By All Means, Mitigate Key Man Risk

One major reason, amongst others, why it is difficult for brand owners and founders in Nigeria to establish sustainable and effective systems/structures is KEY MAN Risk.

The core of the venture is centered around one man without whom far too little or nothing happens. While this is the case with many who have been trying to build something from ‘nothing’, you must desire and work at creating systems that can run even without you. Key Man Risk is often a consideration even for big time investors.

What happens to your clients’ projects if you are indisposed for an extended period of time for any reason? Asides that, as you aim for more clients, you surely will need help, not just in terms of hiring people, but at the decision making level. Otherwise, your employees will all go home once you are no more available.

Yes, there are issues of distrust and poor commitment with some persons that you bring on board your venture, but there are ways of dealing with those issues. Find the approach that works for you and adopt it.

The question you must keep asking is, can the venture run without you? Can you sell it off (even if you don’t intend to) and it keeps running well? By all means, mitigate key man risk. It draws investors, bigger clients, and gives your venture a solid base.

A sustainable structure is one of the core essentials for strong brands. Don’t just desire to be like Google, Coca-Cola, Facebook and the rest, constantly seek to think and act like them, or create your strategic path.

If you need help with organizing your business or organization, we are here to provide custom solutions. Let’s hear from you, send an email to wecare@mapemond.com

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