Mary Abiodun’s thoughts…Five key things to think about before starting a world-class business

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In today’s business world, starting small is encouraged but remaining small cannot be forgiven. You can start locally but you must think global. Global world-class business is the standard for entrepreneurs and business people who are looking to make an impact on a large scale, build formidable businesses that will outlast them, stand the test of time and withstand the competition (if there is any in the red ocean waters).

To do this, there are five things to think about before venturing to start that world-class business. They are important at every point, and this means that you don’t stop thinking about them. Sometimes, they get refined and restructured to portray the business picture you will like to present to the world.

  1. Vision

This is the fundamental building block of all businesses. Business Queensland makes it clear that: “A vision is a vivid mental image of what you want your business to be at some point in the future, based on your goals and aspirations. Having a vision will give your business a clear focus, and can stop you heading in the wrong direction.”

Businesses are sometimes tempted to include new aspects to their business. A vision is what dictates and directs what is added, what is done and what should not be. Vision is communicated through a vision statement. Find out how to write one as this will drive the picture of the future of your business.

  1. People

Talent is everywhere and talent is found in people. The people you bring on board to work for you and with you is something you really need to think about before you start a world-class business. People are your greatest assets. What are you bringing to the table to attract the best talent with the right character to work with you? Why should anyone even want to work for you?

Are you interested in adopting an open-source strategy to finding great minds or do you want to stick with the only those you can find in your environment when the world is your oyster – booming with people that can work for you remotely? What strategy will you employ in sourcing for people? People are your greatest assets and you don’t want to make a mistake in your people strategy from the outset. So you need to give it some thought.

  1. Culture

One definition of culture by Deal and Kennedy is “the way we do things around here”. Businessculture.org relates culture to behaviour, ethics, etiquette and more. According to them, your business culture will encompass your organization’s values, visions, working style, beliefs and habits.

As defined by Balance Careers, company culture is the personality of a company. It defines the environment in which employees work and it includes a variety of elements, including work environment, company mission, value, ethics, expectations, and goals. This has a strong link with vision. You can’t define what your business culture should be if there’s no clear vision of what your business is about. At the crux of culture is you. You set the culture tone through what you say, what you do and how you behave.

  1. Policies

In thinking global about your business, you need to think of the policies that currently affect or that might affect the business in the coming years. The PESTEL analysis is one tool that can be helpful here.

Wikipedia describes it as a framework of macro-environmental factors used in the environmental scanning component of strategic management. Armed with the PESTEL analysis, you can anticipate and prepare for factors or policies that could be hindrances to the success of your business.

  1. Customers

There is no business without the customer. Who will your vision serve? Have you identified them? After identifying them, how do you intend to acquire, keep and grow them? How will your internal people and culture benefit and influence the customer outside? Customer relationship is something you should think about and this article by Tom Osborne describes how you can maximize your customer relationship cycle. To build a sustainable business, you need to constantly think about your customers.

Vision. People. Culture. Policies. Customers. They are intertwined. The vision directs the course of the people, culture and customers. Start with the vision and you are right on your way to starting a world-class business.

>>>The writer is an Entrepreneur-In-Training at the Meltwater Entrepreneurship School of Technology. She is a tech enthusiast who believes that with tech, we can solve most of the world’s problems. She is interested in building and supporting tech businesses. When she is not organizing tech events, she is an instructor training kids, youths and girls on how to code. She can be reached via Email: [email protected]

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