All small businesses have the capacity to grow into a world class company if the right principles and techniques are applied. Some businesses remain small scale because most times the owners do not have the neccesary skills or experience needed to grow such business into a big company.
I will be giving you 16 tested and proven tips that will help you to build a world class company right away!
The principles I will be sharing with your know are not new and they are not margic principles. They are known techniques that have worked and have continue to work for many successful businesses worldwide.
Even if you don’t have much capital right now, even if your business is very small, if you are committed and determined and ready to follow these principles, you can build a world class company and become a muti-billionare.
1. Start a business that you are passionate about.
If you are not passionate about any business, you won’t be committed to it until it succeeds.
Most businesses experience some sets backs 8n the early days and many entreprenuers quit and fail because of this. However, only passionate entreprenuers who are passionate about their business vision would hang on and remain committed regardless of the challenges they face.
2. Value creation must be at the centre of the business vision.
Your central business vision must be centred on VALUE CREATION, PROBLEM SOLVING and SERVICE DELIVERY and rather than just MONEY MAKING.
Remember the vision of Nokia? “Connecting People”
What’s your business vision?
Money making only?
You need a big vision that has people at the centre of it to succeed in business and in order to make your mark in the global business sphere.
3. You must be willing and humble to start small in business.
Yes you should to be willing to start small. Starting small gives you the opportunity to grow and to make all your business mistakes without having to run out of business.
You don’t need to wait until you have a lot of capital to start a business. You also don’t need to take big loans. Rather, start with what you have and grow the business overtime.
4. You must be committed to providing excellent products and services.
You must be committed to pursuing excellence in service delivery or the production or sales or distribution of quality products.
Let quality and excellence be your second name please.
If anything can be done in a more better way, kindly go the extra mile to get it done so.
5. Always stay ahead of your competitors.
Identify your competitors, study them and consciously and consistently build your products and services to be better than those of your competitors.
Your customers should find reasons to buy from you instead of your competitors. This could be in form of time time savings using your products, better costumer service, better and durable products, cheaper products and services etc.
6. Put your customers’ satisfaction at the front burner.
You have heard the saying that customer is king. This is true.
Customers can sack both the employees and the boss/CEO by simply choosing to stop patronising you anymore.
They are king indeed and therefore don’t forget to always treat them like the king that they really are.
Always get feedbacks from your customers and try as much as possible to attend to their complaints in a timely manner.
7. Your business must be built on the foundation of integrity and transparency.
If you are a small business owner and you are corrupt and like cutting corners, you will hardly, if ever, get big in business.
Businesses that last for centuries and grow into multinational companies are built on the foundation of integrity.
Don’t wait until you are big. Start now to say the truth in business. Don’t cheat your customers or clients.
If you are getting away with cheating your customers now, tomorrow you will cheat someone who would have been your link to greatness and this would cost you your business name and could even attract fines and litigation.
8. Find good business mentors and follow them keenly.
No matter how smart you might be, you need mentors to go far in life. You need a coach, no matter how skilled you are.
Have you imagined why the likes of Christiano Ronaldo and Lionel Messi will always be under a Coach?
Because, mentors and coaches make us more successful. They make the way easy for you.
Nothing under the sun is new. Mentors help you to avoid their mistakes and help you to accelerate by virtue of their wisdom and years of experience.
You must be humble enough to learn from a mentor if you must go far in life and in business.
9. Be willing to partner
If you have been following me keenly you will notice that I always encourage young people to partner. This is because I have seen it work over and over again.
Most Africans and many young people don’t like to partner in business.
One of the easiest and greatest ways to turn your small business into a big one overnight is by partnering with a bigger partner.
Big partners bring their expertise, money, experience and connections and networks into your smalk business and this grows your business, just for a percentage of ownership of the company.
Take it or leave it. If you are not ready to partner in business, you are not yet set for expansion and growth, because every big business you can think about is not owned by one person. There are many shareholders in each of them.
Why would you continue to struggle with your small 100 to 200k in a lucrative business, while you can meet someone who is willing to invest 1 to 5 million into that business for a percentage of the ownership?
Don’t be too greedy and don’t be too crazy with being the CEO. What matters isn’t titles or portfolio. What matters is what is hitting your bank account every day.
10. Job creation should be among your driving force for doing business:
If your entire motive of going into business is just to make money and to meet your household needs, your business is most likely to remain small, a the subsistency level.
But if you have a passion to create jobs for others, your future is bright as a small business owner, because that business is prone to grow and scale up.
One more reason why you should have job creation as part of your business vision is because most governments of various countries favour businesses that grow the economy and create jobs.
You will enjoy import subsides and tax rebates as an employer of labour.
One common example is Aliko Dangote, the wealthiest man in Africa. The Nigeria government supports and favours Dangote group, because he is among the largest employer of labour in Nigeria.
11. You must be willing to create and maintain an online presence as a small business owner.
This can be in form of having a social media page/ platform or having a website for your business.
The world has gone digital and any business that shy away from digital marketing will be left behind.
Don’t be left behind, scale up your business to digital mode as part of your plans to grow that business.
12. You must be good at identifying great talents and employing them to work for you.
This is one great secret used by most successful business owners and CEOs.
The best CEOs are average guys who are good at hunting for the best minds and skills. He /she sells his/ vision to them and use them to achieve their business objectives for a salary.
Google, Apple, Alibaba, Facebook and other giant tech companies are good at hunting and hiring great talents from across the world and they use inputs from these talents to grow their businesses.
13. You must continually develop and motivate your existing staff.
Strong teams, not individuals, build great businesses.
Train your staff periodically if you want them to give you the best. Monies spent in training your staff is not waste, instead it’s an investment that would yield return on your business.
Also, motivate your staff frequently. Motivation can be in form of recognising their efforts, word of mouth commendations, giving them financial bonuses for good performance, promotions and etcetera.
14. Never combine business with pleasure.
Separate pleasure from your business if you want it to succeed. I have seen people playing ludo or other games at their business premises and I wonder if these entreprenuers are ready for business in the first place.
Some people have also turned their business into semi bear parlour. How can these businesses succeed with their misplaced priority? Never ever date your employees. This will affect your business performance and growth in many ways adversely.
Be committed to your business and treat it with uttermost seriousness that it deserves and see it experience the desired success and advancement.
15. You must be apt with your business accounting and financial management.
You must seperate business funds ( in separate accounts ) from personal funds. Combining both will lead to failure.
Keep accurate records of the business expenses and income. Also, you must keep accurate and consistent financial records in order to track your business progress and in order to make short term and long term business plans. Also, ensure to audit your financial records periodically using an external auditor.
Keeping good business records will also enable your business to pass any financial audit that might qualify your business for greater collaborations from investors or for gaining financial grants from financial institutions.
Sometimes you may not be able to do the book keeping yourself depending on the size of your business. In that case you might need to hire a competent accountant to help you organise your business financials.
16. Set aside some of your business earnings for corporate social responsibility projects, ( CSR projects ).
Most great businesses always find a way of giving back to the community where they are in operation. Giving back to the community has a way of opening more doors for prosperity and favour.
Don’t forget to involve God in your business by promoting just cause and by giving to the needy from some of your earnings.
CSR projects can be in form of donating exercise books to pupils, giving relief materials to displaced persons or persons with disabilities, or even the motherless babies homes and etcetera.
There you have it!
Those are simple but powerful tips that will work for just ANY BUSINESS in any clime.
Learning about these tips is one thing, but what’s more important is acting on them and using them to grow your business.
I do hope you will do just that!
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