Building A Better Business

Most larger businesses have grown over time – with patience and perseverance. However the times have changed and in the modern day and age, continuity and consistency is the calling which requires much more than simply patience and perseverance. Other than ‘blue chips’ organisations which have not only stood the test of time and have been able to adapt to the ever changing external environment, many of the Small, Medium and even Large enterprises tend to succumb to the pressures of daily management of issues that they tend to overlook the cloudy horizons. 

Taking the cue from successful ‘Blue Chips’ of each industry shows their focus on three things:

• 1. Financial Prudence while ability to take a risk / bet on new projects when they have sufficient clarity of the probability of success. They take the risk based on Facts and not opinions. This is where a consultant comes in – as they have the ability to weigh the pros and cons and indicate the possible scenarios when the project moves into execution
• 2. Focus on the Basic – while it is very easy to get distracted and try and do many things (MultiTask as well as multi-business), the key is to first become best in your core areas. Once a Business Competitive Moat is built, then there is a comfort of protecting the business from external conditions and predators.
• 3. Learning each day through research and development. R&D does not need to be a ‘lab’ or a specialised facility – though there are many ways one can also do this. In advanced countries, most MSMEs have tied up with the nearby Engineering College / University to conduct research which is sponsored by the enterprise and thereby allows them the use of advanced technology / machinery / equipment to get them ahead on product innovation, development, the benefits of both being shared by the enterprise and by the Institutions

As  enterprises evolve and grow, the fourth element – Managing People comes into play. Enterprises need to follow the 6 Stages of Growth Principle

Know Self  -> Manage Self -> Know Work / Business -> Manage Business -> Know People -> Manage People

To know more about building a better business, contact@nat-cons.com