Will the customer keep you in mind?

Your customer is the prime reason you are in business. This is the driving principle that fuels success in any line of trade, since revenue from sales would definitely add to the growth of the business.

It then becomes imperative to do everything possible to keep the customer. Keeping your customer focused on you alone, with regard to what you are engaged in, calls for a skill that few entrepreneurs possess; it is that same skill that aids their climb to the top.

No matter the kind of business, there is a potential patron out there. Making available to the customer what is needed in a stress – free manner shoots up your status amongst your peers.

READ ALSO: A burning desire; the case of the African entrepreneur

Your customer prefers comfort; certainly not the grueling stress one has to go through to get simple items, and that is where your trump card comes in.

Simply give them what they want at their own convenience, and they would find you wherever you are.

Consumer psychology is a science that is still at work today. We all have a soft spot for comfort; we always wish we can get all we want with as little effort as possible.

The smart entrepreneur is the one who takes advantage of this notion and perfects it to stimulate opportunities for business.

You would always be your customers favourite if you obey three simple rules: Quality goods and services, low prices and purchasing convenience.

Even with the most mundane of wares available for sale, your customer would find it difficult to switch attention if you play to their comfort.

The quality of what you have to offer would play a key role in your general outlook of your business.

Good quality ensures protected goodwill for your business; “quality” would always be associated with what you have. In that sense, whatever you represent is described as the right choice.

Pricing is a key determinant of business success. Knowing how to price your goods and services would decide your fate on the market.

The consumer is definitely price – conscious and, depending on your target market, you can either fail or succeed in your bid.

Some customers revel in being associated with luxury items which usually command high prices; other would settle for rock – bottom prices because that is what they can afford.

Purchasing convenience relates to the level of comfort the customer enjoys when patronizing your wares.

Do they have to walk to you or do you deliver it at their doorstep?

Do they have to endure long sessions of bureaucratic procedures when accessing your services or they can deal with all you have to offer in a number of minutes?

How fast can you get products and services they need, but you don’t readily have?

After sales services?

Your customer would always think of you first if you place their needs at the top of your priority list.

With a little effort, you can attract and keep the desired customers for what you have to sell.

READ ALSO: Funding your business; options available

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The nitty-gritty of business contracts

Every business unit, from sole proprietorships to fully-fledged public corporations usually comes into contact with one form of contractual arrangements or the other.

Once another individual or even business assumes a role in the setup, there is usually the need for a type of contractual agreement, usually in order to either establish precedence with regard to the execution of duties or to clearly define a manner in which every aspect of the business is to be carried out.

Contractual relationships come in many forms and types and it’s imperative that ground rules are set prior to the invitation of another party into the business.

READ ALSO: …and the merchants came to town

A contract in very simple terms is “an agreement intended to be legally binding and supported by consideration”.

It’s simply “an agreement that legally binds the parties”. This accounts for the reason why an affected party could pursue justice in a court of law if there is enough evidence to prove that there has been a deviation from the pre-arranged terms of the contract.

A contract becomes valid the moment there is an OFFER and an ACCEPTANCE. This implies that once both parties have agreed to pursue a business agenda, a contractual relationship materializes, even if the agreement hasn’t been documented.

This brings to light the expected prerequisites of a contract. There is a need to ensure that:

  • There is consensus (or agreement) between the two parties
  • Both parties are in the required capacity to execute the deal. By capacity, it implies that neither of them is 1. A minor or infant 2. An alien 3. Drunk or mentally – disordered
  • There is consideration, which is the act of giving out goods and services in exchange or money or a promise. Consideration is “the price for which a promise is bought”.
  • The contractual arrangement is formal. This relates to the fact that it should be a carefully worded agreement, but not one that is merely “exchanged” without caution with regard to the details.
  • It’s legal. An illegal contract is never enforceable in a court of law.
  • Intentions are clearly spelt out. Any omission that is later brought up in the course of operations is deemed to be void, since it tends to change pertinent elements in the contract.

Any formal business contract without any of these six elements fails to live up to be description of a contract, and as such becomes voidable.

Once you decide to start a business, or even accept employment in an existing business unit, care must be taken with regard to the minutest detail, lest you are

caught in a whirlwind of legalities you may not be prepared for. Contractual relationships are all around us; it behooves on us to carefully analyze and make prudent decisions when the need be.

