Making changes and learning to say no
Marthinus Fourie is the MD of group-buying scheme bsmart. He tells Margaret Harris that better financial education would help South African consumers get out of debt
What do you do?
I head bsmart, a financial services business with 35 000 members. The company works for and on behalf of its members/shareholders.
The organisation’s sole purpose is to benefit its members by using their combined purchasing power. Bsmart can negotiate discounts with selected retailers. The discounts are then distributed to all members as a bonus, which is based on members’ purchases for the preceding year.
We all know that, historically, South Africans are not good at saving. The purchase card model is similar to that of the co-operative, which is an organisation owned and operated by the people who use its services. Profits are shared among the members, rather than among shareholders. What did you want to be when you were a child? A racing-car driver. What is your work background?
I have a legal and financial background and 18 years’ banking experience for one of the big national banks. How did you end up in this sector?
I wanted to grow a regional business into a national operation. Given my experience, this was an ideal fit. A combination of legal and financial experience is crucial. However, leadership skills acquired over all those
years has stood me in good stead. What part of your job do you like the most?
Changing a business that has been around for so many years is not always easy. Determination and continuous improvement backed by passion and perseverance is what I like to term “grit”. A never-give-up attitude. This entails changing processes, creating innovative solutions, structures and attitudes. The biggest thrill is seeing the dream turn into reality. What mistakes have you made in your career and what did you learn from them? I’ve learnt a lot through my successes as well as my failures. Being impatient and then having to settle for second best can lead to disaster. It’s far better to take a deep breath and, in good time and after careful thought, a solution always presents itself.
What challenges do you face?
In this business environment, nothing stays the same. The economic volatility, fierce competition in the market, legislation and issues such as knowing when to invest, ensuring you have the right people to deliver on the strategy, and balancing urgency with available resources all constitute major challenges in growing a business. The biggest challenge is to manage different resources effectively and
that requires proper planning and prioritisation. Sometimes it is as simple as knowing when to say yes or no. What has been your proudest moment? Seeing our members, employees and stakeholders embracing change. If you had your life over again, what would you do?
Possibly study marketing and, as I have a passion for cars, working for a large car manufacturer would have been interesting. But overall I am content doing what I do. What are the two things you would do to curb debt in society?
Education and better financial awareness. Teaching children from an early age to put some of their pocket money aside every month. By the time they matriculate, they could have saved enough to put down a deposit on a house. Wouldn’t that be a great way to start adult life?