The Sunday Mail
Entrepreneurship Matters
Dr Kudzanai Vere
Through working closely with large corporates, micro, small and medium enterprises, I have gained an immeasurable understanding of business pitfalls and winning strategies.
At times the strategy can be correct, but the owner’s attitude towards that business and money to be specific can be toxic, choking and inhibiting the smooth flow of business.
On the other hand, there are those whose behaviour towards their business promotes growth and stability.
Starting a business proved to be something anybody can do because we have in recent times seen proliferation of businesses, small and large, but we seem to fall short of the type of people who can sustain these enterprises.
The majority fall under the ruining side of it and a handful remains on the forefront successfully running their entities. I will discuss about running and ruining it in greater detail.
Running the business
We often hear people saying “I am running my own businesses”. Though it is correct, most of the time it carries an element of pride. Are you really running it or ruining it?
To successfully run a business, you need to be in your normal senses all the time. Understanding what it means to be in business is not an easy task.
There are fundamental business truths and principles that must be embedded in anyone who ought to run their own enterprise.
The first truth is, it is not as easy and smooth flowing as people think when they are outside of it.
We see a number of people quitting the business journey soon after starting and there are those who remain standing not because they are making it, but for their name’s sake. Kuti vanhu anozoti kudii kana ndikavhara (what will people say when I close shop?)
Running entails functioning or operating. Is your business functioning the way it should? Are its constituencies seamlessly talking to each other?
Every business has components or units which cannot independently operate. It is the coherent movement and sequencing of tasks, one handing over to the other which determines the ultimate achievement of intended objectives.
Your business must be on a strong internal controls framework, with systems and subsystems that support your daily operations. Most of the micro, small and medium enterprises adopt a piecemeal approach to running their business operations.
They think there is a certain level of business growth that demands full implementation of controls, processes and procedures. That’s wrong. As far as business is concerned, just start it right.
There is need for a strategy, structure and systems that anchors your business as you partake of it. Systems help you grow and sustain it in the long run.
Your sales, marketing, finance, operations, business development, procurement and management must have procedures and processes that they follow in the day-to-day execution of tasks that ultimately defines who you are as an organisation.
These gives you an identity as they spell out how things are done here.
Ruining the business
Ordinarily, people don’t intentionally ruin their own businesses. Failing to upgrade your mental software as the owner of the business regarding the best way of doing things is detrimental.
It is sad that there are others who think they know it all and yet they know nothing. Admitting that you don’t know opens up doors for upgrading yourself. Most of these businesses are being ruined or run down due to skills and info deficiency.
Where a system is required, make sure you invest in it, where structures are required, make sure you comply, where you need to strategise or re-strategise, why not do it.
Businesses need a certain degree of frugality. You don’t need to be that frivolous with resources as they are scarce. Most start-ups are engulfed with the joy of seeing money coming through and fail to separate cost of sales and profits to an extent of depleting capital in the name of buying flashy cars and prematurely changing lifestyle. If you see yourself with such a propensity to spend, then you’re ruining your business.
At times how we hire our employees determines how far we go with our businesses. Hiring friends and relatives has often proved disastrous for the organisation for they are difficult to manage
hiring based on relationship has never been good for the business unless the incumbent is experienced and qualified for the job and they understand that business has no relatives.
For any organisation to tick and successfully move forward, internal customers (employees) must not only understand your vision but must be happy and willing to push forward. If you disregard this kind of resource, that’s when you start seeing your business nosediving. Disregard employees at your own peril.
Conclusion
We build or destroy our business empires with our own actions or inactions. The business has principles that must be followed. Short cuts have always turned to be long cuts. Just do the right thing first time. Invest in knowledge about your business. Have a strategy, structures and systems in place.
The writer, Dr Kudzanai Vere is the founder and CEO of Kudfort Zimbabwe, a fast growing accounting and business advisory firm that has assisted individuals and organizations start, support, sustain and succeed in their businesses through company registration, establishment of standard operating procedures (SOPS), basic book keeping, accounting, auditing, forensic accounting, PRAZ registration, business health checkups and business advisory services. Dr Vere authored a number of business and personal development books that have transformed minds./You can contact Dr. Vere on +263 719 592232 or [email protected]
