

ADVERTISEMENT

Advertisement
Advertisement

Trending