READ ALSO: The task of taxes

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Side-stepping Conflict of Interest at the office

One of the primary reasons why people seek employment is to support the basic economic functions they need to perform.

Some desire a consistent source of income to assist in the upkeep of a family; others need money to acquire basic necessities in life, but all in all, a form of employment serves both needs for many.

Once at the workplace, the employee is tasked with duties that aid in the progress of work, and this effort is appropriately rewarded at the end of the month or any other pre – arranged time frame.

READ ALSO: Wanted: More leaders, less managers

Under normal circumstances, the terms of remuneration are explicitly discussed prior to the commencement of duties, hence one knows what to expect when time is due for payment.

With such a mechanism in place, the employee, deemed to be appropriately remunerated as per rank and other factors, is expected to exhibit characteristics that would ensure the promotion of integrity at the workplace, and one setback to this line of action is a typical conflict of interest situation one may find him or herself in.

Conflict of interest (COI) is simply the blurring of the line between what is personal and what is professional in the execution of duties.

This arises when there is a tendency for the promotion of personal interests either at the workplace or in the line of duties or both.

The employee; before, during or after employment may be linked to other instances that may corrode the quality of input at the workplace.

COI appears in three forms: Actual, Apparent or Potential. Actual COI refers to a real or existing case where the employee finds him or herself embroiled in cases like nepotism that may affect the quality of decisions at the workplace.

Apparent COI creates the impression that there is the likelihood of a typical COI situation, though it may not have actually happened yet.

Potential COI relates to the existence of private benefits that may create opportunities for COI if the employee in question decides to take advantage of the situation for private benefit, but it may not have happened yet.

COI situations often arise because the individual appears to be trapped between two opposing decisions of either professionally executing pre–assigned duties or bending low to serve a personal gain.

This relates to workers in both private and public enterprises as they both have various opportunities to bend their actions to serve personal interests that may arise in the line of duties. Several examples of COI exist, and outlined below are a few of them:

a. Using official advantages or opportunities for private gains

b. Using confidential information for the promotion of personal interests

c. Using one’s official capacity to influence the decisions of co – workers in a bid to realize personal gains

d. Either using or allowing the use of public property for private gains.

e. Soliciting for, and or accepting gifts that may influence decisions to be made in official capacities.

The official duties required to be performed at the workplace are separate and distinct from private activities that may direct some forms of benefits to the worker.

And this behooves on all and sundry to ensure that any act or set of activities that would negatively affect official duties to be carried out are done away with, as the provisions of employment did not create room for such private activities.

COI is so real and prevalent in several business units, both private and public, and it is in that regard that caution should be exercised wherever one is engaged ion in work, lest the unexpected occurs.

READ ALSO: Your dream team

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Wanted: More leaders, less managers

Corporate culture usually demands an adherence to laid – down procedures with regard to rights, privileges and responsibilities.

There is a clear chain of command and roles are explicitly defined. The nature of synchronization between the superior and the subordinate more often than not spells out the output of the firm.

The added flavor comes in when the superior is able to implement strategies that would encourage the subordinate to go the extra mile at no extra cost.

READ ALSO: Your dream team

That is the thin line of definition between the balancing acts of leadership and management. The concept of management expects the salaried employee to

do exactly what is expected to be done, to wit: respect a typical nine – to – five working schedule, adhere to rules and regulations, follow the accepted

dress code and advertise the business in any professional capacity you find yourself in. Leadership strives to, in addition to the above, influence the subordinate to clearly understand the prime objectives of the business unit and assiduously work, at any point in time in line with corporate goals.

• Just what is it that would cause the employee to go all out to add an extra bit not expected by the employer, but all the same duly appreciated?

• Exactly what would compel an employee to work at odd hours just to get work done?

• And what is it that would drive an employee to ambitiously target and plan to achieve preset agenda?

Leadership scholar Dr. John C. Maxwell defines leadership as influence. Top – draw management experts opine that management is “getting things done through

other people”. Juxtaposing the two proves an edge of leadership over management, and it’s only the smart superior, who seizes on such an advantage and diverts it into overall good.

Corporate Ghana has within its ranks brilliant leaders who have, are still and would continuously contribute their quota to overall growth and development, and the

glaring evidence of their efforts are so obvious for all and sundry to see; more of such gurus and we are indeed designed to advance in leaps and bounds.

READ ALSO: Preparing for the job market

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A burning desire; the case of the African entrepreneur

It is usually welcome news when one decides to stand out and do something different, especially when that action is directed at alleviating a pressing challenge.

