The foundations of the tallest building in the world, the Burj Khalifa, took about 2 years to be completed. To go that high, they needed to dig deep and build foundations strong enough to carry the weight. This applies to small business too.
For your enterprise to grow and advance successfully, it must be rooted in solid principles and practices.
Like the foundations of a building, the 5 items discussed below may be unseen to outsiders, but they can make you not only stand out from competitors, but also stand the test of time.
1. Vision
Any small business must be clear about why it exists and what it wants to become over time.
Not only will this enable it to efficiently focus its energy and resources on specific endeavors, but also master specific skills. A “one-trick pony” that does its work excellently is better than a jack of all trades that does all of them mediocrely.
This will also help build a lasting reputation and we invite you to read our article on brand development.
2. Strategy
The vision finds expression through the execution plan. After assessing the market and business environment, small businesses should generate specific goals and courses of action.
This includes deciding on: How will the business be financed? How will staff be recruited? What marketing strategy will you adopt? Do you have a competitive advantage?
Some of these questions require traditional answers, but many others have modern automated solutions as explained in this article on business process automation. We also welcome you to read our next article for detailed information on how to develop a good business strategy.
3. Structure
This refers to the insiders and how they work together. Particularly in formative stages, the team should consist of people who are not only skilled, but also understand and are committed to the vision.
They must also clearly understand their roles and responsibilities for greater individual accountability and for streamlining purposes. Channels of communication should also be clearly defined and well maintained. For example, seniors should be able to easily pass down instructions and be sure that they will be understood.
Our blog article will help you learn more about personnel management in small businesses.
4. Product
You must create something that people will want to buy consistently. This need not simply be a physical item, but also features like your customer service, speed of delivery, dependability, etc.
However, with stiff competition between small businesses in Kenya, it may not be enough to have a product. You must convince people that they need it. This past blog article will show you some strategies for effective marketing and customer relations.
5. Systems
After all the above are in place, this is the cement that holds everything together long-term. There must be detailed methods and routines for conducting business activities.
A major recommendation for small businesses in Kenya is the adoption of Point of Sale Systems. Not only do POS Systems conveniently and securely conduct electronic transactions, but they also enable effective financial accounting, inventory management, staff performance evaluation and customer relations management.
