HOW TO GROW YOUR SMALL BUSINESS BEYOND YOU
When it comes to small businesses on social media, the personal timelines of the owners have more content and engagement than the official pages.
We think this happens for several reasons that are understandable.
But we would like to remind you to note that you would need others to drive the entire social media bit someday while you focus on other things. So in whatever you are doing presently, do not neglect the official pages. We see many business owners not responding to comments on their official pages or responding days later.
If building a sustainable company brand out of the business is your desire, keep thinking about putting structured systems in place, think into the future, and put things in place in the bits you can gradually.
A question to ponder on,
Can someone take over the social media drive of your business and move it to a level beyond what you have been doing or at least keep it at the same level?
No matter the amazing results you are getting now, don’t stay stuck with self-employment modus operandi.
You can build something truly phenomenal. Go for it and make it last.
We are a voice from the future speaking to you.
If you need support to get it right, send us an email at wecare@mapemond.com
The Business Mindset [Free eBook]
Dealing with poor work culture from Employees.
Poor work ethic and culture is a major challenge that businesses silently grapple with, whether remotely or in the workplace. It even tends to turn some employers into very mean people.
Workers show up late at work, drag feet to get things done, hardly reply to emails, fail at deliverables repeatedly, some keep making excuses to travel for one occasion or the other at the expense of the organization, and so on.
As much as it is important to be flexible as an employer, it is more important that you don’t unknowingly indulge the fundamental problem of poor work culture.
You need to design guidelines and processes that will help workers improve their work ethic and discipline over time and those who are unwilling to improve should be eased out.
If you create penalties for late coming and other issues, follow through with implementing those penalties so that your people don’t take your systems and processes for granted.
At a restaurant brand we manage, one staff had the habit of always making something different from what the client ordered thereby wasting resources. We implemented the penalty of salary deduction for two months to replace the materials that were wasted. He does not repeat the mistake any more.
You may be scared of losing those who really know the job, but indulging a bad attitude to work will cost your business greater harm eventually.
Be fair but also be firm.
What makes a solid brand? Values.
1. People
2. Good Business
3. Values
From the oldest hotel and business in the world, Nishiyama Onsen Keuinkan, to Colgate, Kelloggs, John Deere, Nestle, Unilever, and most other brands that have lasted over a hundred years, which we have studied, they all have one thing in common – brand values.
The founder(s) gave careful thought to the lasting principles that will govern the existence of the business as a brand and each successor had a duty to preserve and transfer these values to their own successor(s).
Here is a quick preview of some of these reputable brands and how values have helped them become solid brands:
a) Nishiyama Onsen Keuikan: The core value of this ancient brand is captured right in its mission statement, “it is the pleasure and mission of Keiunkan to carefully protect the benefits from this rare earth.” Preservation is an enduring principle for this brand and for over 1300 years now, it has ensured that the hot springs are preserved which implies that the hotel which was built to house the springs has to be preserved generation after generation.
b) Colgate: On their official website, we found the statement “The small soap and candle business that William Colgate began in New York City early in the 19th century is now, more than 200 years later, a truly global company serving hundreds of millions of consumers worldwide. Throughout this history, Colgate people and Colgate values have been at the heart of our success.” At the very heart of their success as a brand that is over 20 decades old, lies two things we have mentioned in these series of what makes a solid brand, people and values.
c) Kelloggs: More than 100 years ago, Will Keith Kellogg founded this brand and ever since then, it has gone on to become a solid brand. In their own words, “through our values-based culture, we create a stronger future every day”.
d) Nestle: Founded 152 years ago, innovation has been at the heart of the brand since its beginning. In their words, “ever since Henri Nestlé invented Farine Lactée to alleviate infant mortality, we have been dedicated to enhancing people’s lives.” Their value of quality is based on the commitment to enhance the quality of lives.
e) John Deere: This brand goes straight to the point on their website, “We work every day to uphold our founder’s core values. Integrity, quality, commitment, and innovation are more than ideals we work toward. They are values we live and breathe – values found in every product, service, and opportunity we offer.”
The world has over 5000 business brands that are over 200 years old (over 3000 of them are in Japan), and Japan alone has over 21000 business brands that are over 100 years old. One thing all these brands seem to have in common is the values they have held on to through the decades.
The question for you is, what principles govern your business?
What core values are you weaving through the fabric of your business that could be passed on to successors?
If you desire to build a solid brand that will stand the test of time, articulate and communicate your brand values to all stakeholders.
Building profitable and reputable BRANDS is what we love doing.
