THINGS TO NOTE IN RUNNING YOUR BUSINESS-PART TWO

In the part one of this write up, I mentioned key things any organization desiring growth must not ignore. This concluding part has more to say about the approach that guarantees growth and employee loyalty.   

Separate personal funds from that of the business

Most business owners have violated this and can't seem to differentiate. Most treat all income as theirs and spends as it comes without consideration for the liquidity of the business. When the need arises for funding a transaction or the operation, pay salaries, etc it becomes difficult to meet up due to the gap that has already been created. My personal advice all employees should have a salary including the business owners and effort should be made to limit personal expenses to the salary.

THINGS TO NOTE IN RUNNING YOUR BUSINESS

Running a business and running a successful business are two sides of a coin. From personal experience as an SME Solution Provider, some common mistakes that companies, especially small or one-man business operators make are highlighted below as a learning point.

·        Pay right

The pay should provide for the basic needs of the staff after deducting transport fare with sufficient savings else you have employed a potentially unhappy staff. Eventually, the focus will be how to cut corners and make some extra more money at the expense of the company. Pay peanuts and you'll end up with monkeys.

MAKING YOUR VISION WORK FOR YOU

VISION

V

ision is a widely used term but not well understood or appreciate its importance. Vision is a

realistic, credible and attractive future of an individual, organization and society at large. In essence, Vision must be real, measurable, achievable and relevant to all stakeholders else it loses its purpose and source of inspiration. Most importantly it will not be able to stand the test of time.

Vision attracts commitment and energizes all concerned, gives meaning to the efforts and living, establishes standards of excellence to measure performance and identifies variations and also serves as the bridge between today and tomorrow.