Nuggets on how to structure a business

Starting a new business has always been a dream for many but are somehow unsettled on how to successfully manoeuvre the intricacies associated with business management. In this piece, I will share some nuggets on how to navigate the terrain in structuring a business enterprise.

Vision 

Among other important aspects, one needs a clear vision of what needs to be achieved in order to map a pathway to attaining the strategic goals in pursuit of that vision.

A clear vision is what usually distinguish a sole trader and an entrepreneur from an early stage of the business — how far does your vision stretch? Successful businesses are usually characterized by a stronger vision that often outlives the life span of the visionary — stretching from decades into centuries.

Strategic Planning

A well-to-do business initiative requires meticulous planning at an early stage which encompasses brainstorming and evaluating business ideas and concepts.

Determination is the cornerstone of any strategic planning, it entails mapping not only for immediate needs but long term goals in order for the business to be anchored on a solid foundation.

You need to break down your strategic goals into point form for instance; from one up to ten for them to be attainable in specific time frames.

In my own case, when I started my first successful business I sat down and gathered my mind, took a pen and writing pad and jotted down the things I wanted to achieve not in a few months’ time but in the next five to ten years.

I had to put it on my desk where I could see it everyday in order to remind myself of what I wanted to achieve.

How to finance your business 

I always tell young people aspiring to grow their businesses that “Business teaches you how to do business”. In most cases, securing working capital is a major headache for business startups.

Usually small to medium enterprises often face capitalisation challenges and it is paramount to know how to unlock working capital without choking your business potential. Some opt for the seemingly attractive route of seeking financial resources in form of loans and bonds.

However, as you will eventually realise along the journey, you need to be astute and prudent when dealing with financial challenges in the early stages of your business.

From my own experience and what I learnt from investment managers, no matter how great your business idea could be, it’s advisable to start with what you already have and build it up one step at a time, block by block.

In the quest to start and grow your business you need a systematic approach.

In one of the radio programs where I usually contribute, I advised aspiring business people that instead of borrowing money to finance your business, you actually need to borrow the right mindset which then makes it possible for your business to attract investment capital.

My mantra is “Your mindset is your currency!”

Aspiring young business people should adopt the right attitude towards business for it to flourish. That’s how it works. Simple!

Register your company

Registering a company in Zimbabwe, in other countries in Africa or even across the globe has become very easier with most countries relaxing the requirements to register or operate a business.

The ease of doing business in a specific country enhances capital inflow through increased investment opportunities.

Likewise, formalizing your business operations also increases the chances of your business securing lucrative big contracts either in the private sector or government as your business will be able to meet the stipulated tender requirements such as tax clearance certificates, standard accounting practices among others.

Focus

You need focus and perseverance to attain growth.

Growth opportunity can be described as the chance to grow significantly, be it in your  business, career, personal life, or hobbies. Opportunities to grow are key to overall satisfaction and success.

It is crucial to note that growth doesn’t come so easily, you have to put yourself in a strategic position where opportunities can locate you — align yourself with the opportunity. Be capable of measuring growth which is a combination of persistence, deliverables and milestones.

Ideally, growth is measured by the amount of wisdom you would have acquired in the long run and how you would have packaged your brand to become successful in your endeavours.

Inorder to attain growth you must be able to identify your talent such that someone who will give you an opportunity is in a position to identify that which you would have managed to achieve on your own. At this stage when your business is now set for the growth phase, you have to learn from past experiences to avoid repeating mistakes and replicate successful efforts.

Edzai Kachirekwa is a transmission engineer, business mentor, innovator, motivational speaker and technopreneur. He is also the inaugural president of Afro Eurasia Energy Centre, Founder and Transmission Director of Power Giants Southern and East Africa (formerly Giant Electrical), one of Zimbabwe’s leading electrical engineering companies. He writes here in his personal capacity. Feedback: edzai@powergiants.co.zw
or Call/App +263774742021.