Money Talks How to lead your company to a successful level?
Dr. Bak Barnaba Chol
It would have been easy to just name this article (how to make your company successful), however, I want my readers to enjoy some kind of leadership sense in doing business. That is because business depends on two important factors, namely, vision and leadership. Yes, vision and leadership. To stress this point more, let me cite two successful examples in the business world. MacDonald and Microsoft are two successful companies that I am so proud of, not because they have reached the highest peak in their businesses, but because they were created to fill a gap. They are driven by vision and led by outstanding leaders. MacDonald was a small restaurant created by two brothers, Maurice and Richard in California, USA in 1948. Before its current expansion to over 120 countries with more than 65 million customers daily and 37,800 branches. MacDonald was founded to serve fast, affordable and healthy food. It was created to be a prototype and a great success story. MacDonald’s founders didn’t focus so much on making quick money; instead they were looking for more efficient ways to solve a social problem. They became billionaires simply because they had a vision when they started their restaurant. They were not driven by greed, nor selfishness. Microsoft in the other part was founded in 1975 by two young men. Before that, the world didn’t know the upcoming revolution that would engulf the whole world for more than 4 decades. People were using typewriter, a traditional sophisticated machine that not only consume time in writing but did not have any capacity to store huge file. Bill Gates and his associate Paul Allen had a vision. They thought of our today’s desk top computer. They asked themselves several questions among them, why there is no software that can store more files in an efficient manner, why should files be kept handwritten and in big files instead of soft-typed and kept safe for years to come. They sat down and gave a thought, before they decided to embark in a long lasting mission that would make them not only the richest in the world but earned them respect and pride. The other important factor besides vision and leadership is separation of ownership. In business we call it accounting entity; for starters, it is when the business is viewed as a stand-alone entity, not attached directly to the owner or shareholders. Of course there is nothing wrong with the owner running his/her business, as we have might have seen in many large companies, Equity Bank is an example, however, management is presumed skillful, efficient and accountable. In business management science, a company is supposed to be run by qualified managers, knowledgeable and respected board of directors and a long chain of strategies geared towards creating or maximizing shareholder’s wealth. Accountability in this kind of a set-up runs horizontally and day-to-day activities presided over by the CEO or managing director becomes so easy and smooth. Brands breed and service or product positioned itself unruffled in the competitive market. Government can easily regulate or deduct its share (Tax) without restrains. As I promised to elaborate on how to lead your company to a successful level, I did cite two successful live stories and indicated some frameworks that could lead to infallible level if implemented carefully. Of course there are other factors necessary in making your business successful, that includes but not limited to right strategies, hiring of professionals in all departments, structural financing, and competition analysis. I know these terms are difficult to digest but let me be more precise. In our context a business owner is everything, the board, management, middle-level director and a financier! This in itself is unethical. How can accountability be made, where the business failure or success is evaluated, where scientific accounting reporting be made for the government to get it share (tax)? All these can’t be achieved if we continue to hear names. We want to hear your companies’ names and brands instead. For how long should our educated youth be waiting for you to organized? Time is now. Separate yourself from the business to make accountability easy, hire professionals to set the company’s goal and mission, appoint board members to oversee your management performance and evaluate your progress. Give the government a chance to regulate your activities and serve the society. Hand-bags companies and non-professional companies are supposed to be deleted from the government registry. Where else will the government get money if we continue having ghost companies without brands, buildings and service to the society? Time is now, let’s organize our house. We have already achieved our most expensive freedom. We live in a sovereign and independent state. What remain is to create an entrepreneurial society, an economy driven by efficient banking system and creative entrepreneurs. If we delay further, our next generation will not appreciate having not done so. Wait for the next article on how to set your company’s vision and mission.
About the Author.
Bak Barnaba Chol (Dr. BBC) holds a doctorate in Finance from United States International University. He is an Adjunct Assistant Professor at the University of Juba. His areas of research interest are Banking, economics, entrepreneurship and finance. You can reach him via Email: firstname.lastname@example.org Phone: 0929001008.