Principles of a Growing Business

Principles of a Growing Business

I have spent over a decade working with both small and big businesses and there are a few trends I have come to notice about good businesses on their way to greatness. Those that are failing seems not to be aware of them. And like I love to say, “Anyone can fall off a ladder by accident, but no one climbs a ladder by accident”. This is so even in business. There are principles that determine a successful business. And in this article, they have been summaries as follows:

  1. The principle of purpose 

Businesses with a central ideology and a big why (that they are passionate about), then what and how are most likely to succeed better. If you don’t know and define where you are going, then everywhere you get to would look like it. In business – chart your course.

  1. The principle of vision

Having a big and audacious vision is key. We are limited, not by our abilities, but by – our vision. Define where you want to be. Write it down and remind yourself steadily.

  1. The principle of knowledge

If we knew better, we’d do better. To grow more, to do more – learn more.

  1. The principle of branding

Be well packaged. The only thing more important than what you are selling is what the buyer believes he is buying – be branded

  1. The principle of character

Do not overvalue what you are not and undervalue what you are as well as what you do. We are what we repeatedly do – character

  1. The principle of value and results

In business, don’t be a busy bee. In organizations and business, people don’t pay for efforts, they pay for results – add value

  1. The principle of people

Know the right people. How you NETwork determines your NETworth. Build connections and goodwill. PEOPLE – are the greatest assets in business, invest in them.

  1. The principle of creativity

When we all think alike, then no one is thinking -be creatively different. Think out of the box, as a matter of fact, think like there’s no box. Creativity is intelligence having fun.

  1. The principle of sacrifice

Difficult roads lead to beautiful places. There’s only one way to truly succeed sustainably, sacrifice! To go up, choose something hard to give up – you may need to deny today’s desires, to achieve tomorrow’s dream.

  1. The principle of risks

Ships are safe at bay, but that’s not why there were made. Eagles learn to fly by jumping off the sky. Entrepreneurship is risk taking. Only those who will risk going too far, can possibly find out how far it is possible to go!

  1. The principle of innovations and technology

There’s no award for doing things manually, automate. If your process and gadget doesn’t make things better, safer, simpler, work faster and life easier, then it’s not it – replace it

  1. The principle of process and continuous improvement

True business grows daily, not in a day – KAIZEN. Always look for 3 things, what to start, what to stop and what to keep doing.

  1. The principle of management

In whatever you do, create a professionally structured mode of operation and control. – have a functional structure for what you do.

  1. The principle of leadership

Follow the steps of great leaders before us. Irrespective of position, influence and impact

  1. The principle of marketing 

In marketing, positioning is everything – create the right perception. Start by identifying your market, then having a specialization that is your identity. And then segment that market with a core concentration after which you can now begin to expand the market share of that concentration.

  1. The principle of perseverance

Perseverance is trying 19 times and succeeding the 20th”. Perseverance is the hard work you do after you get tired of doing the hard work you already did.  Its 1% inspiration and 99% perspiration – steady determination. A successful man is one who can lay a firm foundation with the bricks others and situations have thrown at him.

  1. The principle of excellence and growth

An attitude, the result of always striving to do better – aspire to be outstanding

  1. The principle of demography

For what you do, strategically find and map out the people that need you and you’ve found the business

  1. The principle of profitability

Business is what you set up to add value, profitably. If it’s not for free, then…MAKE WORTHY THE FEE.

  1. The principle of generosity

What we have done for ourselves alone dies with us; what we have done for others and the world remains – share.

  1. The principle of legacy

The true test of an enterprise is succession. The greatest use of life is to spend it for something that will outlast it. Live to be remembered for good.

(Eizu Uwaoma for business day)

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