Botswana Post has announced that they will retain the much hyped ‘Icon of Excellence’ strategy although it was not successful in achieving the P500 million revenue target. This was revealed by Botswana Post Chairman Polokoetsile Motau, adding that they will redesign and rework the strategy in order to attain better results.
Regarding the strategy, Motau said the strategy is still applicable and sound and will be very necessary in the future. “We need to redesign and rework where we have fallen short,” he said. He also said they conducted a business performance improvement scan in the current financial year to ascertain the real performance of the business so as to inform the decision making with regard to the business strategy going forward from 2017 onwards.
The results of the scan revealed that the organisation was overly resourced at its head office, but facing problems at the post offices.
The ‘Icon of Excellence’ was introduced by former Chief Executive Officer, Pele Moleta in 2011, to run for a period of 5 years up to March 2016. He, however, left his post for Barclays Banks in September 2015.
Botswana Post Chief Executive Officer Cornelius Ramatlhakwane recently said “Our current forecast is that we would achieve a rather modest revenue figure of P440 million for the 2015/16 financial year. This figure would exceed our P500 million target when we include our former subsidiary upon conclusion of audit,” said Motau.
He stated that the parastatal has struggled with its cash cost to income ratio, as they missed it mainly due to very high cost of sales and strategic expenses incurred in their transformation journey. He added that they finished the year 2014/15 with a total loss of P47 million.