Tunde Owoeye
Success in business in most cases has been a product of careful planning and execution.
A business education guru and the founder of NFTE, United States, Steve Mariotti says "every business no matter how small would involve a great deal of planning". Now, this doesn't mean the journey is not interesting. I bet you it is.
Starting a business can be a little challenging, but it is worth the while! even the Book of life says "the pain that we suffer now cannot be compared with the glory to be revealed". Indeed, careful planning and execution gives great returns and are paramount to the success of any business.
For example, I started a business at a time. I put in great planning, day and night, advice from people, and series of meetings. It was a unique one, lots of people fell in love with the idea, but it failed terribly.
Oh! it was a painful experience, but I learnt something of great worth, 'Execution'. As simple as the 9 - letter word is, it is so easy to neglect, perhaps because of situations and challenges (in my own case).
A business might not encounter instant explosion, but with consistency in 'Planning and Execution', it is just a matter of time, the business would soon become a 'money machine'. I'll like to say it in my mother tongue 'Ogun Owo'. At this stage of the business, customers will start placing high demand for your goods or services. Isn't it interesting? Everybody wants to patronise your business because the great planning and execution you have done has put into place intelligent factors that satisfy your customers and ensures your success.
Try as much as possible to back up your plans with proper execution. If you change the method of execution, make sure you review the master plan before it's carried out. That sentence is worth hundreds of thousands of naira to me. Detailed planning and proper execution are inseparable; please, do not attempt it. When you plan, understand it's a total waste if you fail to execute your plans.
As a young entrepreneur, you should consider and plan for the following when starting a business:
BUSINESS COSTS
These are the various costs (variable and fixed) expected to be incurred in the running of the business. They are: the running cost, maintenance cost, cost of start-up, and cost of rent/lease, the list goes on. You should compute your business costs to determine your profits and calculate the break - even period of your business.
EMPLOYEES
In selecting employees for your business, consider work conditions, job descriptions and employ people that can fit into the job. These employees must be willing to run with the vision of the business and the way things are done. Lots of other things that should be planned for are: firing systems, forms of motivation or encouragement, benefits, definitions of success in numbers (i.e what each employee would do to be considered hardworking).
MONITORING/REPORTING
Of great importance in every business is the establishment of monitoring and reporting systems which ensure adequate execution of duties. This includes attendances, accurate financial records, transaction records, and adequate record of results from researches.
LOCATION
Its importance varies, depending on the kind of business. In some type of business, it can mean the difference between success and failure. Take into consideration that no matter how excellent your business idea or product is, if you locate it among people who don't need it, it has taken a major step on the path of failure (except where some forms of marketing methods like stimulatory marketing can work). Carefully carry out researches (interviews, questionnaires), not assumptions and find the right set of people that will patronise your services before locating your business anywhere. Don't forget, one of the factors that make customers prefer your business to others is convenience.
Other things to seriously consider are: customer service, marketing/advertising methods, period of payback (in case you got a loan to start-up, always negotiate on long - term payments). Plan for adverse situations too.
I wish you success in your business.
Culled from XPRESSIONZ magazine maiden edition (June 2006)
Culled from XPRESSIONZ magazine maiden edition (June 2006)