CONDITIONS FOR TRANSFORMING YOUR BUSINESS IDEAS INTO CONGLOMERATE

By: Dr Oluwafemi G. Oluwole

Most of the business conglomerates existing today started little in a way with just an idea. An idea is a currency that matters most. If you have been successful in transforming your idea into a small-scale business, defined as a privately owned and operated business characterized by a few numbers of employees and limited income, your most important next step should focus on how to advance the business and also sustaining your good legacies. Transformation is what differentiates small from big.

Therefore, the first thing that you should understand is that, even, your present employee may also want to start their own businesses, perhaps, some of them might even want to leverage on your ideas to kick-start. Because people always seek to be in charge of their own work, simply because, it gives them the power to manage their resources and coordinate the time, however, in reality, there is no easy task anywhere, every role warrant intensifying and re-strategizing to survive, therefore, the key item that enables you to retain good staffs and advance the business together, is the quality of the management system. 

If now you have been able to materialize your business ideas written in your note pad a couple of years ago, now into a small scale business operating and making income, to grow that small business into an empire of businesses, these are conditions that you must duly consider and act upon. 

1.    Improve trust: It is highly recommended that you should trust your employee if you want to go far in your business. Trust is both an emotional and logical act. It is a central part of all human relationships. If you do not trust someone to work with you confidently, it is better not to recruit such a person. The number one reason why passionate people quit their job is lack of trust. Show them the respect and the trust that together you can achieve the set goals. Trust them with your nurturing ideas, connections, and data.

2.   Welcome new suggestions and criticism: You must be willing to hold meetings with your staff and stakeholders occasionally to criticize your ideas, next-plans, next-deal, and your policies. However, avoid or disregard anybody that destroys ideas even before they are birthed. 

3.   Create training and development opportunities: Lack of career growth opportunities is the major reason why people quit their job. Studies have shown that career growth is the top motivating factor that most employees who seek a better life at another organization first consider more than money. It is very important that you should figure out quick ways to engage your staff in useful career training and devise development plans that can sustain your employees’ passion.

4.  Provide a good working environment: Studies have shown that the employee that work under a good working environment, tends to stay and usually produce better results than their counterparts who do not have that privilege. Let the office be equipped adequately with the essential items relevant to the job, let the light bulb shines 24/7, provide the kitchen, lounge, and let the temperature be normal.

5.   Improve your leadership skills: As your business is advancing, definitely, there would be more interest to do business with you. Hence, do not forget to always improve your leadership skills. It is very important because it will give you the ability to continue to be relevant and staying on top of the leadership hierarchy. It is very important for a leader to be efficient, disciplined, and confident. You must first exhibit the good qualities and the characters that you are demanding from your employees 

6.  Re-define and Re-invest: Perhaps these are the most important tool needed to transform a small-scale business into an empire of businesses. If you are currently struggling to take your business to the next level, you might need to re-define the purpose and the working system. Change the meaning to make people perceive your business differently. Similarly, by looking into diversifying and re-investing into a new brand of a business can greatly help. Also, by critically looking into the trending ideas in a different career or an environment, you would be able to figure out the gap that you can fill in, and you and your employee will be gladly rewarded.