Business Sustainability Strategies for Long-Term Success

I went out with a childhood friend a few days back and as we talked, she flashed back to our days in elementary school (yes, I still remember) and how I earned myself a nickname from eating a lot of candy - which sadly isn't being sold anymore.

Talking about it made me crave that candy all over again, gosh! I could feel the taste on my lips as I chewed and sucked and licked… but that's all it ever going to be, a memory.

So today, I’m going to be talking about Business Sustainability - funny how I got this idea over a candy conversation.

Enough candy talk, let's get down to business;

With the economic recession and the steady rising inflation rates, businesses in Africa naturally struggle to survive -?even despite seed raising from investors.?

Does this mean sustainability is far out of reach? Or African businesses are not destined to last for generations?

I beg to differ because we have great examples of?Mauritius Post ?- the oldest company in Africa,?Bakers Limited ,?Groot Constantia ,?Boschendal ,?Woodheads ,??First Bank of Nigeria , and?Cape Times ?just to mention a few.

But despite the excellent track record these companies have shown, we still record an?average startup failure rate of 54% in Africa .

So, where does the problem lie?

I would agree with?VC4a ?that there are numerous possible reasons for failure but have we also considered reasons that stem from your?hiring process ?such as:

• Hiring too many employees at an early stage
• Hiring highly-paid specialists, when you need more generalists, and even;
• Failing to hire T-shaped professionals who possess both cross and deep discipline expertise.

Hiring the right people ?to run with you is key to achieving sustainability in business and here’s how you can build one?that stands against all odds.

This I’m about to share with you is something I learnt two years ago?from the CEO and Founder of House of Tara,? Tara Fela-durotoye , a leading Makeup company in Nigeria that also was listed as one of the Top 100 places to work in Nigeria and was the only Beauty Brand on the list.

(Tara, if you're reading this, you inspire me)

She calls it the?RADAR?formula for building a sustainable business.

RADAR?stands for:

R?- Recognize

A?- Attract

D?- Develop

A?- Activate?

R?- Reward

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1. Recognize?- Ask yourself: Who are you??What are your values??What is the culture you intend to build in your company?

The things you consider valuable are the things that you should look out for in those who intend to join your team.?

If excellence, superb customer service, attention to detail, and professionalism are things you value, communicate that to those who work with you (and intend to work with you) and build a structure to ensure those values are met.

Recognizing the people who are a perfect “value-fit” for your company is fundamental to your entire?hiring process .?

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2. Attract?- Maintain a consistent brand image, message, product, and service to build a perception of your brand that attracts your?tribe.

I once ate at a lovely restaurant when I travelled to see my family in another city. The experience was everything.?I remember every single detail till today and so, when I heard they had opened a franchise in the city where I was, I was elated.?

A few weeks after they had opened, I decided to pay a visit, but it was the exact opposite of my first experience with that brand. Everything was poor including the meal I was served, and I started to question?if it truly was the same restaurant or if it belonged to a copycat (which it didn’t).

This still boils down to the fact that making the wrong choices at?hiring ?can cost you a whole lot more than could have been avoided.

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3. Develop?- Be people-centric!

?Build and Invest in the people that work with you. People believing in the vision that you carry is one thing, as their ability to drive the numbers in whatever they are assigned also lies in the investment you have made in them.

?Investment can be in providing training, care, support, and benefits. Check how they are doing, have one-on-ones with them, and find out what they need to help them do their jobs better.

?Put an appraisal system in place in your company. It makes your staff feel that they are being tracked and will be rewarded for good performance. Look for growth opportunities for your employees, even when they are leaving after years of good service. Doing these encourages other employees to give more of themselves.

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4. Activate?-?Be inclusive. Before you make a decision, ask the people who work with you what they would do if they were in your position. Also, have brainstorming sessions with your team.

?Africa has a cultural problem where people don’t speak up, so encourage employees to share their ideas, and to show that their ideas are valid - adopt them immediately. If it gets you the results, take a step further to recognize?the person(s) who made the suggestion.

?Also, delegate. When you give people the chance to champion executions, it challenges them to rise to it.

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5. Reward?- Recognize and reward good performance,?and give gifts to encourage them to keep doing well.

?Also, have documented consequences and sanctions for bad behaviour, and poor performance.?

Did you enjoy this piece? What point hit home for you? Please share in the comments.

Written by: Shadé Alade