While it is very good and encouraging to start small,
staying small without expansion is a threat to the going concern of such
organization. The following tips and many others coming in this series will
definitely help to ensure the going concern and transition from one man
business to a corporation:
Vision Statement must be reviewed
A mission statement is intended to clarify the “what” and
“who” of a company, while a vision statement
adds the “why” and “how” as well. As a company grows,
its objectives and goals may change. Therefore, vision statements
should be revised as needed to reflect the changing business culture
as goals are met, new ones must be developed to optimize the potentials of such
New knowledge should be acquired
The world is fast changing, so also our business
environment and other fundamentals are responding to meet up with the changes
in the world. It is indeed antithetical to use old instrument or tools to
repair new machines, one man business promoters must identify new tools to
manage new challenges and opportunities that abounds in the new order.
Tools as social media and others, must
appropriately be engaged to drive our sales, marketing , research and
analysis to identify areas where necessary improvement could be made to improve
and move our businesses to the next level
Choose a business mentor
But only a business mentor can truly share wisdom with
you on an ongoing basis—in a manner that can have a directly positive impact on
the growth of your business over time. The generic business advice you’ll get
from online publications will only go so far, and a good business mentor picks
up right where that leaves off.
A business mentor is someone or organisation with more
entrepreneurial business experience than you, who serves as a trusted
confidante over an extended period of time, usually free of charge.
Does this sound a little too good to be true? Well,
first and foremost, being a business mentor to an up-and-coming entrepreneur is
a great way of giving back to their community, and to society at large when
their advice and guidance can have a measurable impact helping their mentees.
Implement Corporate Governance ethics
“Corporate governance” is the term used to refer to the
policies and processes by which a corporation is controlled and directed. It
refers especially to the way power and accountability flow between
shareholders, boards of directors, CEOs, and senior managers. To become big,
owners of small business, must separate themselves from the organization, by
engaging more stakeholders, who will contribute more resources (both capital
and human) into the organisation
The customer is firmly in the driving seat and with it,
comes a required change in how you build and nurture relationships with
potential and existing customers.
Companies that put the customer at the heart of their
organization are experiencing an increase in customer lifetime value and a
reduction in mix.
Becoming a truly customer centric organization takes
time, but you can start of all small. Customer centric is a way of doing
business with your customer in a way that provides a positive customer experience
before and after the sale in order to drive repeat business, customer loyalty
opportunities in your business by understanding your demographic better.
Understand everything from distribution channels to your direct competitors,
and even an analysis of foreign markets and other potential industries. There
are likely dozens of new opportunities you could pursue immediately with the
proper amount of research, brainstorming and analysis. Seek new revenue lane
and pursue it.
Author: Samuel Omofojoye is the Director, Policy & Operations, SOW Professional Services Ltd – a Tax,
Financial & Management Consulting Firm in Nigeria. Omofojoye is a leading
expert on internal control system and corporate governance best practices in
Nigeria and West Africa sub region. He is A Fellow of Institute of Management
Consultant, an advocate of responsible governance and a member of the International
Centre for Tax Research and Development. Omofojoye has been honored for his
work in promoting compliance culture and awareness in the West Africa region.