A Successful Approach to Business

Friday, November 29, 2013, AM | Leave Comment

If you mention the word ‘business’ to most people, their first thoughts are usually about money and finances and the kind of lifestyle that being rich can bring. Whilst a successful business obviously does reap these rewards, it really isn’t the whole story.

As successful businessmen such as Tunde Folawiyo are fully aware, simply having the desire to be wealthy does not make a good business model. Obviously, the aim of any business is to be profitable, but if this is the only aim, then the business will almost inevitably fail before too long.

  • Purpose

    It is noticeable that most businessmen specialise in certain fields. Whilst some may have a portfolio of businesses, these do tend to be within similar fields, whether this be sportswear, health or any other sector. Often, these are chosen because of a passion in this area, probably originating long ago in childhood. The fact though is that if a businessman has a passion about the sector and related products, he will almost certainly have the drive and ambition to make it work.

    This is especially important at those times, which will happen, when a company is going through a difficult time. The passion for the business will help the businessman go that extra mile and put in that extra effort to get the company back on track.

    Of course, wisdom too must play a part and even businessmen who are incredibly passionate about their sector still have to know when it’s time to quit. A businessman, for example, operating in the manufacture of Videos has to accept that times have changed and that model simply doesn’t work anymore. At this stage, he either has to accept the need to diversify or to close the business and move on.

  • The Workforce

    However passionate a businessman is, he cannot go it alone; in most cases, they must take along with them a large workforce. This presents both challenges and opportunities and it can be difficult to get the correct balance.

    Inevitably, wages paid are a large part of any firm’s expenditure; however as those like Tunde Folawiyo are aware, not paying a decent wage is likely to backfire. Even in hard economic times when jobs are scarce and people may be prepared to be more flexible over wages, if they feel that they are being used as cheap labour, whilst they may grin and bear it for a while, you can be sure that a time will come when the resentment builds to a point where industrial action is called. This in turn leads to both a loss of manufacture but equally importantly, a loss of face in the company within the business world.

    A good businessman should always engage with his workforce and, if wages have to be kept down for a period, should also accept cuts in his own and certainly not flaunt any wealth that he may have. By doing so, and through continual communication with the workforce, the aim should be to encourage at least a large section of the workforce to have the same commitment to the company that he himself has.

By doing so, not only will he have a contented workforce but will be able to get on with his own commitments, focusing on the business that he is so passionate about, rather than being distracted by other matters.

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