The 21st century has experienced a growing trend of entrepreneurial activity, especially amongst the youth, who, as if to assuage the effects of unemployment in several countries around the world, have decided to take it upon themselves to do something beneficial.

The entrepreneur, after making such a bold decision, then goes ahead to initiate a series of activities that would translate the dream into reality, and this is where several obstacles come into to mitigate the efforts of the (group of) individual(s) in question.

READ ALSO: Funding your business; options available

From financing to legalities to implementation to several other potential hindrances, the path of the entrepreneur is littered with challenges that seem to be designed to bring out the best in those involved; it is at this point that the true entrepreneurs with a mission to accomplish are identified.

The African entrepreneur consistently faces challenges that most at times have the tendency to kill dreams, unless survival strategies are adopted.

Despite the availability of opportunities that could be transformed to successful businesses, support appears to be a constant shortfall.

The African entrepreneurial climate appears to pay little attention to startups since the unwritten rules of business suggest that the risk factors associated with starting a business in Africa, especially with little or no start-up capital are too great to ignore; confidence in such enterprises is usually low.

The situation is further worsened when the entrepreneur appears to have no written business plan, and as a result acts as per current trends demand, a situation that scares every rational potential client or partner.

But then there is a leeway; ideas have been put across to assist in this regard. There are a number of business incubators, business that advertise assistance services to start – ups and a number of government institutions that have been assigned with the responsibility of ensuring the comfort of wannabe entrepreneurs.

So then it remains a puzzle that in spite of all these arrangements, a sizeable proportion of individuals and groups with entrepreneurial prospects still remain in the dark, and are unable to access basic support services to kick – start their dreams.

The long road that one travels in a bid to realize burning ambitions in Africa could be shortened if bold steps are taken.

There continues to be that chasm between the entrepreneurs and the sources of funding.

Those sources that can even be readily accessed have several strings attached to them, leaving the entrepreneur bewildered, and wondering when and how a breakthrough would ensure the survival of the dream.

Africa has come a long way. Our economic journey has evolved overtime. Theories have been suggested to assist Africa move out of obscurity so as to take its appropriate place on the global platform.

What is needed now is less of talk and more of practical measures to ensure that those theories work.

The bulk of that transformative strategy lies with Africans. Foreign intervention may be of help, but the pursuit of a long term picture of economic independence in Africa lies in a well – packaged economic revolution.

That revolution would be complemented with the efforts of the entrepreneur, and it is in that regard that urgent measures are needed to assist those who are ready to pay the price, in order to ensure that Africa reaches an economic status we can all be proud of.

READ ALSO: Africa’s tourism story; a well-kept secret

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Funding your business; options available

Money is the live wire of every business unit. Every entrepreneur seeks to primarily maximize returns on investments in a business.

Sourcing for funding for your business has currently become a nightmare for various businesses due to the risk factors involved.

In this issue, we would share ideas on various sources of funding for businesses, whether startups or already established entities.

READ ALSO: Top tips for starting your own business

One major source of funding that usually comes to mind is a loan from your bank. A primary prerequisite for successful business operations is to open a bank account.

You can always rely on your bankers for fast loans, as your account, as well as other details can adequately serve as collateral.

The risk here is the interest rate charged on the loan. Banks are profit-making entities that source monies from various areas, including other clients like you.

The difference between the principal you receive from them and the final amount you pay represents the interest charged on the loan as per the terms of the agreement.

Bank loans are not usually good options for startups as the interest rate as well as other factors could cripple such a business.

Again, one can also request for overdrafts from banks, which are simply the difference between your present bank balance and the amount you request for, that is, if the requested amount is in excess of what you have in your account.

If approved, overdrafts leave you with debit balances on your bank account.

Another source of funding is venture capitalism with angel investors.

The principle here is simple; you would as per pre-arranged terms of the agreement give a portion of your business to the investor in exchange for immediate funding.

Angel investors are usually entrepreneurs with monies to spare, and their prime aim is to carefully invest in seemingly profitable ventures so that they can reap returns.

Again businesses can source funding from grants. Grants are free funds released to assist a business to execute its tasks.

Grants are usually from organizations that are inclined towards social work, so if your line of business falls in the category those that are helping to provide a need or assist in community development, you may qualify for a grant.

A business can fuse its operations with a similar business unit, and the two can attract more revenue, than when they operate as single units.

