Best Ideas 2022 features all the nominated entries submitted under ‘Submit your Idea’ category. All the entries consist of innovative solutions or propositions for an enterprise that champions the Sustainable Development Goals. They can be on the conceptual, planning, or start-up stage.
Radical Financial Advising and Coaching
Explain your idea in details:
Our services are Financial advising; depending on people's financial needs and goals we advice them on how to invest, save and spend their money. Financial training; we teach people how to understand their cash flow, how to manage their finances, how to plan and budget their money and how to save, spend and invest wisely. Financial coaching; we help people to be aware and get rid of beliefs and habits that stop them from achieving their financial goals. Financial counseling; we help people to diagnose and assess their financial situation, manage their debt and get rid of unplanned debt. Our main objectives are; teaching people to have the best money mindset. Financially educate people and help them to understand their cash flows, make budgets, manage debt and achieve their financial goals through financial literacy training. Financially coach clients to get rid of bad money habbits, this reduce their financial stress and ensure their financial well-being. Guiding clients through financial advice so that they make sound financial decisions. We also offer debt counselling to people who have bad debt and help them to get rid of unwanted debt. The next phase of this idea is to develop a financial application that will help people assess their financial situation, set financial goals and make plans to achieve their financial goals. In the same phase we would compose a package of financial study material, procedures and templates that guide people to achieve their financial goals. Our service is structured to be both online(virtual) and in a classroom setting. We plan to operate globally and hope to have financial advisers, teainers, coaches and counsellors in different countries and work together as a team towards achieving a common goal of financially educating and transforming peoples lives.
Expected impact of your idea on sustainable development
Our Target is to financially educate non financial people in countries where we operate and ensure their financial well-being. To help at least 1,200 people per year to acquire best money mindset that could help them achieve their financial goals in each country where we indend to operate. To financially transform lives of 1,200 people in a year. To increase the client base by 20% annually. To increase Return on investment by 30% annually. To employ and retain professional and competent staff. Our success factors are to rapidly increase the number of financially literate people in coutries where we operate. Proper, up to date systems and compliance within the company so that we produce expected outcome. Increased customer based by 20% on annual basis. Increased Return on investment by 30% annually. Transforming 1,200 lives in a year in each country where we operate. Retaining competent staff with high morale so that we produce good results.
Plans for implementation and sustainability
We are a financial consulting company that offers business to clients services (B2C). Our services are outcome based and structured to be virtual and in classroom setting, one-to-one and one-to-many. Radical Financial advising and coaching exists to solve the problem of financial stress brought by financial illiteracy to people. Transforming people's lives is our brand as we are result-oriented. We have submitted a proposal for funding request to the Central Bank of Lesotho and currently waiting for response. Our plan is to collaborate with the Lesotho Ministry of finance, we have already acquired membership with the Lesotho Institute of Accounts. The future of a business lies in the numbers of loyal clients that they have, the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it will not be too long before the business close up. One of our major goals of starting Radical Financial Advising and Coaching is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running. We know that one of the ways of gaining approval and winning clients over is to offer our coaching, advisory, training and consulting services a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while. Radical Financial Advising and Coaching will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken care of. Our company's corporate culture of financially transforming people's lives is designed to drive our business to greater heights and training and re-training of our workforce is at the top burner of our strategy.
I am Malimpho Lethoko, the founder of Radical Financial Advising and Coaching. I am a 34 years old Mosotho woman who graduated from the National University of Lesotho with a Bachelors degree in accounting in the year 2013. May 2017 I was at my lowest point in life and had suicidal thoughts as a result of being unemployed. I had a burning desire to create the job for myself and others. I started reading personal development books which brought a change and turning point in my life. I became a better person as I kept learning and formed an organization called FUBYI in 2017. My struggle to get a job was turned in to something good when I had a vision to start this organization that would create jobs and opportunities for people. This vision now brings the goal to start a profit making company which is Radical Financial Advising and Coaching. I have an intension to fulfil my purpose in life which is to transform people`s lives both financially and emotionally especially those who are broken by unemployment. I devote all my energy to ensure that this company becomes a success. I have transformed my life and pleged to never stop becoming. The organization FUBYI did not do well in 2017 due to lack of funds, planning and skills and paused its operations. In March 2022 my seven years old daughter's story of a nine years old schoolmate who lost a parent at night re-ignited the fire within me to fulfill my dream and re-build the organization. I decided to take radical action before I leave this world and start where I ended in 2017. I learned from my failure and commit to make an impact on this planet too.