Five things businesses should do to survive the New Year and beyond

These are uncertain times for many businesses. Globalisation of the economy, the breaking down of national boundaries, the organisation of nations into regional economic blocs and the emergence of new information and communication technologies, all have come with incredible benefits.

Markets have expanded, information has moved from the physical library to the tip of our fingers and opportunities for affordable marketing have literally flooded the market.
These developments, however, conceal immense challenges for businesses, both big and small.

The competition is no longer the company next door but India or China-based manufacturer enjoying advantages of advanced technology, cheaper electricity and labour and better infrastructure. To survive in 2017 and beyond, every business must keep five fundamentals in their radar or risk losing out altogether.

Take care of little things

Businesses grow big. Sometimes they become so big that the little things that made them great in the first place are forgotten. You know things like personal touch, the local community, the junior employees or the customers who don’t buy much. Success begins to look so natural, only it is not.

Smart businesses are different. Here, the little things matter. To them, success is the reward of consistently providing superior service with pride and a professional flair. The customer, however insignificant, remains king both in word and deed.

As a result, they are able to read the customers’ needs and avoid the pitfalls that come with being flippant.

Integrity

Integrity in business is so important that it should be written in the hearts and faces of all employees.

The very nature of the business should exude integrity. Yet in an increasingly competitive world, it is easy for directors and shareholders to make decisions that could get the business in trouble with the law, leading to costly penalties and loss of face in the eyes of customers, suppliers and investors.

If there is anything every business should do, it is the commitment to engage in business with integrity even when there is little chance of being caught.

Go green

Smart businesses always go ‘green’ in every aspect. They tap into solar energy, their offices are built with conservation in mind, they are never extravagant and what is considered ‘waste’ by others is converted into something useful for alternative markets.

Innovate

Did you see how Uber disrupted the local transport business? Does anyone reading this piece remember the once ubiquitous brand, Nokia? Do we remember how cybercafés once dotted every street corner in downtown Nairobi?

Nokia refused to learn and change at a time when the tech world was churning out new products. They were possibly too confident about their market share they did not notice superior brands entering the market.

Cash flow may be the life blood of any business but innovation is the heart beat that pumps blood to all parts of the body. When it stops, the business begins to degenerate.

Inclusive

Think about profits. Think about the earth. Think about the people. An inclusive business does not compromise on its quest for profitability. For without profits there will be no business. But it goes another level, a level beyond profits.

It strives to ensure that some or all of its products and services are designed to empower the people. The people see their lives as intricately intertwined with that of the business.

They become genuine stakeholders rather than recipients of occasional generosity from the company.

The smart business also ensures that its operations or the byproducts of its operations contribute to making the earth a better place not destroying it. The people may not say it, but they appreciate inclusive businesses.

Boomsma is the project coordinator, Sustainable Inclusive Business Initiatives, a partnership between the Kenya Private Sector Alliance and MVO Nederland with the support of the Embassy of The Netherlands. [email protected]