The practice of mergers and acquisitions has been a smart strategy for funding for so long.

The disadvantage here relates to the fact that either one of the businesses is “swallowed up” by the other or there is a mechanism for parity in sharing that may not go down well either one or both parties.

A smart way to have enough more to spare is to re-invest your returns into the business.

Ploughed–back profits or retained earnings assists you to consistently pile up resources for future use.

This is a gradual process, and it usually brings in bits at a time.

Certainly, it’s a preserve for businesses already in operation, because, you need to earn before you can reinvest.

Projects or programmes like launchings and promotions could also boost your business finances.

In fact, this mechanism kills two birds with one stone for you; it generates enough publicity for you, as well as bringing in some monies as a result of improved sales.

Some business ideas are shaped up in business incubators, and the organization putting up this mechanism usually provides seed capital for the idea.

It’s a great way for start – ups to jumpstart their ideas, but then the only catch is a correlation in idea between the new idea being formulated and the core goals of the organization putting up this mechanism.

In a bid to generate more capital, individuals and firms buy stocks and shares from companies; owning a number of these gives you a right in the decision – making process of the business in question.

It also ensures that you are eligible to receive dividends in the event of the company making profits and declaring their dividends at the end of an operational year.

By far, the smartest way to start, maintain and build a successful business is to fall on the safest strategy to fund your business.

Personal and family resources are a long-cherished means that guarantee the best outcome for the financial health of your business, as all income and expenditure “stay inside” the business.

There is a personal bond with the task, and it provides a stress-free scheme to raise money, as you are not really required to broadcast to any external source, the financial health of your business idea.

It’s also the most difficult form of access to funds as startups with ideas usually have little to jumpstart the business.

But at the end of the day, the choice falls on you the entrepreneur to determine which of these and more mechanisms you could fall on to kick – start the entire process.

READ ALSO: 10 businesses you can start in Ghana right now

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Africa’s tourism story; a well-kept secret

Late reggae legend Robert Marley summed it all up: “Africa is the richest place, but the poorest race”.

Well-nourished forests, rich mineral deposits, vast agricultural capabilities and scenic locations clearly depict the aesthetic power of nature that rests with us.

The desired projection of these features to the world has obviously not received the best of efforts as there is apparently more the world can learn from this continent.

READ ALSO: Top tips for starting your own business

From Ghana to Kenya to South Africa and even across the Sahara, several components of our eco-tourism package are yet to be displayed to the world, though this could very well trigger a boost in the economic fortunes of the continent.

Tourism has been designated as the fastest growing enterprise in Africa.

In Ghana, the Ministry of Trade, in 1993, prepared a 15 –year tourism development plan, with support from United Nations Development Programme (UNDP) and the World Tourism Organization, an institution that ranked Ghana 17th position in 1985 and 8th position in 1998, in a ranking system that catalogues tourism potentials of countries.

In the same country, tourism is rated the 3rd largest revenue earner after minerals and cocoa.

With all these and more, it appears Africa hasn’t done enough to showcase its treasures to mankind.

Colonial relics like fortes and castles could be bastions of the tourism capabilities of African countries if properly managed.

Water bodies, breathtaking landscapes and several artifacts with rich historical stories are available in their naturalness for visitors with a soft spot for nature.

The mosque and mystery stone at Larabanga (Northern Region), the “talking river” (Volta Region), Kakum Park (Central Region) and Paga crocodile pond (Upper – East Region) are but a few of the tourism hotspots in Ghana that can rake in unbelievable amounts of resources if the right steps are taken.

The Masais of Kenya and Zulus of South Africa have stories that people around the world would want to hear over and over again.

Africa has no excuse for penury. Looking within can stimulate a chain of events that would project us to where we deserve to be.

Our promised bliss by the West would continue to elude us if we choose to dance to a tune that has no rhythm for Africa’s progress.

The urgent need to harness the socio-cultural, economic and political factors that would kindle the needed oomph for growth has not been as urgent as it is now. We need to rise up.

READ ALSO: 10 businesses you can start in Ghana right now

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…and the merchants came to town

Commerce has been with the world since time immemorial.

From the times of the Stone Age and thereafter when barter trade was the preferred mode of acquisition of needed items, through till the period in history when the concept of currency was introduced as the medium of exchange, we have constantly sought for a mechanism to ensure that transactions are fair to both parties.

