The 3 pillars of business growth: Lessons from globally recognized brands

There are three things businesses need to grow.

I call them pillars.

1. Business Operations.

2. People.

3. Finance.

These are the foundational elements that keep a business moving forward. Over the years, these pillars have guided my approach to business growth. Whatever you see me do will always align with these three pillars.

Let’s break them down.

1. Business Operations:

This is the backbone of growth. It is the solid foundation a business must be built on.

A business without well-structured operations will, at most, be a one-hit wonder. You'll have a situation where you do something remarkable only to be unable to reproduce it, or unable to reproduce it in the same quality.

Take the case of Apple, one of the world’s most valuable companies. When Apple launched the iPhone, they didn't just create another smartphone—they built a robust supply chain, optimized production, and streamlined logistics to ensure that products reached consumers efficiently. By focusing on operational efficiency, Apple has maintained a competitive edge for decades.

Efficient operations ensure that a business can scale, manage resources effectively, and deliver value consistently. Emphasis on consistently.

The key takeaway is to build systems and processes that enhance efficiency, automate where necessary, and continually optimize for growth.

2. People:

They're the engine of every successful business.

No matter how strong a business model is, without the right people, it will crumble. Hiring, training, and retaining top talent should be a priority for any business looking to grow.

A great example is Tesla, led by Elon Musk. Tesla’s success is deeply tied to its team of world-class engineers and innovators who have pushed the boundaries of electric vehicles. The company has consistently attracted top talent by fostering a culture of innovation and problem-solving.

The lesson here? Businesses must invest in their people. Train them, empower them, and create an environment that encourages innovation and commitment.

3. Finance:

Many businesses struggle not because their ideas are bad, but because they lack proper financial management. Access to funding is one thing, but the ability to manage cash flow, reinvest wisely, and avoid unnecessary debt is what sets successful businesses apart.

Consider Amazon, which started as an online bookstore but became a trillion-dollar empire through strategic financial management. Jeff Bezos reinvested profits into expanding operations, diversifying product offerings, and acquiring new technology. This long-term financial strategy helped Amazon scale exponentially.

For business owners, financial literacy is non-negotiable. Understanding cash flow, profitability, and strategic investment decisions can mean the difference between success and failure.

In conclusion, every successful business in Nigeria—and beyond—has mastered these three pillars: business operations, people, and finance. Whether you are running a startup in Lagos, a manufacturing firm in Aba, or a retail chain in Abuja, focusing on these three areas will ensure long-term sustainability and growth.

As a business consultant, these are the principles that guide my work and advice to clients. If your business is struggling in any of these areas, it might be time to realign your strategies.

Let’s build businesses that thrive—not just survive.

Have a great week ahead.

- Nkechi