50 Things I learnt from Business Sustainability Masterclass organized by Dr. Olumide Emmanuel
Today, I will be sharing with you what I learnt from the just concluded Business Sustainability Masterclass.
The facilitators are:
- Dr Olumide Emmanuel
- Tara Fela-Durotoye – CEO of House of Tara (She used House of Tara as a case study)
- Nnamdi Ezeigbe – CEO of Slot
The Masterclass is a paid event and worth all the investment.
- The reality of today’s marketplace is V.U.C.A – Volatile, Uncertain, Complex and ambiguous
- You need collaboration, coordination, contextual thinking, and divinity leverage skills to navigate the marketplace etc.
- Crisis creates opportunities; you will need vision, understanding, clarity and agility to maximize opportunities.
- Organisation stop growing because people get comfortable, quit dreaming, stop taking risks, and lack a master plan for enduring for generations.
- Business fails because of lack of staff loyalty, failure to organize little details, poor customer service, and insufficient capital.
- Business also fails because of poor credit management, government policy, economic climate, and the death of the founder.
- Most staff left their job because of how they were treated, not just because of what they were paid.
- The real money in real estate is in the diaspora
- Copycat principles – whatever you start in 6 months, other people will come into it and do it.
- Create a 5 – 10 year plan for wealth
- Know when to walk away
- Walk away when government policy threatens the future of a business venture.
- Build a network of positive people around you.
- Seek help and advice.
- Pursue your dream vigorously.
- Think big picture.
- There is no problem without a solution.
- Walk away from things and count your loss.
- Be tender and tough.
- Hope is not a strategy.
- Do staff retreat two times a year.
- Document the performance of your business in the last 5 years.
- Gather accurate data of your customers.
- Do regular meetings with your staff.
- Follow your values.
- Cut cost.
- Position your business for 24 hours economy.
- Do old things in a new way.
- First law of marketing is to understand the product.
- Put systems and structure in place for your business to run and be profitable without you.
- Customers are not just kings in business; they are the kingdom.
- Be committed to the people you are sent to.
- Commitment and mentorship help with business sustainability.
- Superior customer service helps with business sustainability.
- Define your purpose.
- The CEO is a strategist.
- People are critical success factors to business sustainability.
- Tell people you trust them.
- Design a repeatable business model.
- Design growth strategies.
- Use other people’s money (OPM).
- Use other people’s resources (OPR).
- Be sensitive to opportunities.
- Hire slowly and fire quickly.
- When revenue goes up, profit grows up.
- Plan for the future.
- Human capital + structure + culture + strategy helps with sustainability, and they are your competitive advantage.
- Focus on the customer more than the competition.
- Document what you do in your business.
- Focus on what you can do, and others cannot do and delegate what you can do, and others can do.
And lots more…
The write-up is put together by Dayo Adetiloye, a participant in the business sustainability Masterclass. I am available to train and facilitate sessions with Business owners and staff on strategy and business growth. I am also an expert in fundraising through grants, loans and investments.
Call or whatsapp 08060779290 if you need my services.
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