READ ALSO: The task of taxes

Barter proved to be a smart way of getting what you wanted until the following challenges and more were identified:

  • Double coincidence of wants – this implied that each of the two parties needed to have what the other needed and that the respective quantities should have been judged to be proportional.
  • Movement of goods – Barter implied that goods had to be carted from one place to another. This proved to be inconvenient for the traders.
  • Lending – Lending became a major obstacle to barter as commodities were usually not identical, and as such, assessment of exchange was a challenge.
  • Saving – It became almost impossible to save as items were mostly perishable and as such, could not last for long.

These challenges and more stimulated the need to adopt a common medium of exchange that would be acceptable by all, and then, the currency question came in. With the advent of money, and later, electronic modes of payment for goods and services, traders could now work with each other in relative comfort.

But then came another phenomenon which necessitated the need to adopt written or established legal procedures to do business.

Some of these merchants, upon realizing the comfort the adoption of a common currency brought in, formed partnerships or agencies in a bid to pull human resources together, so as to ensure greater returns; principal-agent relationships became the order of the day.

Formation of a principal – agent relationship could materialize through several ways; listed below are a few of them:

  • By agreement – Two parties, the principal and the agent, either orally or in a written mutually – binding document, agree that they would transact business with each other, in accordance with the roles specified in the agreement policy.
  • By implication – This arises when no written or oral contract is prepared, but, the nature of the relationship between the two parties metamorphoses into a principal – agent liaison.
  • By necessity – A principal – agent relationship can also arise out of necessity, when one (the agent), as per the current events, may decide to act for or on behalf of the principal. This occurs, especially in an instance of perishable commodities.
  • By Estoppel – Here, a principal convinces a third party that he has in agent working on his behalf, which may not be true, but merely, indicated so, for the purpose of progress of the transaction. The “agent” is then “forced” to act on behalf of the principal, so that a condition may exist which would facilitate the execution of the transaction.
  • By ratification – The agent acts on behalf of the principal, though no such agreement has existed. The principal then agrees to formally accept the role the agent plays, so as to continue to do business with him.
  • By co – habitation – Co – habitants can assume principal – agent relationships without the need for an express formal agreement.

The law of agency creates the necessary working conditions for business relationships between a principal and an agent, and when the due process is followed to the letter, both parties immensely benefit from this relationship.

READ ALSO: Registering a business in Ghana; the basic steps

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The task of taxes

The prime intention of every business unit is to make a profit from its operations. Various forms, types and categories of businesses exist, and as such carefully selecting the right one that suits your taste may play an important role in the final outcome.

This is because every business, be it sole proprietorship, partnership or company has distinct features, and its accordingly taxed to that criteria. It is a legal obligation for every business established for the purpose of making profit to pay taxes.

These taxes are used for various projects and programmes which are all designed to assist in the growth and developmental efforts of the nation.

READ ALSO: Drafting an arbitration clause

Tax obligations are important features of our everyday life, and they come in various forms so that each of us can honour our tax duties.

There are two main forms of taxes i.e. Direct and Indirect taxes. Direct taxes are taxes levied on the income on the earner. The payer knows exactly how much is to be paid each month and as such can easily calculate what is supposed to be set aside as tax each month.

Types of direct taxes include Income tax, Company tax, Capital gains tax and Basic rate. Income tax is the most popular form of direct tax.

It is commonly referred to as PAYE (Pay As You Earn). The employer is expected to calculate and file the tax returns of each employee each month. Company tax is imposed on the profits of a company.

This is quite easy to identify and collect when records are properly kept.

Such taxes are paid only when the company makes a profit, and it is for this reason that some companies who wish to avoid such taxes often understate their profits levels in a bid to avoid this form of tax.

Capital gains tax is the kind of tax calculated on the gains made from the sale of the property.

The basic rate is the tax charged by authorities for developmental efforts. It is usually imposed on residents in a clearly defined metropolitan or communal area.

Indirect taxes are the kind of taxes indirectly paid by consumers of various goods and services.

The seller adds the tax percentage to the selling price of the commodity before it is made available to the customer.

Indirect taxes are a popular form of government revenue. Several reasons exist for the importation of indirect taxes, and some of these are

• To protect import – substitution (infant) industries

• To make imported commodities more expensive than locally – produced ones, so as to protect local industries.

• To discourage the patronage of goods branded detrimental to one’s health e.g. alcoholic beverages.

