–By Pankaj Gilra – (Founder & CEO at Xcelerate Consultech)
Primarily any business stands on three pillars Business Processes, Development of the People, and adapting right Technology. In the initial days every businessman will face some or the other challenges but overcoming them and marching towards growth should be the agenda of every businessman.
When an entrepreneur starts the business, he/she will definitely feel a need for proper guidance to ensure that the approach is correct and in the right direction. The entrepreneur wants to be independent, innovative, and successful and expand his business continuously.
We usually see an entrepreneur always being into multi-tasking. He/she more of plays the role of an executor rather than a planner and most of the time go in ensuring that execution is happening correctly in the business. Therefore, the focus on business growth diminishes.
How many times you as a businessman are on a holiday to gain some peace of mind? Very rare. Even after being on a relaxed holiday the businessman is not relaxed and keeps on thinking about work and the happenings on the business front. It is said that technology is a boon and definitely it is with no doubts.
GROWTH: A six-letter word if not accomplished can THROW you down.
The biggest challenge that an entrepreneur faces is to make your business “YOU”- free. The business should run in auto-pilot mode. Though difficult but it is not impossible. You need to get hold of the three pillars and seven spokes of Business Growth i.e. :
Whatever may be the nature of your business but the processes in the business have to be strong and in place. Let us talk about sales; the sales process includes managing the vendors, managing business receivables and payable, cash flows, outstanding, following the distribution pattern, etc. A process when not followed will definitely lead to an obstacle in business growth.
Development of the People (Team Development):
The team is the strength of any organization. They are the heart and the most sensitive of all. Uplifting of the team members in an organization is very critical and important. There needs to be a level of motivation in the organization for the team. Every team member has a learning curve in their career. We as entrepreneurs need to ensure that their skill sets are improved and it is not only about the work but on how well they work is delivered with passion and rigor. Training has to be a part of the work curriculum for every team member of the organization. The team members should always get the liberty to explore to the fullest, as they are the one who aims at getting business. Being an entrepreneur is a heavy task as he/she has to also look after the team’s requirements and suitability. A well-coordinated team will always be a merrier one.
Adapting Right Technology:
Technology is the need for any business. Technology helps to increase the efficiency of any business stream: HR, Finance, Sales, and Production etc. The business owner is either confused or influenced to get in any technology application for the business needs.
The seven spokes of the business umbrella:
Each of the above spoke is a very important contributor to the Business Growth Engine. Even if one of them spoke is not well oiled, it would lead to challenges in business growth.
(Pankaj Gilra a Management graduate who comes with an exposure of 20 plus years in the corporate world. Seeing the need of business growth by Small and Medium Businesses, in 2017 he formed a Business Consulting firm Xcelerate Consultech with one vision to ensure Business Growth of SMEs.)