Congratulations, you managed to make it out of the woods in 2022, but you’re still in the jungle. Your business is still under the threat of erratic foreign exchange, inflation scare and ‘Japa’ effect on your reliable staff. While you heave a sigh of relief that it’s a new year, you’re reminded that it’s election season. On the flip side, there are opportunities and possibilities. It’s simply a matter of perspective. With the right information and attitude, this new year can be the game changer for you and your business.
I have shared some insights with my clients and the results are amazing. I call it, The 7-Star Business. I’ve also decided to give these insights to you for free. Warning: A slew of questions may attack your ego. It’s not personal. Take a honest audit of your business, what you have left, not what you’ve lost. Strengths, not weaknesses. Gains, not pains. Do not take these points for granted, no matter how familiar.
One-Star: Competence
This is the Intelligence Quotient (IQ) of your business process. The entry level, basic key everyone should operate with, to get a foot in the door of the business. Ask yourself these questions: How competent are you about your business? Are you the best in your industry? How about your team, can you vouch for their competence levels in the business? Do you understand which level of competence your business operates in? Note, that whatever brought you out of 2022 will definitely not see you through 2023.
Are you billing for man-hours or for results? Are your staffers paid for showing up, or for solving problems? How well does your team use their gumption? Do they come to you with questions to answer, or do they present their initiatives? How resourceful are you as a business? Can you take a Swiss knife into the jungle and come out with a shopping mall? Or, is your team waiting for company internet before they can send an email? What is your tolerance level for excuses?
Fulfill these questions, and you can confidently say you are a 1-Star Business. If you think you need help at any point, trust me, you’re not alone. You can reach out and let’s discuss. Competence is about what you know, but that is simply not enough. In uncertain times, it is not just what you know, but who you know, that matters. That leads us to the next Star.
Two-Star: Character
Emotional Quotient is the next level in your business. This has been a buzzword in recent times, but how much of it is actually practiced? Some business leaders think this is the HR Manager’s job. Emotional Intelligence is simply everybody’s job, both within the team, and with stakeholders. Customers do business with people they know, like and trust.
A certain Mr. Alex was offered a contract by a Mr. Bobby, for N30 million, to execute the exact proposal that Mr. Alex had earlier submitted to a Company for N50 million (actual identities withheld). Apparently, the Company was more comfortable with giving the business at N70 million to Mr. Bobby, who probably had less competence, but more EQ, to gain the company’s trust.
People don’t care how much you know, until they know how much you care. How much do you know yourself, strengths and weaknesses? Are you confident or arrogant? Who do men say you are, in your presence, and more importantly, in your absence? Do people do stuff for you, because they want to, or because they have to? There’s no problem with having flaws. We are all work in progress. The question is, what are you doing to improve yourself on a daily basis?
How about the people you do business with? Have you invested in understanding their strengths and weaknesses? Phil Knight, the brain behind the Nike brand, wrote in his book, Shoe Dog, that he took time out to learn how to do business with the Japanese at the earlier stage of his business.
Understanding people’s personalities is the tough part. The easy part is knowing how to manage them. You can invest in understanding personality types and knowing more about why people act the way they do. There are lots of tools out there, from Temperaments, to Archetypes to DISC etc. This understanding will reduce your frustrations a great deal, and put you in full control of predicting the outcomes, when you deal with people.
Three-Star: Capacity
You can measure your Adaptability Quotient (AQ), if you have fully satisfied both Competence and Character levels. How much battle scars have you suffered in your business? Have you been tossed to the end of the ocean, and somehow, made it back to shore? Have you failed big time in your business before, and bounced back? Have you lost money to the extent that you almost lost your mind? Have you had legal battles in business, that stripped you of almost everything you had, including your dignity? Have you been betrayed by people you seemed to trust?
Business is war without bullets. If it doesn’t kill you, it only makes you stronger. Every great business has a story to tell. You can’t maximize the potentials of your business, if you keep playing it safe. If you are yet to have any scar, I’ve got news for you – brace up, winter is coming. If you have had your fair share of ‘blood’, well, congratulations. Not because of the bad experience, but because you’re still standing. This is where your AQ kicks in. Life is 10% what happens to you and 90% how you react to it.
You must scale one hurdle before you encounter the next. If you’re scared of failing, sorry, you’re in the wrong game. Business is not for the lily-livered. It is about failing and learning. That’s why I coined the term BLESSONS = Blessings + Lessons. A Real Estate Developer, for instance, needs to first master how to deliver the first housing unit credibly, then the next 10 units, then 100 units, then move on to thousands of units. You don’t bite more than you can chew.
Four-Star: Chemistry
This is the X-Quotient (XQ), that x-factor, that makes most valuable global brands, irresistible and irreplaceable. Employees can’t explain why, but they just can’t think of working anywhere else. Customers can’t place a finger on it, but they just can’t do without it. The best way I describe it, is Brand Love. Whether you’re a personal, product or a corporate brand, you can exhibit a level of brand love that sets you apart.
It starts with your BIG WHY. According to Simon Sinek, people don’t buy what you do; they buy why you do it, and what you do simply proves what you believe. Is there any alignment between your objectives and your team’s objectives? Is there any alignment between your objectives and your customer’s objectives? One of the key ingredients of this concept is trust. You simply have it, or you don’t. Your brand is not what you say it is. It’s what others say it is (Marty Neumeier). How would you rate the trust that your audience have in your brand?
Confidence is also a key ingredient. It embodies consistency, continuity, certainty, zero-compromise, reliability, and delivery. It shows in your track records, and your audience never forgets. During the pandemic, most of the brands that thrived, were brands that their audience had a great deal of confidence in. You too, are surrounded by brands, you have a great deal of confidence in. Take a look around your desk, closet, and kitchen.
One more key ingredient is communication. Do you carry your team along when key business decisions are being made, or do you allow them to speculate and figure it out by themselves? How often do you communicate with your clients and entire stakeholders? Are you proactive in your approach, or do you wait until there is a complaint before you react? Keeping in touch is one thing, the manner of approach is another. According to Dr. Albert Mehrabian, 55% of your communication elements lie in your body language, your words are just 7%, while your tone is 38%.
Click here for the concluding part of this article, where we explore the remaining bigger Stars.
Coach Dapo Onamusi is a Business Consultant and Sales Coach, based in Lagos, Nigeria. Email questions to [email protected]