Various kind of indirect exist, and some of these are Excise duties, Import duties, Export duties, Petroleum tax and Sales tax. Excise duties are imposed on locally– manufactured goods and services.

This is often reflected in increased prices. Import duties, also known as Custom duties, are the kind of taxed imposed on imported goods and services.

This kind of tax assists in the generation of revenue as well as the controlling of the volume of good that come in from other countries.

‘Export duties are imposed on goods and services exported to other countries. These kinds of taxes are selected imposed, as taxes on certain goods and services are waived so as to encourage the patronage in that sector. This is in anticipation of the generation of more foreign exchange.

Petroleum tax is the tax imposed on petroleum products such as petrol, kerosene, diesel oil, liquefied gas and engine oil. There is usually a guaranteed volume of revenue due to the inelastic demand for the product.

This particular kind of tax imposition usually triggers a general price hike as various goods and services utilize petroleum products. Sales tax is the kind of tax imposed on goods and services that are sold to the public.

Almost all of these forms of tax affect businesses, and as such, it becomes necessary to sufficiently educate oneself in such matters before the assumption of business responsibilities so that one is not caught or prosecuted by the designated tax agencies.

It then becomes a matter of priority to conduct an analysis of the kind of tax your business is supposed to pay so that your bit could add to that of several others for a synergized tax collection and utilization system.

READ ALSO: Registering a business in Ghana; the basic steps

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Your dream team

A business unit that has stood the test of time usually has a secret; its employees are good at what they do and that just one side of the coin – the other side being the fact the necessary conditions of service to ensure the continuity of business growth are ever present.

We are well familiar with global brands and the nature of their ascent to the top of the corporate ladder.

Some of them carefully laid the solid foundation and gradually built upon it; others crawled for so long at a stagnant pace and then, out of the blue rose to the heights they presently enjoy.

READ ALSO: Preparing for the job market

The sudden rise could be traced to several reasons amongst which are a huge financial input, an overhaul of operations, or the taking of a far-reaching decision that could make or break their fortunes into smithereens.

In all these, the fact still stays that the employees are the bastion of strength at the workplace; other factors like conditions of service or availability of working equipment are quite distant.

Your employees are the live wire of your business. Paying attention to their comfort, and invariably their output should be supreme on your mind.

The burning desire, taking into consideration this all – important resource at your disposal, should be how to effectively maximize the input of your team, so as to ensure that they perform as you want them to.

How to build a solid team requires no rocket science; you can easily do that with the strategies outlined below in mind:

  • Constant communication – information is necessary to help you stay ahead of the pack. There is the urgent need to create an aura of ease of information flow in all corners of your business, so that commendations, concerns and constructive criticism can be utilized for efficiency. Lack of appropriate information flow causes stagnation.
  • Elimination of bureaucratic procedures – We have all come to love simplicity. A bureaucratic setup moves at a slower pace as compared to one from whose processes for execution of duties constantly require fewer steps. The courage to lift up a telephone to speak directly to your employer would be a welcome relief for staff, as against booking of appointment dates long before for the same reason, assuming we can eliminate the abuse of such a privilege at the workplace.
  • Create group brainstorming sessions – 21st century business giants prefer talents and ideas to the old order of doing things. The ability to rock the boat, and come out with an idea that could propel your business to higher heights greatly benefits your business. Some businesses are afraid of taking risks, and so to play it safe, would prefer to stick to old – fashioned methodology, forgetting that innovation moves at a great speed. A brainstorming session creates more room for ingenuity and assists your business in several ways. The old adage still applies – “Two heads are better than one”.
  • Listen more – Yes you are the boss, which is well – known. Yes, you are the one in the position to issue directives, which is understood. But it really pays more to listen carefully to what your team has to tell you. Lend a listening ear to them, and you would be amazed at what you could learn from them. Success rests on team effort.
  • Hard work and sacrifice – Unless with a well – formed motive in mind, employees hardly out – perform their bosses in terms of decision – making or execution of duties. The one above needs to go that extra mile to ensure that tasks are performed as responsibility falls on such an executive if things don’t go as planned. Give your subordinates that impression of hard work and sacrifice on your part, and they would be tempted to follow suit; a temptation that would really work in your favour.

Leadership has always been about motivating your subordinates to, with a team spirit reach a destination with you.

Get to work on the suggestions listed above, and watch your business soar.

READ ALSO: Maintaining a balance

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