More lessons coming on what makes a solid brand.
#DoBusinessBetter
WHAT MAKES A SOLID BRAND? GOOD BUSINESS.
2. Good Business.
The whole idea of branding is to market your business in such a way that it has a fixed place in the minds of customers and the market at large. What this implies is that branding on its own will not make any difference if your business model and strategy are flawed.
You could have all the fanciful designs, inspiring ambiance, well-painted walls, fabulous signage, pleasant service delivery, visually appealing communications, and all other concepts, they will all amount to nothing if the business is not generating enough revenue to be profitable.
So here are a few things to consider in building a good business.
a) Business Idea. Beyond hobby, passion, or copying what others are doing, your business idea should be aimed at solving a problem. An idea that meets a need will beget a good business.
b) Product Viability. Beyond your assumptions and excitements, does your product really work? Will people actually pay for it? Does a sizeable market exist for the product or service? If your product (or service) is not viable, you cannot build a good business around it.
c) Business Model. A good business is one that has clearly defined sources of revenue. You must have a plan of how exactly the business will make money repeatedly.
d) Business Strategy. No experienced person starts a business and leaves it to chance. You need to have plans on breaking into the market, gaining market share, retaining customers, and so on.
e) Growth Possibilities. As the years unfold, a good business should be expanding in revenue, workforce, market size, new products, and so on.
f) Systems & Processes. You need to organize the business as much as possible. Establish guiding rules and operational procedures for finance, HR, procurement, bids and tender, and every other aspect of the business. Develop and maintain a global perspective.
g) Corporate Governance. This pertains to the leadership structure of the business. If you want a business that can function without you or even outlive you, a business that keeps everyone accountable, and for quality decision making, you need a solid corporate governance structure. A good business leaves a legacy and creates a succession plan.
Your business model and strategy is like a socket with electricity, branding is the plug, it must get into the socket and the switch turned on. If you want a solid brand, keep working at building a solid business.
Building profitable and reputable BRANDS is what we love doing.
More lessons coming on what makes a solid brand.
#DoBusinessBetter
BRAND LESSONS FROM THE WORLD’S OLDEST HOTEL & BUSINESS.
Nishiyama Onsen Keiunkan, a hot springs hotel in Kyoto, Japan, is the world’s oldest hotel and also the world’s oldest continuously-operating business, as verified by Guinness World Records. The hotel is now 1313 years old and has been operated by 52 generations of descendants of the same family.
We picked some very simple but vital lessons from this legendary hotel brand that businesses around the world should pay attention to if transgenerational growth is a concern.
Lesson One: Brand Values. Careful thought was given to the lasting principles that will govern the operation of the business and each successor had a duty to preserve and transfer these values to their own successor.
Lesson Two: Socio-cultural values matter. The prevalent culture of society has an influence on how businesses run and perform. This is why Mapemond organizes Outclass Employability and Entrepreneurship Training, to breed a different generation of young Nigerians with the right work discipline, work ethics, and work culture.
Lesson Three: Think legacy and succession. What is the point in building a business that ends with you? We should think in terms of being able to transfer what we build to the next generation. Whatever you can do to give your business a chance to survive beyond you, please make the attempt.
Lesson Four: Maintenance culture matters. Successive generations have ensured that this legendary hotel is well maintained over the centuries. How well do you pay attention to good maintenance in your business?
Lesson Five: Innovate. While the essential selling points of the hotel – the view, hot springs, and location – have been maintained, the hotel has gone through a lot of adaptation to modern designs and concepts. As old as it is, it competes favorably with other hotels and tourist destinations across the world.
Building profitable and reputable BRANDS is what we love doing.
HOW TO TAKE A VACATION AS A SMALL BUSINESS OWNER
For a small business owner, taking that short break from your business may mean closing your business or a drop in sales. We both know this; you need a break and that break can energize you or help you focus on personal things and possibly help you think more strategically about your business.
So since we care too much about you, I have decided to share some tips with you, remember there is a lot to gain when you take out time for yourself. Let these steps guide you.
Plan Ahead
Plan your vacation ahead of time and start to put things in place. You would not want your business to suffer in your absence, so decide the vacation that is right for you – is it a one-week vacation or a month-long vacation?
Prepare Your Team Ahead
Start from now to prepare your staff members ahead by delegating tasks to them. This helps them get into character early enough and you just may leave some of the duties with them even when you’re back. Trust me this will give them a sense of responsibility and an opportunity to learn something new.
