Embracing Bold Steps: The Expansionary Mindset and Its Implication for Southern Africa and Its Accounting Profession

In his compelling piece, 'Why national culture matters to our future ', John Parmentola impressively highlights the vital role of a nation's culture in its economic and social development. His argument brings to mind the current state of affairs in South Africa. Our focus has largely been inward-looking, primarily focused on solving the persistent challenge of load shedding, unemployment, and poverty. These are symptoms and not defining characteristics of who we are. It's turning the messianic slogan “The Struggle to Overcome” into a permanent, weak, continuous "struggling".

We should remember that South Africa has also been a cradle for ambitious visionaries like Elon Musk, born in Pretoria, who has risen to be the world's wealthiest man. Musk's relentless pursuit of knowledge, daring vision, and expansionary mindset – aiming for Mars, no less – should inspire us all. It's a testament to what we can achieve when we think big and are not afraid to take risks.

Parmentola reminds us of the bold, outward-looking mindset that characterized the United States in the mid-20th century. This mindset was driven by a culture that was not afraid to take risks, challenge conventional wisdom, and invest in pursuing new knowledge. The results were extraordinary feats like the moon landing and significant advancements in science and technology that fueled economic growth and prosperity.

Indeed, we can draw inspiration from this example. Take, for instance, the recent move by Checkers, which plans to open 400 new retail stores across Africa. This expansion represents a bold step that creates jobs, expands our economic footprint, and stimulates growth.

Additionally, we're witnessing the development of the African Continental Free Trade Area (AfCFTA), which opens up unprecedented opportunities for South African businesses. Rather than merely looking inward, we should embrace the potential that lies in expanding our reach across the continent.

Exciting developments are also on the horizon, like exploring new oil and gas fields off the Namibian coast. This venture promises to inject significant resources into the economy, creating a multitude of opportunities for the accounting profession. Similarly, the Western Cape's tourism boom contributes to a vibrant and growing economy that requires a robust accounting infrastructure.

Turning to the accounting profession, this expansionary mindset carries significant implications. South African accountants have the skills and expertise to provide high-quality services domestically and internationally. For example, with the advancement in digital technology, South African firms can offer outsourced tax services to US companies. This kind of bold, outward-looking strategy could significantly expand the scope and impact of our accounting profession.

In conclusion, as we navigate our present challenges, let's keep sight of the bigger picture. Let's cultivate a culture of exploration, risk-taking, and relentless pursuit of new knowledge and opportunities. This is not just about solving today's problems; it's about creating a prosperous future. Let's be inspired by the likes of Musk, Checkers, and the opportunities presented by AfCFTA, the promising oil and gas fields, and the flourishing tourism industry. As Parmentola rightly points out, the key lies in "strong dynamic leadership with a vision that can revive the risk-taking spirit of a nation". In South Africa, we have the potential to achieve truly extraordinary things if we dare to embrace this bold, expansionary mindset.

#growth #accountants #taxprofessionals #cfo