One of the courses within the walls of the higher institution opened me to further insights on how economic factors and conditions determine the development and sustainability of a business; succeeding it was like a quest to find a diamond in the belly of a dragon. I was excited beyond control but ran late for the first session. I struggled to meet the second class session, rushed in and settled down, and then he entered; the most talked about facilitator.
Without getting too technical, you would agree that the essence of value creation is getting returns for a need that is satisfied. There is a constant factor in every daily activity- demand and supply which assists in determining the circular flow of income-money between the buyer and seller.
This seemingly simplistic topic of demand and supply caused me many sleepless nights and hours researching and translating economic data. I became an economics research analyst with CBN and had Data Monitor as my wallpaper. At the time, if you had asked me, why are you doing all of this? I would have been clueless. The course actually teaches you NOTHING! It opens the blockages in the mind, probably caused by the “Nigerian factor” or the “victim mindset” that blinds many business people and entrepreneurs alike to the innovative ways to transact business against the harsh winds of under-development. The class sessions I attended added knowledge comparable to years of experience simply by getting me to THINK! Without, we fail to execute business management skills with a firm graspon trending political, economic and social issues in any environment.
Business development is a very passionate issue that would continually remain for any industry or economy’s growth and development. The growth of a business from its very idea to its very existence means a lot to giving me some sense of fulfillment, and ensuring its success is very paramount to me. Various trending issues on the globe have over the years led to the success and decline of corporate organizations. Decision and decision makers thereby become critical to any business development. Policies, market, industry, customer behaviour amongst others all together contribute to the business existence and sustainability.
Over the years, discovering a unique positioning for any business is very essential. A business existence without any strategic positioning for its success has already failed; doing something differentiated creates more value for the customers or clients in order to increase the need to pay. Another major issue that has either aided some companies decline or growth has been the ability to respond to changes happening in the economy at large or industry in which they operate in; especially changes that relates to the customer behaviour or perception of the business deliverables.
At the least possible cost in a company’s operations, value is expected to be created which would in turn increase the willingness of a customer to pay for the product or service. Why should an increase in price mean that value has been created? Or on the flip side why should an increase in value given to customers mean management must transfer an increase in price? Just thinking aloud! A business operation is expected to maintain low cost management in order to create more value at a cheaper or same price, which would in return increase customer base and market share.
To fulfill these expectations, managers should grasp solid business opportunities, establish the goals & objectives, and strategic plans that would guide and control the organization’s operating, investing, and financing activities, all to ensure profitability and sustainability of the business.
In business management, I have discovered that in order to remain on top of your game, one must satisfy all stakeholders by delivering maximum value coupled with operational efficiency to ensure excellent business performance.
I hope I have been able to provide my readers with maximum value at the least possible cost! Gracias!