Prepare Your Customer Ahead
Your customers are probably also getting a breather at this time. Let them know in advance that you will be taking some time off, so you can wrap-up projects you are handling yourself or agree to postpone or preferably, introduce them to a team member who’ll be handling the project in your absence.
Don’t wait for a breakdown to take a break.
Written by Donald Alaye
If you need support with your business systems and processes, we would love to help. Contact us via wecare@mapemond.com
UNVOICED PERSPECTIVE: THE CONNIVING GANG
One of the toughest parts of being the head of an organisation is having someone whom you trust to oversee the affairs of the business whenever you are absent. Most employers and heads of departments would agree that trustworthy employees or team members are hard to come by these days. A lot of organisations have been ruined by dubious staff who take pleasure in pilfering or watching the organisation lose revenue.
Oblivious to the cunning activities of the employees, some employers continue to feed on the lies of their staff. When the company’s sales deteriorates, they bear the blame thinking they are incompetent or ineffective. Asides from the worries it brings to the employer, it drives some businesses to their untimely end and puts the employer in emotional distress.
Often, we conclude too easily that only junior staff are involved in these despicable acts but most times when uncovering the truth, senior staff are usually involved in such deeds. This revelation most often than not leaves the employer in shock, wondering the reasons behind the perpetrators’ decision. In the passing of time, these employers or top-level managers become distrusting of virtually every staff.
Kwani’s story depicts a typical scenario of what happens in most known organisations. Here is a narration of Kwani’s tempting experience.
It was dusk and everyone was clearing his or her work desk, ready to shutdown for the day’s work. Kwani who was new in the company curiously watched some staff speak in hush voices and act in suspicious ways. He had noticed these same moves over the past weeks and had enquired from one of his colleagues why they usually stayed behind after the close of work. As expected, his colleagues gave a casual response that only raised Kwani’s curiosity. His colleagues had said, “We carry out some confidential assignments for the company. Only those involved get to know. If you are interested. Let me know.”
Rather than ask them again, Kwani decided to sneak up on them to find out what the confidential task was. Tracing their steps but maintaining a reasonable distance so he is not sighted, Kwani followed them into the dark warehouse, and he became more perplexed. While three persons took out fifty cartons of the company’s products, two others dashed out to open the back gate for some strangers who drove in with a truck.
He silently observed as they loaded the vehicle with the products and received some amount of cash in return. They chatted and cheered as they carried out their transaction. Kwani stood in a corner, confused about his next step. As they were rounding up, Kwani quickly walked out. He spent the next day torn apart, part of him wanted to report the perpetrators and the other part wanted to join them at least to earn more money for himself. After dealing with the dilemmatic intrapersonal conversation, he decided to report the act.
That day, he contacted the HR manager and informed her about his findings. She thanked and assured him of an immediate action against those were working against the progress of the company. Unfortunately, two months later, Kwani was rewarded for his integrity but got fired some weeks after. When he made enquiries about why he was sacked, he found out that one of the Managers was spearheading the operations. Kwani continued to blame himself for exposing those behind the act, maybe joining them would have been the best option.
******
Knowing that no business ever thrives without the right set of persons working behind them, what remedy can you proffer for staff disloyalty and pilfering? Once again, the need for effective systems and processes cannot be overemphasized.
Written by Jennifer Chioma Amadi
Do you need help with setting up your systems and processes? We can get it done for you professionally. Send us an email at wecare@mapemond.com
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BUSINESS INSIGHT: LEARNING ACCOUNTABILITY FROM JEFF BEZOS
At the middle of the year, many questions relating to the priorities of a firm spring up. It is easy to set priorities at the start of the year but following through is somewhat a challenge for most organisations. In the process of swimming with the tides of change either caused by internal or external factors, so many drift away from their initial goals and objectives. One way to resolve this is by being accountable to shareholders or partners.
Drawing insight from Jeff Bezos’ ritual of writing letters annually, since 1997 to date, to the shareholders of his company, Amazon.com, business owners can learn a great deal of accountability. The brand that is referred to as the world’s largest online marketplace and cloud computing company has been able to consistently remain on track running with clear priorities.
It was observed that the letters the company writes to communicate its focus to shareholders help it stay accountable throughout the year. Whether it is a new strategy towards expanding the brand or a decision on employees, the letters act as signals informing shareholders about the direction of the company. An excerpt from the 2004 letter shows that Bezos also uses it as a medium to share some financial concerns. There he wrote “Our ultimate financial measure, and the one we most want to drive over the long-term, is free cash flow per share.”
