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Business is at the nucleus of economic growth

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“For this very reason, make every effort to add to your faith, goodness; and to goodness, knowledge; and to knowledge, self-control; and to self-control, perseverance; and to perseverance, godliness; and to godliness, mutual affection; and to mutual affection, love.” – 2 Peter 1:5-7

Economic growth takes place as a result of the mix of sustainable large, medium, small and micro-businesses operating in an economic gearing system. Business success occurs when there is successful management of the traditional business systems – governance, investment, marketing, efficient operations and people development.

To ensure economic growth, we need to establish good governance and lay a solid foundation. We must seek appropriate, timely investment to secure the business; engage in aggressive marketing while quickly generating revenue; conduct efficient operations to make the business profitable; and holistically develop our people to move towards sustainable success.

Public and private sector partnerships drive good governance. The role of the public sector is regulatory and provides service functions, while the part of the private sector is “to do business”. Also, we need to combine vision and action to induce synergy – “Vision without action is mere fantasy; action without vision is folly; neither vision nor action reeks of irresponsibility; vision and action induce synergy.”

We need to seek appropriate, timely investment and secure the business. In fledgling businesses, a blend of seed, equity and working capital finance is necessary. As the company grows, the traditional loan instrument becomes essential. It is good practice, in the early stages, to make a profit and reinvest it to grow the business as fast as possible.

Without revenue, there can be no profit. We must engage in aggressive marketing and quickly generate revenue by expanding successful sectors and diversifying core business activities. This expansion process begins by researching the market to determine needs and then communicating expertly to ensure customer satisfaction.

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We must conduct efficient operations and generate profitability. Profits are generated and enhanced by expanding revenue streams, containing costs and improving productivity.

We must blend youth with experience. The youth bring innovation and technology while the old troopers bring wisdom.

We must promote entrepreneurship and shepherding. Entrepreneurs present new ideas. The shepherd, especially for fledgling businesses, ensures we shall not want, leads us on the right path, makes us lie down in green pastures, leads us beside the still waters and restores our souls.

Finally, we must holistically develop our people and move towards sustainable success. Create an environment that is Easy, Lucrative and Fun (the ELF principle), but where we must focus on surviving. Let us build on teamwork, deepen our experiences of life, and draw on camaraderie to take our families, companies, communities, cities and countries forward.

Let us gradually progress along the discovery spectrum as we conduct our research and convert the data obtained into information and knowledge. This will give us the insight, understanding and wisdom for the successful management of business systems as we pursue the path to business sustainability and economic growth.

Dr Basil Springer GCM is a Change-Engine Consultant. His email address is basilgf57@gmail.com. His columns may be found at www.nothingbeatsbusiness.com and on www.facebook.com/basilgf.

The post Business is at the nucleus of economic growth appeared first on Barbados Today.

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