BUSINESS MANAGEMENT 101

 There is something that changes when your business gets to this level.

The business may be making good money...

But the way you run it has to change too.

These are some things I think can make you...

Or break you.

1. STOP BEING THE BEST EMPLOYEE IN YOUR BUSINESS.

You may have started by doing everything yourself.

But ₦50m+ a month is a different level.

Your job is no longer to do everything.

Your job is to build the company.

2. BUILD A MANAGEMENT TEAM.

You cannot be the manager of everybody.

You need people who can:

Manage people.

Make decisions.

And take responsibility for results.

3. KNOW YOUR NUMBERS.

Revenue is not profit.

₦50m coming into the business does not mean you have ₦50m.

Know your:

Costs.

Margins.

Cash flow.

Debts.

Profit.

4. STOP KEEPING THE BUSINESS IN YOUR HEAD.

If only you know how things work...

You don't have a company.

You have a business that depends on you.

Document the important things.

Processes.

Policies.

Responsibilities.

Approvals.

Reports.

5. YOUR STAFF CANNOT JUST BE BUSY.

They need to produce results.

Everyone should know:

What am I responsible for?

What result am I expected to produce?

How will my performance be measured?

6. PROTECT THE BUSINESS FROM YOURSELF.

Sometimes the founder is the biggest bottleneck.

Every decision comes to you.

Every problem comes to you.

Every customer wants you.

Every staff member needs you.

You built the business.

Now build it so it doesn't need you for everything.

7. START THINKING ABOUT GOVERNANCE.

As the business gets bigger...

You need better controls.

Clear authority.

Proper approvals.

Good financial reporting.

People who can challenge decisions.

You need to know what is happening...

Without personally checking everything.

8. DON'T LET GROWTH DESTROY YOUR PERSONAL LIFE.

More revenue can mean more work.

More staff.

More customers.

More problems.

If the business keeps taking more from you...

You have to ask:

What exactly are we building?

9. START THINKING BEYOND THE NEXT YEAR.

What should this business look like in 5 years?

10 years?

20 years?

Can it survive without you?

Can your children inherit it?

Can somebody else eventually run it?

Start thinking about that now.

10. REMEMBER THIS.

₦50m a month should not just give you more money.

It should give you a better company.

A company with:

Better people.

Better systems.

Better management.

Better structure.

And eventually...

More freedom for you.

Just my thoughts.

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