An analysis carried out on the letters indicated that there are key words the letters are structured with. From this, one can tell where the company’s priority for that year is centred on. The 2006 letter revolved around five words, “businesses,” “new,” “Amazon,” “grow,” and “culture”— pointing the attention of shareholders towards expansion and growth. In that letter, Bezos writes,
“At Amazon’s current scale, planting seeds that will grow into meaningful new businesses takes some discipline, a bit of patience, and a nurturing culture. Our established businesses are well-rooted young trees. They are growing, enjoy high returns on capital, and operate in very large market segments. These characteristics set a high bar for any new business we would start. Before we invest our shareholders’ money in a new business, we must convince ourselves that the new opportunity can generate the returns on capital our investors expected when they invested in Amazon. And we must convince ourselves that the new business can grow to a scale where it can be significant in the context of our overall company.”
Moving on to 2010, the priorities of the company changed to “data,” “Amazon,” “services,” “systems,” and “technology”. Bezos pinpointed
“All the effort we put into technology might not matter that much if we kept technology off to the side in some sort of R&D department, but we don’t take that approach. Technology infuses all of our teams, all of our processes, our decision-making, and our approach to innovation in each of our businesses. It is deeply integrated into everything we do.”
Even though Bezos never includes the failures of the firm, he makes his shareholders know of such possibility but assures them of a way out. This is clearly seen in his 2013 letter:
“Failure comes part and parcel with invention. It is not optional. We understand that and believe in failing early and iterating until we get it right.”
Bezos also utilises the opportunity to remind the shareholders about the company’s plan from the beginning. This can be seen in the most recent 2018 shareholders letter released 11th April 2019. It reads:
“From very early on in Amazon’s life, we knew we wanted to create a culture of builders – people who are curious, explorers. They like to invent. Even when they are experts, they are “fresh” with a beginner’s mind. They see the way we do things as just the way we do things now. A builder’s mentality helps us approach big, hard-to-solve opportunities with a humble conviction that success can come through iteration: invent, launch, reinvent, relaunch, start over, rinse, repeat, again and again. They know the path to success is anything but straight.”
With this approach, accountability becomes less of a problem for the firm, and serves as a means to attain sustainability.
What is your own approach for accountability?
Written by Jennifer Chioma Amadi
Do you need help with developing a business strategy? We can help. Send an email to wecare@mapemond.com
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UNVOICED PERSPECTIVE: A MEDDLING INVESTOR
For the last couple of weeks, Funmi has been excited about starting up his own business. He had dreamt about this for so long that he could not believe he was just a step away from fulfilling one of his life’s goals. He had ensured that everything was in order, from drafting clear and concise vision and mission statements, to setting smart goals, to on boarding and training excellent team members. Funmi had it all mapped out, striking every dart on his target board. Yet his final success was to some extent dependent on one thing, investors!
Funmi, having played his role, began to search for potential investors and means of financing his business. Most of the investors that had shown interest in the business always asked for an outrageous percentage cut from the profit. After several setbacks, Funmi finally found an investor who was satisfied with the twenty percent shares.
After documents were signed and the deal was done, Funmi and his team set off to a smooth sail. They got their furnished office space, acquiring necessary tools for work and opened up the door for clients. A year later, when the investor had noticed the increase in sales and the accelerating progress of the company, the music changed for Funmi and his team.
Suddenly the investor wanted more percentage from the profit being made. His demands for daily reports and threats of withdrawing his investment that ran into millions of naira became all too overwhelming for Funmi. He thought of suing or paying the investor off but that would be disadvantageous for his firm.
Funmi continued to watch the investor parade himself as though he was the owner of the business. He spoke too authoritatively during board meetings and never hesitated to snap at workers who did not deliver on their KPIs. From the corners of his eyes, Funmi watched him, holding back the fury in him. Continuously Funmi wondered how a simple business deal could turn sour and initial helpers turn enemies. Still Funmi insisted on keeping his enemy closer until he figured what to do with him.
**********
Like Funmi, several business owners have encountered such unpleasant business interference. Though the agreements between both parties might have started out smoothly only to take a different outcome at the long run.
It is likely that most would be overwhelmed and confused without a clue on how to resolve these kinds of issues. They are faced with a dilemma of making critical decisions that could either make or mar all they have worked for. Sometimes, companies go bankrupt trying to pay off their investors. Oftentimes, they are either shut down or sold off due to internal struggles.
How long do you think Funmi will hold this up and what is the best escape route for him?
Written by Jennifer Chioma Amadi
Do you need business development strategies? We are your go-to guys! Send us an email at wecare@mapemond.com
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