Austin Okere, founder of CWG Plc and the Ausso Leadership Academy, has disclosed five transformational keys for business growth which he said include vision, team, time, resources and resolve.
Okere explained that entrepreneurs are incurable optimists and that optimism enables adventure and calculates risk-taking, adding that every business goes through seven stages, the first stage is the startup.
The founder of CWG made this known on Tuesday, September 21, at an Information technology business forum, titled: ‘Enhancing the Technical and Entrepreneurship Capabilities of Information Technology Companies and Startups’. organised by Nigeria Computer Society (NCS).
Okere , however, expatiated on the five transformational keys for business growth:
1. Vision: It is critical and a direction, anyway is a right way. It is about a concise statement of aspiration. Once it is made clear, everybody understands and connects with it.
2. Team: This is one of the things that would make us grow or stock in our entrepreneur dream because together we achieve more. They say if you want go slow, go alone, if you want to go fast go together.
In terms of who makes the team, it is about someone who has sound basic reasoning and strategy. You don’t treat people like machines, you treat people with ownership mindet. So, these are the things you look about in formng a team.
3. Time: This is of the essence and there is time for everything. It is for you to make sure that you are growing that business.
A lot of people talk about VUCA, volatility, uncertainty, supposing instead of volatility you have a vision and that is what Amazon did. It saw the vision that people would be shopping from home.
Understanding is Uber saw, it saw that people would want cars from home, the would not to walk on the street with their luggage.
And instead of complexity, we have clarity and that is what MV&V saw and the last thing is instead of agility, we have the ability and this is what zoom saw.
The good thing about time is where are we, when you know you are now, you then look at the strategy that would get you where you want to be.
4. Resources: The fourth important thing is resources. These are very importatant because they must match the project. When we give the target of where want our company to be, lets make sure that e have the resources that would make us there
5. Resolve: This is what made the discovery of the light bulb Thomas Edison a great inventor because he did not up. So, resources are about not giving up, just keep going.
He added: Every business goes seven stages, the first stage is the startup, everyone is excited, and then suddenly there is anxiety. Things didn’t go as planned and that is the first brick wall and unfortunately it’s only 20% businesses scape through it and go into a period of growth.
This is a good time when businesses buy good cars, business plans, there is a big pay out, then frustration sets in because money is not coming as expected.
When the business hit the second brick wall, it more difficult than the first one. Then, there are questions to answer like I am IT company, how many people come to the company or am I rendering services over the cloud.
Then personality comes in, a lot of businesses start adding agendum like the sales of IT equipment later include the sales of fertilizer, and look into oil and gas and you will see that the business is unhealthy and unconnected.
So, functionality is that you have to know what is that thing that has a strong composition and focus on that. Capability means bringing skills, technology and this is where you see companies come together and merge.
Succession is not about leaving your business, it is not supposed to be one person that has the book of the company and if anything happens to him, the business is lost. If you do all things, you will scape the second brickwall and out of the out of 20% that would pass this stage, 5% would go into an advanced growth.
The circle repeats itself. Don’t think that it’s only startups that just begin to start a business. For a business to discover itself, there must be a set of transformations and many businesses have transformed since the COVID-19 happeed.