Not every business will become a MacDonalds, BP, Microsoft, Dell, KFC or the number of international giants that exist. It takes a number of things to be in place for a business to be as big as that. Most people start business as a home business which either remains as a home business or matures into a giant corporate. There are seven things that you need to build a business empire.
As cliche as it sounds, every company must have a vision. A vision simply describes where the company will be in the future. A good vision implies the size of the company, its marketing reach, its operational ethic and how it will operate. The vision must be the driving force behind what the business wants to achieve and how it will define its mission statement as well. The values will become easier to state and the objectives of the company with with strategic intent. Your company vision is the standard of the company that it must work towards.
Also read: How to start a business
2. A Company Name to be proud of
A good company has a name that people can be able to relate to. A name that will resonate with clients such that it will succeed in the market. When one starts a company their intent is to be successful, and success needs a name. If you are starting a company then make sure that you have chosen a name that is unique. Get a name that has not been taken, create your website and make your presence know to everyone.
3. Package your product and Service
A big company is known for its products or services, they are familiar to their clients. When you think of Avis you immediately get an idea of what they do, similarly no one can mistake coca cola. It takes time to build a brand that invokes images in people’s minds, but in time this is possible. Package your product and services in a consistent way and make it possible. Your product and service is the point of trust between a client and a company. If a product is not any good then that trust is broken and the client will look for a product somewhere else. The way you package your product or service will determine how it will connect with its clients.
4. Leave no Doubt on what your market is
One of the worst mistakes a company can make is not knowing who its clients are and not having a profile for those clients. It is absolutely imperative that all clients be defined as to what they like, their demography, their age, their location and much more. The more you know about your clients the easier it becomes to sell to them or rather relate to the business that they want to be involved in it. If you know your clients then just do it, there is no doubt in anyone’s mind who the clients for Nike are, “Just do it”. When you know your market you need to create relationships that matter so that you are in the mind of the client. No good relationship can be developed when two people don’t now each other and the same concept applies to the client of the business. Remember a business is also an entity that people relate to as well.
5. Create the right systems to deliver a great product
As a student of six sigma, TQM and other methodologies I have quickly learned that there is no substitute for a good system of business operations. There is need to ensure that the business operates as it should be in order to create value to the shareholder and the customer as well as the employee. A pizza company that fails to serve pizza or deliver in time cannot make it in the pizza delivery world. Similarly if KFC drive inns are slow they will stop having cars driving through. From the point of communicating with a client, to the order, to preparing the client order, delivering the order, processing the payments and keeping in touch with the client can either make or break a business.
6. Make the employee happy as well
As much as we put the client first, the fact is that a happy employee creates a happy service, hence a happy client. Ignoring your employees and treating them as if they are not important is never a good thing. A business that will be great or big must have an employee policy that enables its employees to flourish and be innovative. Google would not be where it is today if it did not have its employee policy and neither would Microsoft. Reward your employees in time and make them part of the business. A great business also makes its employees successful.
7. Work with targets
Every great company or small business works with several targets over time. These targets are daily, weekly, monthly or yearly but they are necessary in order to keep the company moving. Your company vision is the overall target but it needs the sum of smaller targets that the company must be achieving. By creating targets the company will quickly learn what it means to be accountable and responsible. Targets create source of purpose that everyone can identify with. People work with an end in mind, when they don’t have a target they will travel in any direction. Targets set the destination and the direction a company will take.
7 things you need
As you build your company always remember to set your strategy around these seven things. Build you company model and how it will function. In time it will makes sense and create big business. There are literally millions of business in the world but only a few become corporates because of these 7 things that we have touched on. Never leave the growth of your company to chance have a say in it and build the best company that your vision sees. Time is valuable and hence your company must be able to use this time to build on these seven things.