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  Every business has a way of operating that makes it completely different from any other business in the world. Have you wondered to observe why some companies keep attracting and retaining high performing workers while others struggle to keep just a handful? Have you ever walked into some business premises and without being told, you could feel a sense of intense energy in the air? How come some workers find fulfilment at their place of work and others don’t? How is it that some businesses in the same industries do better than others? The answer to all these and so many more is management, culture, structure and Systems.
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Think of wanting to build a mansion but having a small bungalow’s structure; that is a recipe for failure, right? We need to have basic structures and put systems in place for growth and sustainability. It takes a lot of planning, creating systems for your business, and having a team in place who can help is also key. Please note that every business has its stage of growth and realistic systems/structures that can be effectively implemented at every stage of growth. Understanding your business well enough to be able to create systems is only the beginning. Knowing the right types of systems to use, and how to utilize them best to obtain the results you really want takes time, effort, focus and drive. But it’s well worth it because systems will change your business – and the amount of freedom you have to do the things you love that are outside of your business

Basic To-Dos For Building A Sustainable Business

  • Understanding how businesses work.
  • Putting together a business plan that lays out the short-term, medium-term, and long-term goals.
  • Have a vision, mission, and set SMART goals.
  • Develop your core values.
  • Building organizational standards, work processes, policies, and procedures.
  • Getting the right people with the right skills.
  • Understand your market and customer.
  • Have a bankable business plan.
  • Develop strategies that will position you for growth, long term viability, and assures investors of the going concern of your business.
  • Analyze your business environment using Strengths, Weaknesses, Opportunities, and Threats (SWOT).
The structure of a firm involves many issues that must be addressed early in the process, amongst these issues are:
  • The type of legal entity planned: a sole proprietorship, corporation, or partnership.
  • The scope of operation in terms of local, national, or international.
  • The extent to which other associates or employees will be involved.
  • The actual organizational structure, in terms of reporting relationships, lines of authority, and working relationships.
  • The use of sub-contractors.
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Start-ups should ensure the following:
  1. Start by keeping records of your business transactions (Finance – Sales, expenses, loans, credit sales etc. You can use excel or accounting software (there is some available free accounting software online).
  2. Keeps admin and HR files and properly document things. A file for each staff is important with the content/checklist e.g job description, offer letter etc.
  3. Have a business plan, no matter how simple. There are so many free templates online.
  4. Have at the minimum an advisory board for management support and corporate governance.
  5. Leverage selling online/social media and have a brand presence. Social media engagement is the minimum if you can not afford a good website.
  6. Separate yourself from the business (separate accounts, spendings etc). Give the business life of its own.
  7. Have accountability, report and approval matrix in place.
  8. Standard operating procedures, processes, manuals, and policy docs are important.
  9. Great Leadership and organizational culture are important.
Generally, businesses should consider having in place the following plans, systems, and structures:
  1. Finance and Accounting System.
  2. Operations System.
  3. Customer Service System.
  4. Marketing System.
  5. Human Resource Management System.
  6. IT and enterprise management system.
  7. Legal and Regulatory System.
  8. Management and Corporate Governance Structure.
  9. Growth and sustainability plan.
Define your business model. Sustainable business growth is not an accident that one stumbles upon, but a deliberate outcome that you have to create for yourself.

What To Do: Go For It!

Take steps to ensure your business is strategically organized for sustainable growth. Develop an action plan! You can also discuss this with your business development support consultant. Featured Image Source: Miller Street Law
Got a suggestion? Contact us: editor@connectnigeria.com
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This article was first published on 2nd October 2021

funke-medun

Funke Medun is a World Bank trained business development support (BDS) services consultant, a licensed HR practitioner, an international development consultant, a seasoned professional with several years’ experience in banking, consulting, human resources, training, executive coaching, and entrepreneurship development.

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