“Where there is no counsel, the people fall; But in the multitude of counselors there is safety.” – Proverbs 11:14
I began this uninterrupted series of weekly columns exactly 27 years ago. Next Monday I shall begin my 80th year on planet earth, Deo volente, with my cognitive energy intact. Writing this column has spanned almost one-third of my life but the positive feedback that I continually receive motivates me to continue. My physical energy is another matter. I strive to strengthen the immune system, thrive on sleep, exercise, hugs, and seek peace of mind to manage my stress level. This journalistic outlet has stimulated me to renew my mind and to think laterally.
In the next five columns I will share some innovative business management concepts which fit neatly into the logical management of business systems approach, the ManOBiz Matrix – https://nothingbeatsbusiness.com/manobiz-matrix/. This evolving Matrix is a dynamic 25 cell network, where the five functions of management (planning, organizing, staffing, leading and monitoring/controlling) intersect the five systems of business (governance, investment finance, marketing, operations and people development), as we leverage the enterprise development sector as a major contributor to sustainable economic growth.
Today we shall reflect on disruptive innovative concepts relating to the “governance” business system.
In the same way that the skeleton and muscles provide structural stability for the human body, in business the Governance business system creates a sound foundation to give structural business stability.
The first concept is vision and action induce synergy and the promoters of the business may wish to reflect on the following adage which was introduced in 1993: “Vision without Action is mere fantasy; Action without Vision is folly; Neither Vision nor Action reeks of irresponsibility; Vision and Action induce synergy”.
You should start your business with a board meeting, even if you are the only board member, to get into good habits at the outset by visioning the value proposition for your customers, establishing your vision and mission, core values, and developing a rolling action plan. This concept introduces the spirit of continual review. We often talk about three-year plans, meaning 2001-2003 and then 2004-2006, instead of rolling three-year plans 2001-2003, 2002-2004, 2003-2005, 2004-2006, which is my experience is a more effective system.
The management implements the plan by assembling appropriate organizational instruments and selecting in-office or virtual staff for efficient execution. Management reports to the board monthly, say, where digital dashboard monitoring is practised to compare actual performance against the plan. If the performance is off target, corrective action is taken to keep the productivity of your business on an optimal path to enhance competitiveness and sustainability.
Business is governed by an economic gearing system consisting of three wheels linked together with cogs. The big wheel drives the system (e.g. tourists coming into the country), the middle smaller wheel represents the hotels, restaurants and entertainment centres and the smallest wheel consists of a myriad entities providing transportation, food, beverage, handicraft and hospitality services. The faster the big wheel turns, the greater the employment generated from the services provided by the smaller wheel. The board, selected by the owners of the business, will determine the position of your business in a selected gearing system.
Whatever you do you should adopt the ELF principle, your activities should be easy, lucrative, and fun. Work smarter rather than harder.