From Series 1 one of this topic, I will share some of the practical nuggets on the practical building blocks that have also helped me on my journey as an entrepreneur and building in a harsh economic and social environment. Social as well as there are social aspects to it.
- The best value proposition to the clients always wins at the end of the day. Be of value to stakeholders. The amount of money you make will be directly related to the amount of value you provide to your customers. Period.
Want to make more money??? Provide more value. Want to beat out your competition? Provide more value than they do.
Want to make lots of money quickly?
Provide lots of value quickly!
So, the more value you provide, the more profitable you should become.
My team and I always Think of all the ways we can currently help our customers and look for ways to do more. Try to get a better understanding of what their most pressing issues are and then help them with solutions is a sure way of winning their hearts.
- Pay it Off, Don’t Pay it Forward or simply, be frugal. Have financial discipline. If you can help it, don’t borrow as it is huge cost to the business in particular with our current economic environment where the interest rates are extortionist.
The costs can stifle and certainly can kill a good business. We chose to grow our business organically, with very little borrowing, retaining all profits into the business for the first 6 years of the business – no dividend – zero – as we had our eyes on the vision. Our policy on dividends is very conservative.
I sold a house 2 years after I started the business, to create cheaper capital, and moved into a rented one with my sister with all our 8 kids, and took over 2 years to build a modest house that I live in now as we were not receiving any dividends as we reinvested the returns into the growing business.
Not that the money was not there, but I know it was not my money yet. That takes serious discipline. Discipline is probably the most critical quality possessed by successful entrepreneurs. I chose to cut back on life style choices so that the capital could attain longevity. I Focused on creating the right mindset.
- Knowing and connecting with people in and out of the business – in other words networking is vital – it’s the pipeline for the future of the business or career. Personal connections with employees, clients and everyone help me build my intuitive feel for the business as well as for everyone involved in it … it helps me to personalise my mission in asking people to perform.
I always try to Show up with an open mind and a positive demeanour.
I am informal and try to have a sense of humour. That has an element of making anyone feel they belong and that is just magic.
The connection with people and the business has helped in inspiring excitement and sets the scene for an execution culture in the company.
When you come to our offices and interact with any of our team members or anywhere, they may be, you see this great sense of purpose in all of them.
We call this a “rush to the scene of the crime” culture. That has given us the competitive advantage and are always ahead of the curve.